GMGN Overtakes Hyperliquid in Weekly Protocol Revenue: Top 10 Ranked

Tether topped the 7-day protocol revenue ranking with $111.61M, followed by Circle at $44.31M, while GMGN, a Solana memecoin trading bot, edged out Hyperliquid $6.61M to $5.72M for the fifth spot. Ten protocols combined generated roughly $208.86M in the window, per DefiLlama.

Key takeaways

• Tether generated $111.61M in 7-day revenue, nearly 2.5x Circle's $44.31M and the largest single line item on the list.
• Tether and Circle together account for roughly 74% of the top-10 total ($155.92M of about $208.86M).
• GMGN ($6.61M) out-earned Hyperliquid ($5.72M), a gap of about $0.89M, or roughly 15.6% more revenue for the trading bot.
• Pump ($11.52M) and Canton ($10.87M) rank third and fourth, both ahead of every non-stablecoin protocol except GMGN.
• Polymarket ($4.13M) and Grayscale ($3.3M) close out the ranking, confirming prediction markets as a recurring revenue vertical rather than a one-off.

How does 7-day protocol revenue break down across the top 10?

The table below reproduces every figure from the ranking, sourced from DefiLlama for the 7-day period ending August 17, 2026. Stablecoin issuers dominate the top two spots by a wide margin, while the remaining eight protocols span memecoin infrastructure, trading bots, blockchain networks, a perp DEX, and a prediction market.

Rank	Protocol	7D Revenue
1	Tether	$111.61M
2	Circle	$44.31M
3	Pump	$11.52M
4	Canton	$10.87M
5	GMGN	$6.61M
6	Tron	$5.98M
7	Hyperliquid	$5.72M
8	Axiom	$4.81M
9	Polymarket	$4.13M
10	Grayscale	$3.3M

Why do Tether and Circle dominate the revenue table?

Tether and Circle combined for $155.92M of the roughly $208.86M total, a share of about 74%, because stablecoin issuance generates continuous fee income tied to reserve management and transaction volume rather than one-off trading spikes. This structural advantage — issuing USDT and USDC, respectively — gives both companies a revenue base that scales with overall crypto market activity rather than depending on a single trading vertical.

The gap between the two is stark: Tether's $111.61M is roughly 2.5 times Circle's $44.31M. Below the stablecoin pair, the third-place protocol, Pump at $11.52M, earns less than a tenth of Tether's figure. That drop-off illustrates how concentrated revenue is at the very top of the crypto protocol landscape, even when the list includes ten distinct business models spanning DeFi, trading infrastructure, and prediction markets.

Why is GMGN ahead of Hyperliquid this week?

GMGN, a Solana-based onchain trading bot geared toward memecoin traders, posted $6.61M in 7-day revenue versus $5.72M for Hyperliquid, a difference of about $0.89M or roughly 15.6%. That places an automated trading tool ahead of the leading perpetual DEX in this specific weekly snapshot, a signal of where speculative trading volume concentrated during the period.

Hyperliquid remains the top-ranked perp DEX on the list and continues to generate meaningful fee revenue from derivatives trading. But the fact that a memecoin-focused bot like GMGN can surpass it in a single week underscores how quickly attention and fee flow can rotate toward high-frequency retail trading tools when memecoin activity picks up on Solana. Protocol revenue is the fees or income a platform collects from its core service — in Hyperliquid's case, trading fees on perpetual contracts, and in GMGN's case, fees on bot-executed swaps.

What does the rest of the list say about revenue diversification?

Axiom ($4.81M) and Polymarket ($4.13M) round out positions eight and nine, confirming that onchain trading tools and prediction markets have become consistent revenue generators rather than isolated spikes tied to a single news event. Canton, a permissioned blockchain network, sits fourth with $10.87M, ahead of Tron's $5.98M, showing that institutional-oriented infrastructure can outearn established public chains in a given week.

Grayscale closes the list at $3.3M, the smallest figure among the ten, representing asset-management fee income rather than transaction-based revenue. Together, these five protocols — Pump, Canton, Axiom, Polymarket and Grayscale — span memecoin launchpads, institutional blockchains, trading tools, and prediction markets, illustrating that revenue generation in crypto extends well beyond stablecoins and perpetual DEXs. For context on how these revenue figures relate to broader market activity, see how perp DEX volume is typically read alongside fee data.

Bottom line

The stablecoin duopoly of Tether and Circle remains untouchable, controlling roughly 74% of top-10 protocol revenue in this 7-day window. The more notable shift sits further down the list: GMGN's $6.61M outpacing Hyperliquid's $5.72M shows that memecoin-bot activity can, at least temporarily, out-earn a leading perp DEX. Whether GMGN sustains that lead or Hyperliquid reclaims its position next week is worth tracking, as is whether Polymarket and Axiom continue posting steady multimillion-dollar weekly revenue rather than one-off spikes.