Top 15 Projects by Total Revenue in 2025: Tether and Circle Remain Forefront

**Top 15 Crypto Projects by Revenue in 2025 Revealed by LunarCrush**

LunarCrush, a platform leveraging artificial intelligence (AI) to analyze digital assets such as cryptocurrencies, has unveiled the list of the top 15 projects that generated the highest revenue in 2025. The results highlight significant growth and user engagement across various blockchain projects throughout the year.

### Leading the Pack: Tether and Circle

Topping the list is **Tether**, which leads all projects with an impressive 16.9 million active addresses over the past 30 days and has generated $5.2 billion in revenue for 2025.

Following closely is **Circle**, securing the runner-up position with 7.5 million active addresses. Circle demonstrated considerable revenue growth, accumulating approximately $2.4 billion during the year.

### Strong Performers: Hyperliquid, Pump Fun, and Ethena

In third place, **Hyperliquid** boasts remarkable growth in Total Value Locked (TVL) at around $4.1 billion, with 292.7K active addresses and $630 million in revenue generation.

**Pump Fun** stands fourth with 864.9K active addresses, $549 million in generated revenue, and a TVL of $199.3 million in 2025.

Next up is **Ethena**, which recorded $389 million in revenue and an impressive TVL of $6.5 billion, supported by 38.7K active addresses.

### Mid-Range Achievers: Sky, PancakeSwap, Phantom, and Aerodrome

The **Sky** project reported 699.1K active addresses, a TVL of $6.1 billion, and $355 million in revenue.

**PancakeSwap** holds a central position among the top projects, successfully generating $317 million in revenue and maintaining a TVL of $2.4 billion alongside 2 million active addresses.

Additionally, **Phantom** earned $293 million in revenue in 2025.

Securing the 10th spot is **Aerodrome**, which excelled across three key metrics: active addresses, TVL, and revenue. It held a TVL of $445.9 million, generated $207 million in revenue, and counted 65.2K active addresses.

### Closing the List: Photon, Aave, Aethir, Raydium, and Lido

The **Photon** project earned $188 million in revenue with 56K active addresses during 2025.

**Aave** recorded a substantial TVL of $33.3 billion but generated comparatively lower revenue of $130 million, with 147.9K active addresses.

**Aethir** comes in near the bottom of the list with 19K active addresses and $120 million in revenue.

The **Raydium** project made it to the second-last position, despite having a TVL of $1.3 billion and 4.2 million active addresses, generating $91.6 million in revenue.

Lastly, **Lido** occupies the 15th and final spot on the list. It recorded the lowest revenue among the top projects at $83.3 million, with a TVL of $25.8 billion and 24.6K active addresses.

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This insightful ranking was revealed by the Phoenix Group through their official X account, offering a comprehensive overview of the revenue and usage patterns shaping the crypto landscape in 2025.
https://bitcoinethereumnews.com/tech/top-15-projects-by-total-revenue-in-2025-tether-and-circle-remain-forefront/