Crypto Apps Now Earning More Than the Blockchains That Power Them

Crypto apps are now outearning the blockchains that power them, marking a major shift in how value flows across the crypto ￰0￱ Ethereum’s breakthrough in enabling decentralized applications , countless protocols emerged to support niche use cases. However, as the industry matures, fully developed blockchain-based applications are becoming the primary drivers of ￰1￱ to the latest report from Delphi Digital, these crypto apps are beginning to generate more revenue than the underlying chains they rely ￰2￱ apps are starting to earn more than the chains they are built ￰3￱ generated $724M in revenue this past year and Hyperliquid generated $667M. Meanwhile Solana, one of the most conservatively valued major L1s, generated $1.3 billion in annual revenue and $632M in… ￰4￱ — Delphi Digital (@Delphi_Digital) November 5, 2025 Crypto Apps Went From $0 to $724M Faster Than Blockchains PumpFun, for instance, collected $724 million in fees over the past year, more than the Solana blockchain ￰5￱ brought in $667 million.

Meanwhile, Solana , one of the most valuable major L1s hosting most revenue-generating consumer apps, recorded $2.8 billion in annual revenue and $632 million in ￰6￱ alone captured 35% of all blockchain revenue in July, despite launching just one year ago.) September 21, 2025 “The revenue generator does not have to be the most revolutionary or exciting application of Ethereum, ” Buterin wrote. “But it does need to be something that is at least not actively unethical or embarrassing.” Buterin pointed to Aave’s stablecoin lending rates as a concrete example where blue-chip stablecoins like USDT and USDC generate yield around 5% , while higher-risk assets offer over 10%.

These returns, he suggests, could provide a reliable base layer of income without compromising the ecosystem’s principles.