Top 15 Projects By Total Revenue in 2025: Tether and Circle Remain Forefront

LunarCrush, a platform that uses artificial intelligence (AI) to analyze digital assets like cryptocurrencies, has revealed the list of the Top 15 projects that generated revenue in the year 2025. In the given list, the Tether project is leading all the projects with 16.9M active addresses over the past 30 days and has successfully able to generated revenue of $5.2B.

TOP 15 PROJECTS BY TOTAL REVENUE IN 2025#Tether #Circle #Hyperliquid #PumpFun #Ethena #Axiom #Sky #PancakeSwap #Phantom #Aerodrome #Photon #Aave #Aethir #Raydium #Lido pic.twitter.com/CA07puSxDA

— PHOENIX – Crypto News & Analytics (@pnxgrp) December 25, 2025

Circle is the runner-up in this race with 7.5M active addresses and also shows considerable growth in revenue, which is about $2.4B, during the year 2025. The next one is Hyperliquid, which shows very good growth in TVL about $4.1B, and has 292.7K active addresses with $630M revenue generation. Phoenix Group has revealed this news through its official X account.

Pump Fun, Ethena, and PancakeSwap Lead the Crypto Revenue Race in 2025

Pump Fun stands at the fourth position with 864.9K active addresses, along with the $549M revenue generated and TVL of $199.3M in 2025. Then comes Ethena with $389M in revenue generation and TVL of $6.5B. Ethena also has 38.7K active addresses. In addition, the Axiom project comes with $357M in revenue generation.

Sky project appeared with the value of 699.1K in active addresses perspective and holding a TVL of $6.1B with $355M in revenue generated. PencakeSwap has a central position in the given top projects, having successfully generated revenue of $317M and TVL of $2.4B, along with $2.0M active addresses. Moreover, Phantom has earned revenue of $293M in the year 2025.

Aerodrome Secures 10th Spot as Revenue and Usage Define Crypto 2025

The Aerodrome project could earn the 10th position in the given list of the top projects that performed well in the year 2025 in three aspects, which are active addresses, TVL, and revenue. Aerodrome appears on the list with a TVL of $445.9M and is successfully able to generate $207M revenue with 65.2K active addresses. Furthermore, the Photon project could be able to earned revenue of $188M with 56.0K active addresses during the year 2025.

The Aave project has a TVL of $33.3B and is hardly able to generate revenue of $130M, which is the low as compared to the previously discussed projects, and has 147.9K active addresses. Aethir comes in the last third position in the projects given list with active addresses of 19.0K and having $120M revenue in the year 2025.

The Raydium project is hardly able to make its position in the list, although it stands at the second last position with a TVL of $1.3B and 4.2M active addresses with $91.6M revenue. Last but not least, Lido got the last position in the race of top projects in 2025. Lido has the lowest figure of $83.3M in revenue generation and has a TVL of $25.8B with 24.6K active addresses.