# DeFi Protocol Revenue and Fees Ranking

> DeFi protocol revenue ranked: fees users pay, revenue each protocol keeps and its take rate over 24 hours, 30 days and a year, read from on-chain fee events.

Markdown copy of https://voltfincrypto.com/apps/defi-protocol-revenue-ranking

**Question:** Which DeFi protocols earn the most in fees and revenue, and how much do they keep?

- Kind: Table in Voltfin Strata
- Topic: [DAOs and treasuries](https://voltfincrypto.com/topics/governance)
- Chains: Multi-chain, Ethereum, Base, Arbitrum, Solana, Hyperliquid
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

Protocol revenue is the part of the fees users pay that a protocol keeps for itself or its token holders. This table ranks DeFi protocols by both: the total fees users paid, and the revenue the protocol retained after paying liquidity providers, lenders or stakers, over the last day, month and year.

The take rate, revenue divided by fees, shows how each protocol splits what it earns. A DEX that passes every fee to its liquidity providers has high fees and little revenue, while a lending market with a reserve factor keeps a fixed share of the interest borrowers pay.

Fees and revenue are read from each protocol's own fee events and treasury transfers, valued with on-chain prices, so every row can be traced to the transactions behind it.

## Blueprint

One row: One row per protocol, across every chain it runs on, for the latest complete day

- **Protocol** (`protocol`): The protocol, linked to the contracts whose events are read.
- **Category** (`category`): DEX, lending, liquid staking, yield, perpetuals or another kind.
- **Chains** (`chains`): The chains whose fee events are included for this protocol.
- **Fees, 24 hours** (`fees_24h`, USD): Fees users paid over the latest complete day.
- **Fees, 30 days** (`fees_30d`, USD): Fees users paid over the last 30 days.
- **Fees, 365 days** (`fees_365d`, USD): Fees users paid over the last 365 days.
- **Revenue, 30 days** (`revenue_30d`, USD): Fees the protocol kept over the last 30 days.
- **Revenue, 365 days** (`revenue_365d`, USD): Fees the protocol kept over the last 365 days.
- **Take rate** (`take_rate`): Revenue divided by fees over the last 30 days.
- **Revenue goes to** (`revenue_destination`): Treasury, buybacks, stakers or a mix, as the protocol's own rules define it.
- **Receipt** (`receipt`): The fee events and blocks behind the row's totals.

## How it will be measured

- DEX fees are swap volume from Swap events times each pool's fee tier; the protocol's share comes from its own collection events, such as Uniswap v3 CollectProtocol.
- Lending revenue is the interest a protocol keeps: Aave v3 MintedToTreasury events and reserve accruals, and the fee shares in Morpho Blue AccrueInterest events.
- Staking and yield protocols are read the same way: sharesMintedAsFees in Lido's TokenRebased events, and netSyFee and netSyToReserve in Pendle market Swap events.
- Perpetual exchange fees come from the venue's own fills, such as the fee field of HyperCore fills.
- Values use Chainlink feeds or the stablecoin leg of each event at its block, and every total is a sum of daily rows that name their blocks.

## Data it needs

- `protocol_revenue_daily` (to build): Fees users paid to each protocol and the part kept by the protocol or its token holders, per protocol and day, including buybacks.
- `dex_swaps_daily` (to build): Swap counts and volume per DEX, pool and chain per day, decoded from Swap events, valued with stablecoin legs and oracle prices.
- `lending_markets_daily` (to build): Supply, borrow, utilization and rates per lending market (Aave, Morpho, Spark, Compound, Euler and others) at day end.
- `perps_markets_daily` (to build): Volume, open interest, funding rates and fees per market on on-chain perpetual exchanges, per day.
- `native_prices_daily` (to build): Reference prices of major assets read from on-chain oracle feeds (Chainlink latestRoundData) at each day's last block, with each round's update time.
- Source: Uniswap v2, v3 and v4 Swap events times pool fee for liquidity provider fees; v3 CollectProtocol events for the protocol share
- Source: Aave v3 MintedToTreasury events and reserve-factor accruals
- Source: Lido TokenRebased sharesMintedAsFees
- Source: Morpho Blue AccrueInterest feeShares
- Source: Pendle market Swap events: netSyFee and netSyToReserve
- Source: HyperCore fills fee field, aggregated per day
- Source: Chainlink latestRoundData for USD values

## Questions

### What is the difference between fees and revenue?

Fees are everything users pay to use a protocol. Revenue is the part the protocol keeps, for its treasury or its token holders, after paying the liquidity providers, lenders or stakers who supplied the capital.

### What is a take rate?

Revenue divided by fees over the same period. It shows how much of each dollar of fees a protocol keeps, and it is set by rules such as a DEX fee switch or a lending market's reserve factor.

### Which DeFi protocols earn the most?

The ranking changes with markets: perpetual exchanges earn more in volatile periods and lending markets when borrowing demand is high. Sort the table by the window that matters to you; every row links to its fee events.

### Are stablecoin issuers included?

No. Issuers earn interest on reserves held off-chain, which cannot be read from a chain. This table covers protocols whose fees are paid and recorded on-chain.

## Glossary

- **Fees**: Everything users pay to a protocol, including what goes to liquidity providers and lenders.
- **Revenue**: The part of fees that a protocol keeps for its treasury or its token holders.
- **Take rate**: Revenue divided by fees over the same period.
- **Reserve factor**: The share of borrower interest a lending market keeps for its treasury instead of paying it to suppliers.

## Related apps

- [Crypto Token Buybacks Ranked by Amount Spent](https://voltfincrypto.com/apps/crypto-token-buybacks-ranking)
- [Blockchain Revenue Rankings: Monthly League Table](https://voltfincrypto.com/apps/blockchain-revenue-rankings)
- [Top DeFi Protocols by TVL](https://voltfincrypto.com/apps/top-defi-protocols-by-tvl)
- [Hyperliquid Revenue and HYPE Buybacks](https://voltfincrypto.com/apps/hyperliquid-revenue-buybacks)
- [Uniswap Fee Switch: UNI Burned and Protocol Fees](https://voltfincrypto.com/apps/uniswap-fee-switch-uni-burn)
- [Token Buyback Report: Monthly Spend by Protocol](https://voltfincrypto.com/apps/token-buyback-report-monthly)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F