Tether and Circle continue to lead the crypto revenue race, holding a commanding 70% share of top protocols’ earnings. Yet, innovative DeFi platforms are capturing attention, driving substantial growth in recent months. 70% Share Still Reigning Supreme 📈 📈 📈 While stablecoins like Tether ($632.9 million) and Circle ($206.4 million) remain the dominant revenue earners, a significant portion of the gains is coming from newer DeFi platforms. Ethena, for example, saw its synthetic stablecoin USDe soar by an impressive 243%, jumping from $9.46 million to $32.5 million. This surge, coupled with other innovative platforms like Pump.fun and Hyperliquid, is demonstrating the growing power of DeFi.