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We screened the fastest growing categories & protocols over the last 6 months using LlamaAI’s Generative UI to model growth. Here’s what we found:

For protocols with over $100m in TVL, the largest TVL growth categories were CEXs, Bridges and Lending. Risk Curators and Privacy saw smaller nominal growth but had larger percentage growth. Crypto Card Issuer TVL is up 78% over the last 6 months.

We wanted to know which protocols had sustainably 3x’d revenues over the same time period - more than just large revenue spikes.

There are 28 protocols with over $1m in revenue that 3x’d revenues. Polymarket leads, 4x-ing revenue and crossing $100m over the last 6 months.

Collector Crypt and fomo have both earned $70m+ in revenue.

Lowering the revenue threshold to ~$250k and filtering for 10x revenue growth, there are still 30 protocols that achieved growth but few pass the durability check due to early or fading revenues.

More recently, Papertrade, a synthetic perp DEX built on Hyperliquid offering 1000x leverage against a user-owned liquidity pool, has led all protocols in revenue and holders revenue (excluding stablecoin issuers Tether & Circle) since launching October 10th.

Papertrade earned $60m in revenue in just 10 days, with $55m going to paper token holders. Papertrade charges trade close and liquidation fees. Half of the fees go to paper token stakers, and 99% of all LP profits above the $5m LP cap go back to paper stakers.

When a trader loses money on the platform, a portion of the losses earn the trader paper tokens, which can be staked to the LP to earn a share of revenues but is not transferrable and cannot be sold.

Total DeFi Active TVL just hit a new high of $4.23b. Over $1.3b is on Maple, followed by $465m on Hastra and $450m on Centrifuge.

Reinsurance has 93% of its active mcap deployed in DeFi and private credit has 49%. Public equities are at 12.5%, precious metals have 5.3% and private equity sits at 1%.

Private credit has added the most RWA mcap to DeFi (about $413m) in the last 30d.

The upgraded RWA dashboard shows RWA in DeFi by protocol, net flows and active AUM.

bStocks have seen the largest net flows over the last week. Driven by tokenized stocks SCPXB, SOXLB, QQQB and INTCB, bStocks Onchain AUM is sitting just below $1b.

Now you can trade protocol revenues, exploit odds, and other onchain metrics using Trueo’s prediction market data, live on DefiLlama.

Revenue markets for Hyperliquid, Pump, Aero, Uniswap, Collector Crypt and Papertrade revenue markets are live.

Hedge against exploit risk by trading the odds of total DeFi hacks and exploits of specific protocols.

Schedule a call with our analyst team at DefiLlama Research for more market insights and to explore our market intelligence tools.

Our brand-new Find my Exchange tool lets you see which exchanges list the tokens you own, which exchanges work in your country, the fees they charge, and much more.

How Variational is approaching a brokerage-style model that connects traders to liquidity through RFQs, internal market making, and isolated onchain settlement.

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