Crypto Applications: Top 10 DAPPs by Revenue in the Past 12 Months

The decentralised finance (DeFi) landscape has evolved rapidly with the addition of crypto applications. This has transformed the way users interact with financial systems.

Over the past 12 months, crypto applications are generating substantial revenue through innovative models like trading fees, liquid staking, and lending protocols.

Consequently, these platforms have shifted the focus from speculative token appreciation to sustainable fee-based income. This has marked a new era of financial utility.

In this article, Crypto Guide GH explores the top 10 crypto applications by revenue. They are Jito, Uniswap, Lido, Flashbots, Aave, PancakeSwap, Aerodrome, Solv Protocol, Morpho, and GMX.

We will detail their unique contributions, revenue models, and impact on the DeFi ecosystem. By examining their success, we uncover why these platforms dominate and what sets them apart in this dynamic industry.

Blockchain.com Crypto Expansion Sparks Economic Transformation in Ghana, Kenya, and South Africa

1. Jito: One of the Crypto Applications Revolutionising Solana’s Liquid Staking

First on our list, Jito has emerged as a powerhouse in the Solana ecosystem. As one of the best crypto applications, it has generated $1.07 billion in revenue over the period (April 2024 to March 2025).

Unlike traditional staking, Jito’s liquid staking platform allows users to stake Solana (SOL) while maintaining liquidity through its JTO token. This innovative approach ensures users can earn staking rewards and use their assets in other DeFi applications simultaneously.

Moreover, Jito addresses Maximal Extractable Value (MEV) challenges through an auction system. This enables traders to bid on profitable transaction sequences. As a result, this boosts staker rewards and mitigates spam transactions. In the long run, this enhances user experience.

Additionally, Jito Labs secured $12 million in Series A funding in 2022. This was led by Multicoin Capital. This fuelled its rapid growth. By prioritising transparency and efficiency, Jito has solidified its position as a leader in liquid staking.

With about $160 million in collateralised assets under management (AUM), there are no signs of slowing down for this staking platform. Consequently, its ability to combine staking rewards with MEV optimisation has driven its massive revenue, making it a standout in the 12 months.

2. Uniswap: The King of Decentralised Exchanges Is Among the Biggest Crypto Applications by Revenue

Next, Uniswap continues to dominate the decentralised exchange (DEX) space. For a very long time, Uniswap was the sole DEX to generate more than $1 billion in monthly trading volume. Over the past 12 months, Uniswap had approximately $1.03 billion in revenue.

By leveraging its automated market maker (AMM) model, Uniswap enables seamless token swaps without intermediaries. Furthermore, its expansion to multiple chains, including Ethereum, Base, Arbitrum, and ZKsync, has broadened its reach. This helps expose the DEX and its novel token to a diverse user base.

Liquidity providers earn a 0.3% fee on all swaps, which creates a robust revenue stream that directly benefits those who deposit assets into Uniswap’s pools.

Importantly, Uniswap’s governance model empowers UNI token holders to propose and vote on protocol upgrades. This ensures community-driven innovation.

With $176 million in funding from top-tier investors like Andreessen Horowitz, Uniswap’s financial backing has fuelled its scalability.

As a result, its consistent fee generation and multi-chain presence cement its status as a DeFi titan. This explains its unparalleled revenue in 2025.

FIFA Partners with Avalanche to Build Its Own Blockchain Platform: How Does this Impact the Business Side of Football?

3. Lido: Pioneering Liquid Staking on Ethereum

Lido ranks third, generating $972 million over the past year. As the second-largest DeFi protocol by total value locked (TVL) and the largest by liquid staking, Lido has revolutionised Ethereum staking. The crypto application has introduced liquid staking through its stETH token.

Consequently, users can stake ETH, receive stETH, and use it across DeFi platforms to earn additional yields while securing the Ethereum Beacon Chain. This dual utility has propelled Lido’s TVL past $20 billion as of this publication.

Moreover, Lido’s focus on security, with over $4 million invested in audits and bug bounties, ensures trust and reliability. By operating across multiple chains, including Polygon and Solana, Lido maximises its revenue potential. Therefore, its ability to combine staking rewards with DeFi flexibility makes it a cornerstone of the ecosystem. This will consistently drive its revenue in 2025.

4. Flashbots Is One of the Crypto Applications Tackling MEV Challenges

Fourth, Flashbots is one of the most patronised crypto applications within the space. The protocol has carved a niche by addressing MEV challenges on Ethereum. This has seen it generate significant revenue through its innovative solutions.

As of this publication, Flashbots’ revenue over 12 months stood at $573 million. Specifically, its MEV-Boost tool has been adopted by more than 90% of Ethereum validators.

This allows block builders to outsource transaction ordering to searchers, optimising validator profits. This has led to exponential revenue growth over the years. As of May 2025, Flashbots is valued at about $1 billion.

Additionally, Flashbots’ tools, including Flashbots Auction and Flashbots Data, promote transparency and efficiency in MEV extraction.

By mitigating the negative impacts of MEV, such as front-running, Flashbots enhances user trust. As a result, its focus on solving complex blockchain challenges has positioned it as one of the biggest revenue-generating protocols in 2025.

5. Aave: Leading the Lending Market

Aave, fifth on our list, is the largest decentralised application (dApp) by TVL. By allowing users to lend and borrow crypto across chains like Ethereum, Polygon, and Avalanche, Aave eliminates intermediaries. This has seen the platform offer competitive interest rates.

