DeFi revenues surged over the past week as protocols like Bags, Pendle, Polymarket, Meteora, and HYPE Staking posted strong growth, signaling rising activity across crypto.
Revenue across the crypto industry jumped sharply over the past week, according to fresh data from DefiLlama. The platform, which tracks revenue across more than 700 crypto protocols, showed that activity is picking up across several sectors, including DeFi, prediction markets, staking, lending, and on-chain trading.
One of the biggest surprises this week was Bags, which became the fastest-growing protocol on DefiLlama, recording an eye-catching 326% increase in revenue over the past seven days.
The surge highlights that retail traders are still actively chasing new opportunities, particularly in community-driven and speculative markets.
Bags' rapid growth also reinforces an important factor. Newer protocols can still quickly capture user attention, even while competing against some of DeFi’s largest players.
Chinese crypto outlet FeiXiaoHao noted that revenue growth offers a more accurate picture of protocol health than total value locked (TVL), arguing that strong revenues often reflect genuine user activity rather than passive capital sitting in protocols.
Next up on the list is Pendle, the yield trading platform that allows users to buy and sell future yield. As investors continue searching for higher returns, Pendle has seen growing activity and fee generation.
Referring to the list, in an X post, DeFi Scholar argues that the market may still be undervaluing Pendle despite the weak price action. Since the launch of PENDLE five months ago, over 34 million PENDLE have been staked, while 61.2 million PENDLE remain locked, meaning around 57% of the circulating supply is locked up. During the same period, Pendle generated about $6.68 million in revenue and reduced token emissions by 58%.
Having said that, he said, PENDLE’s price has fallen from around $1.95 to $1.34, leading to the belief that the token’s value has not yet been fully priced in by the market.
Prediction markets remain one of crypto's hottest sectors.
Polymarket continued to generate strong revenues as users placed wagers on everything from politics and macroeconomic events to sports and crypto outcomes.
Meanwhile, Predict Fun also posted notable revenue growth, suggesting that demand for event-based speculation is continuing to rise.
The growing popularity of these platforms shows that users are increasingly looking beyond traditional trading and exploring new ways to participate in crypto markets.
A major portion of the recent revenue growth came from trading-related protocols, particularly within the Solana ecosystem.
Liquidity platforms Meteora and Orca both benefited from elevated trading activity across the network. Increased memecoin trading and new token launches have helped boost volumes significantly.
Trading terminals such as Photon and Axiom Pro also recorded strong revenue growth as traders remained highly active in on-chain markets.
At the same time, Jupiter, Solana's leading decentralized exchange aggregator, continued to rank among the top performers as users increasingly rely on decentralized trading infrastructure instead of centralized exchanges.
Despite the ongoing market downtrend, speculative trading remains alive and well.
Community-focused platforms, including MemeMax, Puilfun, ClaimRush, and Monster, all posted impressive revenue gains during the week.
Their growth suggests that retail investors are still willing to take risks, particularly in fast-moving sectors like memecoins and social trading.
While speculative activity often comes with higher volatility, it continues to be an important driver of user engagement across crypto.
Investors looking to earn passive income are becoming more active again. Yield platform Pendle continued to see strong demand as more users explored yield trading opportunities. At the same time, HYPE Staking generated more revenue as users locked up their tokens to earn rewards, while Ethereum staking products like Binance Staked ETH also saw renewed interest.
Other platforms, including Veda and Telegram Wallet, also posted higher revenues as users looked for more ways to put their crypto to work and earn extra returns.
The real-world asset (RWA) sector is also picking up pace. Institutional lending platform Maple Finance and tokenization protocol Centrifuge both saw revenue rise as more traditional financial products slowly move onto blockchain networks.
Meanwhile, protocols such as Metronome, Fluid, ORE Protocol, TRONSAVE, Project X, GODL Protocol, and Aerodrome also reported healthy growth, showing that activity is increasing across different parts of DeFi.
Overall, DefiLlama’s latest data suggests DeFi is heating up again. Growth is no longer coming from just one trend. Instead, users are actively trading, staking, lending, betting on prediction markets, and exploring new community-driven apps, showing that the crypto ecosystem is becoming bigger and more diverse.
No comments yet
Be the first to share your take when accounts launch.
