2025-12-25 22:22:46

Looking at the latest protocol performance metrics, the revenue ranking has some interesting shifts. Tether continues to dominate with a commanding $709M in monthly revenue—clearly solidifying its position as the revenue heavyweight. Circle holds steady in second place at $242M, maintaining strong competitive footing.

What's catching attention though? Hyperliquid has climbed into third place among derivatives platforms. This is significant. It signals how derivatives are reshaping the DeFi landscape, with emerging platforms gaining serious traction. The data reflects not just transaction volumes, but a fundamental shift in how traders engage with decentralized finance.

These numbers tell a story: established stablecoin players remain revenue engines, but specialized derivatives platforms are carving out meaningful market share. Worth monitoring how this competitive dynamic evolves.

HYPE-2,15%

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TrustlessMaximalist

· 3h ago

hyperliquid's surge is quite fierce, derivatives are really reshaping the entire ecosystem.

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UnluckyValidator

· 12-27 05:42

Tether is still quite profitable, but Hyperliquid has really taken off, and it looks like derivatives are going to be hot.

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GamefiHarvester

· 12-25 22:35

hyperliquid is really impressive this time; the derivatives track is about to take off, right?

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WenMoon42

· 12-25 22:25

The thing about Hyperliquid being at the top is quite interesting; it seems derivatives are definitely gaining momentum. Tether's revenue of over 700 million is indeed impressive, but new players in the derivatives space are definitely eating into market share.

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