Furthermore, its native stablecoin, GHO, backed by overcollateralised assets, adds another revenue stream. With $25 billion in TVL as of May 2025, Aave remains a dominant force in DeFi lending.

Notably, Aave’s $50 million in funding, including a $10 million investment from the Fantom Foundation, bolstered its multi-chain expansion.

By enabling users to stake assets like Circle’s USDC and provide liquidity, Aave ensures steady fee generation. Consequently, its robust infrastructure and innovative features make it a top revenue earner in 2025.

6. PancakeSwap: BNB Chain’s DeFi Leader

PancakeSwap, ranking sixth, is a leading DEX when it comes to crypto applications. Built on the BNB Chain, it has been the main rival of Uniswap for several years.

By offering low-cost token swaps with fees ranging from 0.01% to 1%, PancakeSwap attracts a high volume of traders. Additionally, its integration with Binance Labs and support for yield farming have boosted its popularity. Liquidity providers earn rewards from trading fees, creating a sustainable revenue model.

Moreover, PancakeSwap’s CAKE token enables governance. The cryptocurrency allows users to vote on protocol upgrades. With millions of dollars in daily trading volume, PancakeSwap competes closely with Uniswap, Raydium, SuperEx, Aerodrome, Fluid, Curve, and Dodo. Therefore, its low fees and user-friendly interface drive its revenue, solidifying its position in the DeFi market.

As of publication, PancakeSwap revenue from April 2024 to March 2025 was $300 million. Over a seven-day period in May 2025, PancakeSwap flipped Uniswap in weekly volume. Within the third week of the fifth month of the year, PancakeSwap volume was about $74 billion. Only time will tell if its revenue over the next 12 months will usurp the previous year’s.

7. Aerodrome: Base’s Rising Star

Seventh, Aerodrome has quickly risen as a top DEX on the Base blockchain. The protocol generates twice the fee output of its underlying Layer-2 chain.

By focusing on low-slippage trades and automated market-making, Aerodrome offers a compelling alternative to Ethereum-based DEXs.

Furthermore, its community-driven governance model ensures continuous innovation, attracting a growing user base.

Importantly, Aerodrome’s single-chain focus on Base allows it to optimise performance and reduce costs. As a result, its ability to generate significant fees relative to its blockchain highlights its efficiency.

Aerodrome revenue over the past 12 months was $290 million.

Consequently, Aerodrome’s rapid growth and revenue potential in the future make it a standout crypto application in 2025.

8. Solv Protocol: Unlocking Bitcoin’s Potential

Solv Protocol, eighth on our list, is a decentralised Bitcoin staking platform that raised $17 million in funding. This included an $11 million round in 2024.

By enabling Bitcoin holders to stake their assets and earn yields, Solv addresses the fragmentation of BTC in DeFi. Additionally, its liquidity consensus infrastructure connects traditional finance with crypto. This continues to attract institutional interest, one of the primary drivers of a digital asset’s price.

Moreover, Solv’s focus on custody solutions and yield opportunities has driven its adoption. Solv’s innovative approach to Bitcoin staking positions it as a key player in the emerging BTCFi space. As a result, its growing revenue reflects its ability to bridge traditional and decentralised finance.

Solv Protocol revenue over the period was $173 million.

9. Morpho: Optimising Lending Efficiency

Ninth, Morpho combines peer-to-peer (P2P) lending with traditional liquidity pools. By building on top of protocols like Aave and Compound, Morpho enhances capital efficiency. This efficiency offers better borrowing and supply rates. Furthermore, its total deposits have surpassed $3 billion, reflecting strong user adoption.

Additionally, Morpho’s $50 million financing round in 2024, backed by Ribbit Capital and Hack VC, has fuelled its expansion. With its governance token, MORPHO, launched in November 2024, Morpho is poised for further growth. Consequently, its innovative lending model drives significant revenue. This has conferred rising stardom status on Morpho as a DeFi protocol.

Morpho revenue from April 2024 to March 2025 was $116 million.

10. GMX: Trading Fees Powerhouse

Finally, GMX rounds out the top 10, generating revenue through trading fees on its decentralised derivatives platform. By offering low-slippage trades and high leverage, GMX attracts traders seeking high returns. Additionally, its presence on Arbitrum and Avalanche enhances accessibility, driving user engagement.

Moreover, GMX’s revenue model, which rewards liquidity providers with trading fees, ensures sustainability. With its focus on decentralised trading, GMX has carved a niche in the competitive DeFi market. As a result, its consistent fee generation secures its place among 2025’s top revenue-generating protocols.

GMX revenue was about $100 million.

Crypto Crimes: How Online Hacks and Scams Are Skyrocketing Due to Recent Cryptocurrency Price Surges

Conclusion: Will Crypto Applications DeFi Revenue Revolution Continue?

In conclusion, the top 10 crypto applications—Jito, Uniswap, Lido, Flashbots, Aave, PancakeSwap, Aerodrome, Solv Protocol, Morpho, and GMX—demonstrate the power of fee-based revenue models in DeFi.

By prioritising utility over speculation, these platforms have created sustainable income streams through trading, staking, and lending that could further increase revenue.

Furthermore, their innovative approaches, from MEV optimisation to liquid staking, highlight the industry’s maturation.

As DeFi continues to evolve, these applications will likely lead the charge, shaping the future of decentralised finance.

Cryptocurrencies: Over 1 Million Crypto Coins Flood the Market in Just 30 Days: What’s Driving the Surge?