Tether and Circle Dominate April Crypto Revenue Rankings

• Tether garnered the highest industry average monthly revenue of 556 million and 18 million active users.
• Newer platforms such as Pump.fun and Bullx, which are not as popular as other platforms, amassed significantly higher revenues.
• High TVL tokens such as GMX and CB Wallet have impressive value despite having fewer addresses.

Phoenix Group revealed that Tether was the most generated revenue-generating blockchain project from 30 April 2025. The stablecoin issuer earned $556 million in the month, just ahead of its closest peer, Circle, which generated $191 million.

Although Tether does not release current total value locked (TVL) numbers, it dominated the number of active addresses at 18 million. With 3.4 million users and $7.96 billion in total value locked, Circle follows closely after using the USDC stablecoin.

The emerging projects were very impressive. Pump.fun took third place and received $47,2 million from 625,8 thousand active addresses. The Memecoin launch of the platform and its affordable cost have earned an impressive response from users. Jupiter, a Solana-based decentralized exchange aggregator, was the second, with $15.7 million in revenue and 2.3 million users.

Sky, a social app with 207k users, had $16,6m in revenue, and it outgrew Jupiter in terms of revenue regardless of a smaller user base. Phantom and PancakeSwap collectively made $15.7 million and $ 14.9 million, and Phantom transacted with over 910,000 users in the period.

Bullx, Photon, and CB Wallet Appear Among New Revenue Leaders

Bullx, Photon, and CB Wallet realized slightly over $10 million in sales. However, CB Wallet was able to make $10.6 million with 83k users and $823.2 million as TVL. Overall, Photon had $267,037 in earnings as a network despite having only 24,300 addresses, which may indicate that the user engagement for each address is significant.

Zeebu was the second one, with $6.4 million in revenue, while GMX, with its shrinking 300K users, earned $5.9 million from 6,900 addresses and had $383.5M TVL. The other fifteen that made significantly sizable revenues were Aave, which earned $5.4 million, and Lido, which earned $4.2 million.

Revenue Efficiency and Market Trends Highlight Structural Shifts

The compiled data shows that while user engagement is rising, revenue efficiency performance is still lagging. GMX and Photon showed high revenues from relatively small numbers of addresses, which suggested high-value users. While some high-user projects generated less revenue per capita, they indicated certain problems with monetization efficiency.

It also collaborates with the leading markets and highlights the significance of stablecoins in the crypto market. This makes it most likely to be used across any chain, with a wide user base and consistently high transactional revenues.

While legacy exchange giants reap the benefits of increasing revenue from high-utility wallets, DEXs, and other DeFi tools, newcomers like Bullx and Photon prove that the trend is achievable for everyone. The April report shows that the market has changed, and utility, user retention, and capital efficiency will determine the next winners.