1. Jito
The Solana-based staking and MEV infrastructure platform leads the pack, generating approximately $1.1 billion in fees over the past 12 months—driven by its strong position in Solana’s MEV ecosystem.
2. Uniswap
This Ethereum-native decentralized exchange (DEX) comes in second, hauling in nearly $948 million in user fees, thanks to sustained trading volume and liquidity on its platform.
3. Raydium
Solana’s premier DEX isn’t far behind, securing $854 million in revenue—affirming its major role in the fast-growing Solana DeFi landscape.
4. Lido
A leading staking-as-a-service application, Lido brings in roughly $847 million, benefiting from widespread demand for liquid staking across multiple PoS chains.
5. Aave
A dominant DeFi lending and borrowing protocol on Ethereum, Aave earned about $597 million in revenue from interest and platform fees.
6. Flashbots
The go-to MEV infrastructure solution for Ethereum, Flashbots banked $470 million, offering critical services that help mitigate transaction extractive practices.
7. Pump.fun
A Solana token launchpad that raked in $391 million, highlighting the ecosystem’s ongoing appetite for new project launches.
8. PancakeSwap
This Binance Smart Chain DEX made $383 million, maintaining its status as a popular and accessible trading platform.
9. Aerodrome
Emerging on the Base network, the decentralized exchange earned $261 million, showcasing growing traction on this Ethereum Layer 2.
10. Phantom
The leading multichain self-custodial wallet rounded out the top 10 with $207 million in fees from wallet operations and integrated dApp services.
🔍 Key Insights & Trends
- Staking & MEV dominance: Jito, Lido, and Flashbots demonstrate the enormous revenue potential in staking and transaction-routing infrastructure.
- DEXs retain a stronghold: Uniswap, Raydium, PancakeSwap, and Aerodrome together highlight over $2.4 billion in annual fees.
- Launchpads & wallets adding value: Platforms like Pump.fun and Phantom show that token jumping and user-facing tools can be significant revenue generators—even outside pure trading models.
🚨 What’s Changed?
- Rise of specialized tools: The ascendance of MEV strategy providers like Jito and Flashbots signals a shifting focus to backend transaction tech.
- Layer 2 & non-Ethereum expansion: Solana and Base-based applications are flexing muscle, closing the gap with Ethereum-native platforms.
