Crypto generates billions in revenue. But have you ever looked at who’s actually capturing it? I was going through the latest @DefiLlama data, and the distribution is pretty interesting. Over the past 7 days, tracked crypto protocols generated approximately $260M in revenue. Here’s how some of the biggest names compare. ➢ Tether: $117.3M ➢ Circle: $47.0M ➢ Hyperliquid: $15.5M ➢ Pump: $8.6M Just Tether and Circle account for roughly 63% of the total. But there’s an important distinction. Most of their revenue comes from the assets backing stablecoins, particularly interest-bearing instruments. Hyperliquid and Pump operate under very different models, primarily generating revenue through trading activity. So these numbers don’t necessarily tell us which protocol has the most users or the strongest onchain adoption. They tell us where the economics are concentrated. And there’s another question worth asking. How much of that revenue actually benefits token holders? A protocol generating millions in fees doesn’t automatically mean its token captures that value. That’s why I think revenue distribution, business models, and token value accrual deserve much more attention than TVL alone. The next stage of crypto investing will require understanding not just which networks people use, but who actually benefits from that usage.