Majority of DeFi Projects Struggle to Generate Significant Revenue

DefiLlama data reveals that among approximately 1,300 DeFi projects, a staggering 97.6% have failed to generate significant revenue. According to ChainCatcher, the income distribution exhibits a pronounced power-law pattern. Stablecoin issuers and trading platforms dominate the top of the revenue list, with Tether generating $490 million, Circle $201 million, and Hyperliquid $61 million. Additionally, only six protocols have reported revenues between $10 million and $50 million. Over the past 30 days, only 32 projects, accounting for just 2.4% of the total, have achieved revenues exceeding $2 million. The projects with the largest losses include the MEV protocol Kairos Timeboost, with a loss of approximately $200,000, and the options platform Hegic, with a loss of around $23,000.