The Juggernauts Quietly Making Billions Onchain

Welcome to the DefiLlama Newsletter. Each week we bring you the most valuable onchain insights from the the deepest DeFi dataset in the world.

Last quarter, total revenue across all DeFi apps fell to its lowest level since 2024.

But several revenue trends stand out during this drawdown:

Across the industry, most launchpad fees are still generated on Solana, with the vast majority of fees generated by pump.fun.

But Robinood Chain is currently the epicenter for launchpads, with intense competition driving a rapid change in market share - and a lot of new players - since launch.

DefiLlama already tracks 26 launchpads on Robinhood Chain. That’s more than 95% of chains, and 12.5% of all tracked launchpads in a single month of mainnet activity.

NOXA Fun held a 90% fee market share for the first two weeks of launch, and after a controversial wind-down, Pons has increased its fee share from 12% to over 80%.

By contrast, Pump.fun on Solana has been the dominant Solana launchpad for years, rarely dropping below 50% fee market share on a monthly basis.

Zooming out: Pump.fun is still responsible for the vast majority of launchpad fees generated on Solana, but among all launchpads, increased competition pushed pump’s 30d fee dominance below 50%.

Newer launchpads have tried to innovate over the core bonding curve model: they skip the bonding curve and launch straight into a DEX pool, with some launchpads adding additional guardrails to limit rugs and others permanently locking liquidity.

With a World Cup tournament and a plethora of geopolitical events for users to speculate on, Polymarket crossed $40m in monthly fees for the first time.

Q2 was by far Polymarket’s largest to date, bringing in $62m in gross profit, up 600% QoQ.

Starting in early January, Polymarket began rolling out Taker fees - meaning market orders are charged a fee that is distributed to Maker rebates and various types of rewards. Polymarket keeps a subset of this fee.

Polymarket does not charge fees on “geopolitical and world events” markets.

Polymarket isn’t the only prediction market platform doing volume: Kalshi facilitated 4x Polymarket’s volume and seven individual prediction market protocols processed over $100m in volume over the last month.

Physical TCGs have had a breakout year, generating over $100m in YTD revenue.

Collector Crypt’s share of revenues is increasing and represents ~70% of Physical TCG revenues.

Physical TCG revenues are down significantly from their peaks last month, but the trend since the beginning of the year is undeniable.

Gamified Mining revenue has exploded recently - from $200k/day to well over $1m per day in revenues.

The top gamified mining protocols are similar "grid mining" games built on the same core mechanic, just with variations in chain and fee split: players deploy SOL (or ETH, for MineBean) onto blocks of a 5×5 grid each round, a winning block is randomly selected, and the losers' deposited funds are redistributed to whoever staked on that block. The protocol skims roughly a 10% cut of the action to fund token buybacks/burns and staker rewards.

Fake World Assets is a new entrant to this category and is an Ethereum NFT "gacha" protocol: depositors lock NFTs into escrowed listings as backing, and purchasers pay a fee to pull a random NFT from the pool. The protocol takes a cut of acquisition and settlement fees that's split between the team, potential FWA-token buybacks, and legacy NFT holders.

As of the last 7 days, Fake World Assets is one of the top revenue generators on Ethereum.

When trading on a new chain, make sure there is sufficient liquidity (so you don’t end up like this trader). LlamaSwap forbids disadvantageous swaps and is now live powering trades on Robinhood Chain.

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

DeFi lending has been one of the largest categories in crypto since the first major lending boom in 2021. After a quieter period, the sector returned strongly in 2025, with more than $35 billion now sitting…read on →

Does opening Hyperliquid to RWA Markets attract net new users, or does it mostly give existing traders something else to trade?

Tag @llama on X to quickly verify onchain data, see trends and tell your friends they’re wrong.

Rates are typical against their 30d averages. Pendle offers several double-digit yield opportunities, at the cost of fast exits (PT/LP positions are fixed-maturity and must be exited via secondary market).

Aerodrome, Uniswap and Orca currently offer generous APYs. These pools are exposed to impermanent loss risk.

The USDC market on Kamino Lend currently offers a 6.67% APY, but with a 92.3% utilization, meaning withdrawals could begin to queue if there’s a supply unwind.

Fluid Lending’s architecture is a standout for cheap borrowing, and the USDTB market on Aave V3 has a cheaper borrow cost than supply APY.

Whenever you want a snapshot of onchain stablecoin rates, use the Reference Rates dashboard. It shows us market-size weighted base rates for major stablecoins across the largest lending markets.

Filter by asset or protocol, and be sure to check the spread.

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