🧵Tier List of Top Making Money in a Bear Market I checked the revenue rankings on DefiLlama to compile a list of the best-performing companies during this difficult period. S-Tier: – @tether: 30-day revenue: $489.88M, 1-year revenue: $7.264B → Primarily earns money from Treasury bonds and safe-haven assets. – @circle (USDC): 30-day revenue: $202.79M, 1-year revenue: $2.54B → Also a stablecoin issuer, earns from interest rate differentials. – @HyperliquidX: 30-day revenue: $55.84M, 1-year revenue: $934.67M → Primarily earns money from transaction fees. A-Tier: – @titanbuilderxyz → Revenue 30d: $38.8M (MEV block builder, big profit from sandwich attacks) – @Pumpfun → Revenue 30d: $32.11M, 1Y: $515.46M (meme trading fees) – @Grayscale → Revenue 30d: $17.92M (ETF & fund management fees) – @edgeX_exchange → Revenue 30d: $14.95M – @SkyEcosystem → Revenue 30d: $14.54M (stablecoin) – @Polymarket → Revenue 30d: $12.53M (event betting fees, increasing strongly) – @phantom → Revenue 30d: $7.03M (wallet swap fees) B-Tier: – @aave → Revenue 30d: $5.98M, 1Y: $122.06M (lending spread) – @chainlink → Revenue 30d: $5.73M, 1Y: $39.64M (oracle data fees) – @AerodromeFi → Revenue 30d: $5.62M, 1Y: $135.82M (DEX fees) – @Four_FORM_ → Revenue 30d: $5.35M (meme trading) – @JupiterExchange → Revenue 30d: $4.94M, 1Y: $150.35M (DEX aggregator) – @LidoFinance → Revenue 30d: $4.46M, 1Y: $78.32M (staking fees) Current earning trend in bear Market: – Interest Rate Spreads: Tether, Circle, Aave, Lido, Sky → This is the most stable group: attracting capital at low cost, deploying capital at higher interest rates, and earning spreads over time. – Transaction Taxes / Fees: Hyperliquid, https://t.co/k3MFu0Xkfw, Polymarket, edgeX, Aerodrome, Jupiter, Phantom, GMGN, https://t.co/lNDJkBLYfe… → Fees are charged for each transaction (perp, meme, spot, NFT, event betting). The higher the volume, the greater the revenue. I find that in a bear market, the projects that still make money are not the complex or high-risk ones. They all have simple, clear, and sustainable revenue models: either interest rate spreads or transaction fees.