Protocols ranked by revenue kept, not fees paid by users. DefiLlama, hourly · Nov 1, 2026, 05:55 PM EST.
Fees are what users pay. Revenue is the part the protocol or its token holders keep after paying liquidity providers, validators or affiliates. A perp exchange can show huge fees and thin revenue; a stablecoin issuer keeps nearly everything. Definitions follow DefiLlama’s methodology.
Revenue is not profit, and a protocol that earns is not automatically a token worth holding: the token may have no claim on the revenue at all. Off-chain issuers report estimates. Launchpads and memecoin venues can lose half their revenue in a week when attention moves.
