Hundreds of projects try to generate a decent amount of monthly revenue in the crypto world. Naturally, some will have an easier time than others, although long-term success is never guaranteed. As just three projects generated over $100m in revenue this past month, one must wonder where things will head next.
Current Revenue Generation for Top Projects
The data provided by Token Terminal paints an exciting picture. For this list, we take everything into consideration across both layer one and layer two. It is essential to look at the hundreds of DApps across multiple chains today and see how well they perform. Those metrics can help gauge the popularity of ventures and projects and indicate where things may start to fall apart.
There are only three projects capable of generating over $100 million in monthly revenue as things stand. That may not seem like much, given the perception of how popular some projects may be. However, there is a difference between being popular and generating sufficient revenue for these rankings. Moreover, it confirms a high market cap doesn’t automatically lead to more revenue being generated.
Axie Infinity leads the pack with $211.3 million in 30 days. The project is ahead of OpenSea‘s $194.23 million and Uniswap’s $117.65 million. All of these revenue numbers were inspiring and confirmed these projects are in a good place. More importantly, these figures are a substantial increase for Uniswap, but not so much for Axie infinity or OpenSea, as they both note a loss between 11.17% and 37.36%.
It is intriguing to see three different “pillars” represented in the top three. Axie Infinity is a play-to-earn blockchain game that recently introduced staking. OpenSea is the leading NFT marketplace, and Uniswap is considered the most prominent decentralized exchange today. Interestingly, OpenSea has no native token [yet] and holds no market cap. Many people anticipate a token launch, although that remains subject to speculation.
Smaller Projects Make Waves
From a revenue point of view, it doesn’t require a high market cap to note decent growth. Yearn Finance, valued at $1.09 billion, reports $25.46 million in monthly revenue. That is still a 17.46% decline, but it is worth taking note of. MetaMask, another token-less project, has an 86.83% revenue increase, bringing its monthly total to $14.3 million. Unfortunately, a project like KeeperDAO, valued at $160.38 million, saw its revenues decline by 49.85% to under $538,000 per month.
On the other side, many projects are making substantial gains on the revenue front for the past 30 days. Cryptex reports a 501.7% increase, followed by Trader Joe’s 294.26%. Hegic, dYdX, and DODO all yield between 66% and 260% increases. A positive sign for the future of blockchain, although these monthly snapshots will look very different 30 days from today. Sustaining growth is tough in this industry but far from impossible.