Stablecoin issuers accounted for a massive 43.66% of the $1.5 billion generated by on-chain protocols in December 2024, according to DeFiLlama data. Tether led the pack, generating $532 million in revenue, while Circle followed with $132.77 million. Together, these two giants represent the backbone of the stablecoin market, contributing to their critical role within the crypto ecosystem.
Ethereum Tops Blockchain Revenue
Ethereum retained its leadership among blockchains, generating $162.49 million in revenue—more than double that of its closest competitor, Tron. Despite challenges, Ethereum’s resurgence in DeFi activity contributed significantly to its success, while other Layer-1 and Layer-2 networks saw comparatively modest earnings.Telegram Trading Bots on the Rise
A new contender, Telegram-based crypto trading bots, emerged as a notable revenue generator, accounting for 5.99% of on-chain revenues. With $91.08 million in revenue, bots like BullX and BONKbot highlight the growing influence of automated tools in the evolving crypto landscape.
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