{ "as_of": "2026-07-14", "window": "2023-01-01 -> present (calendar-2023 fees vs trailing-12m fees; TVL point-to-point; price 2023-01-01 or first-trade -> now)", "sources": "DefiLlama api.llama.fi (TVL/fees), coins.llama.fi (prices, free oracle), CoinGecko (market cap)", "methodology_notes": [ "Fees = DefiLlama protocol 'fees' adapters (gross fees paid by users), NOT holder revenue; see holder_revenue_note per protocol for who actually captures it.", "fees_2023 is the calendar-2023 sum; only computed where the fee adapter's history reaches back to Jan 2023 (fees_reaches_2023=true). fees_growth_x = fees_ttm / fees_2023.", "Price 'return' uses the 2023-01-01 close where the token existed; for post-2023 launches (price_from_inception=true) the base is the first recorded trade, which is frequently an airdrop/listing peak and makes returns look worse \u2014 a launch-timing artifact, not necessarily fundamentals.", "l1_return_same_window compares the home L1 token's return over the EXACT same window as each app token (fair matched-window fat-protocol test).", "Adapter methodology shifts (protocols re-scoping what counts as a 'fee') can create step-changes in the series unrelated to real activity (the LINK-style artifact); treat extreme multiples with caution.", "Survivorship: this is the protocols alive and adaptered in 2023-2026; dead 2021-era names (e.g. many yield farms) are absent, so the cohort is biased upward." ], "protocols": [ { "symbol": "UNI", "slug": "uniswap", "name": "Uniswap", "category": "DEX", "home_chain": "ETH", "holder_revenue_note": "No protocol-fee switch to UNI holders as of mid-2026 (long-debated); trading fees accrue to LPs", "tvl_now": 3115512026, "tvl_2023": 3265140607, "tvl_growth_x": 0.95, "fees_2023": 597680583, "fees_ttm": 855033534, "fees_reaches_2023": true, "fees_growth_x": 1.43, "revenue_ttm": 25890201, "price_now": 3.693437, "price_base": 5.159292, "price_base_date": "2023-01-01", "price_from_inception": false, "price_note": null, "price_return_pct": -28.4, "mcap": 2291643122, "price_to_fees_ttm": 2.7, "l1_symbol": "ETH", "l1_return_same_window_pct": 56.7, "app_minus_l1_pct": -85.1 }, { "symbol": "AAVE", "slug": "aave", "name": "Aave", "category": "Lending", "home_chain": "ETH", "holder_revenue_note": "Aavenomics buyback live since 2025 \u2014 net revenue funds weekly AAVE buybacks", "tvl_now": 14106765002, "tvl_2023": 3683458675, "tvl_growth_x": 3.83, "fees_2023": 105264616, "fees_ttm": 915679444, "fees_reaches_2023": true, "fees_growth_x": 8.7, "revenue_ttm": 120664142, "price_now": 99.247865, "price_base": 51.932636, "price_base_date": "2023-01-01", "price_from_inception": false, "price_note": null, "price_return_pct": 91.1, "mcap": 1506205184, "price_to_fees_ttm": 1.6, "l1_symbol": "ETH", "l1_return_same_window_pct": 56.7, "app_minus_l1_pct": 34.4 }, { "symbol": "MORPHO", "slug": "morpho", "name": "Morpho", "category": "Lending", "home_chain": "ETH", "holder_revenue_note": "Fees to vault curators / lenders; no direct MORPHO fee accrual yet", "tvl_now": 7286810013, "tvl_2023": 183297914, "tvl_growth_x": 39.75, "fees_2023": null, "fees_ttm": 220446160, "fees_reaches_2023": false, "fees_growth_x": null, "revenue_ttm": 0, "price_now": 2.025043, "price_base": 1.28, "price_base_date": "2024-11-20", "price_from_inception": true, "price_note": null, "price_return_pct": 58.2, "mcap": 1328548495, "price_to_fees_ttm": 6.0, "l1_symbol": "ETH", "l1_return_same_window_pct": -39.8, "app_minus_l1_pct": 98.0 }, { "symbol": "LDO", "slug": "lido", "name": "Lido", "category": "Liquid staking", "home_chain": "ETH", "holder_revenue_note": "10% staking fee split node-operators + DAO treasury; no direct LDO cashflow", "tvl_now": 17240863999, "tvl_2023": 5865784383, "tvl_growth_x": 2.94, "fees_2023": 617767534, "fees_ttm": 741123069, "fees_reaches_2023": true, "fees_growth_x": 1.2, "revenue_ttm": 71973655, "price_now": 0.327358, "price_base": 0.951642, "price_base_date": "2023-01-01", "price_from_inception": false, "price_note": null, "price_return_pct": -65.6, "mcap": 273323063, "price_to_fees_ttm": 0.4, "l1_symbol": "ETH", "l1_return_same_window_pct": 56.7, "app_minus_l1_pct": -122.3 }, { "symbol": "SKY", "slug": "sky", "name": "Sky (ex-Maker)", "category": "CDP / RWA", "home_chain": "ETH", "holder_revenue_note": "Protocol surplus buys back & burns SKY (successor to Maker smart-burn)", "tvl_now": 6118198918, "tvl_2023": 6699440153, "tvl_growth_x": 0.91, "fees_2023": 113977541, "fees_ttm": 412871750, "fees_reaches_2023": true, "fees_growth_x": 3.62, "revenue_ttm": 240508818, "price_now": 0.060899, "price_base": null, "price_base_date": "2022-10-12", "price_from_inception": true, "price_note": "token redenomination breaks the continuous price series (MKR->SKY 24,000:1, Aug 2024); price return omitted, fundamentals shown via continuous Maker/Sky fee history", "price_return_pct": null, "mcap": 1425221545, "price_to_fees_ttm": 3.5, "l1_symbol": null, "l1_return_same_window_pct": null, "app_minus_l1_pct": null }, { "symbol": "HYPE", "slug": "hyperliquid", "name": "Hyperliquid", "category": "Perp DEX", "home_chain": "HYPE", "holder_revenue_note": "Fees fund HYPE buybacks + assistance fund \u2014 direct holder accrual", "tvl_now": 6022990654, "tvl_2023": 3578746, "tvl_growth_x": 1682.99, "fees_2023": null, "fees_ttm": 1067244955, "fees_reaches_2023": false, "fees_growth_x": null, "revenue_ttm": 820742846, "price_now": 65.724275, "price_base": 3.903068, "price_base_date": "2024-11-29", "price_from_inception": true, "price_note": null, "price_return_pct": 1583.9, "mcap": 14616040568, "price_to_fees_ttm": 13.7, "l1_symbol": null, "l1_return_same_window_pct": null, "app_minus_l1_pct": null }, { "symbol": "ENA", "slug": "ethena", "name": "Ethena", "category": "Synthetic dollar", "home_chain": "ETH", "holder_revenue_note": "Fee switch to sENA stakers activated 2025", "tvl_now": 4161488760, "tvl_2023": 7013345, "tvl_growth_x": 593.37, "fees_2023": null, "fees_ttm": 362169667, "fees_reaches_2023": false, "fees_growth_x": null, "revenue_ttm": 12400019, "price_now": 0.084217, "price_base": 0.594332, "price_base_date": "2024-04-02", "price_from_inception": true, "price_note": null, "price_return_pct": -85.8, "mcap": 805182074, "price_to_fees_ttm": 2.2, "l1_symbol": "ETH", "l1_return_same_window_pct": -46.5, "app_minus_l1_pct": -39.3 }, { "symbol": "CRV", "slug": "curve-finance", "name": "Curve", "category": "DEX", "home_chain": "ETH", "holder_revenue_note": "50% of trading fees distributed to veCRV lockers", "tvl_now": 1266620492, "tvl_2023": 3600588199, "tvl_growth_x": 0.35, "fees_2023": 41892616, "fees_ttm": 52658185, "fees_reaches_2023": true, "fees_growth_x": 1.26, "revenue_ttm": 36315628, "price_now": 0.222151, "price_base": 0.526333, "price_base_date": "2023-01-01", "price_from_inception": false, "price_note": null, "price_return_pct": -57.8, "mcap": 340639597, "price_to_fees_ttm": 6.5, "l1_symbol": "ETH", "l1_return_same_window_pct": 56.7, "app_minus_l1_pct": -114.5 }, { "symbol": "CAKE", "slug": "pancakeswap", "name": "PancakeSwap", "category": "DEX", "home_chain": "BNB", "holder_revenue_note": "Weekly buyback-and-burn of CAKE", "tvl_now": 2052198120, "tvl_2023": 2390841389, "tvl_growth_x": 0.86, "fees_2023": 63995711, "fees_ttm": 282663234, "fees_reaches_2023": true, "fees_growth_x": 4.42, "revenue_ttm": 94971349, "price_now": 1.41187, "price_base": 3.17927, "price_base_date": "2023-01-01", "price_from_inception": false, "price_note": null, "price_return_pct": -55.6, "mcap": 455764915, "price_to_fees_ttm": 1.6, "l1_symbol": "BNB", "l1_return_same_window_pct": 134.9, "app_minus_l1_pct": -190.5 }, { "symbol": "JUP", "slug": "jupiter", "name": "Jupiter", "category": "DEX aggregator", "home_chain": "SOL", "holder_revenue_note": "Litterbox Trust buys back JUP with 50% of protocol fees (2025)", "tvl_now": 1596241625, "tvl_2023": 87605206, "tvl_growth_x": 18.22, "fees_2023": 7734713, "fees_ttm": 399027397, "fees_reaches_2023": true, "fees_growth_x": 51.59, "revenue_ttm": 118796520, "price_now": 0.207947, "price_base": 2.000013, "price_base_date": "2024-01-31", "price_from_inception": true, "price_note": null, "price_return_pct": -89.6, "mcap": 689577622, "price_to_fees_ttm": 1.7, "l1_symbol": "SOL", "l1_return_same_window_pct": -24.0, "app_minus_l1_pct": -65.6 }, { "symbol": "RAY", "slug": "raydium", "name": "Raydium", "category": "DEX", "home_chain": "SOL", "holder_revenue_note": "Portion of trading fees buys back RAY", "tvl_now": 859490697, "tvl_2023": 27601608, "tvl_growth_x": 31.14, "fees_2023": 46603463, "fees_ttm": 189857180, "fees_reaches_2023": true, "fees_growth_x": 4.07, "revenue_ttm": 36564744, "price_now": 0.680352, "price_base": 0.14097, "price_base_date": "2023-01-01", "price_from_inception": false, "price_note": null, "price_return_pct": 382.6, "mcap": 183329311, "price_to_fees_ttm": 1.0, "l1_symbol": "SOL", "l1_return_same_window_pct": 673.9, "app_minus_l1_pct": -291.3 }, { "symbol": "AERO", "slug": "aerodrome", "name": "Aerodrome", "category": "DEX", "home_chain": "BASE", "holder_revenue_note": "Trading fees to veAERO lockers", "tvl_now": 329751412, "tvl_2023": 230142, "tvl_growth_x": 1432.82, "fees_2023": null, "fees_ttm": 167223072, "fees_reaches_2023": false, "fees_growth_x": null, "revenue_ttm": 126373801, "price_now": 0.500705, "price_base": 0.063494, "price_base_date": "2023-09-15", "price_from_inception": true, "price_note": null, "price_return_pct": 688.6, "mcap": 483050326, "price_to_fees_ttm": 2.9, "l1_symbol": "ETH", "l1_return_same_window_pct": 15.3, "app_minus_l1_pct": 673.3 }, { "symbol": "GMX", "slug": "gmx", "name": "GMX", "category": "Perp DEX", "home_chain": "ARB", "holder_revenue_note": "Fees to GMX stakers + GM/GLP LPs (paid in ETH/AVAX)", "tvl_now": 181333274, "tvl_2023": 461574436, "tvl_growth_x": 0.39, "fees_2023": 132271148, "fees_ttm": 36954138, "fees_reaches_2023": true, "fees_growth_x": 0.28, "revenue_ttm": 13667383, "price_now": 5.830564, "price_base": 41.681584, "price_base_date": "2023-01-01", "price_from_inception": false, "price_note": null, "price_return_pct": -86.0, "mcap": 60849937, "price_to_fees_ttm": 1.6, "l1_symbol": "ARB", "l1_return_same_window_pct": null, "app_minus_l1_pct": null }, { "symbol": "DYDX", "slug": "dydx", "name": "dYdX", "category": "Perp DEX", "home_chain": "DYDX", "holder_revenue_note": "All chain trading fees distributed to DYDX stakers", "tvl_now": 128094876, "tvl_2023": 394389836, "tvl_growth_x": 0.32, "fees_2023": null, "fees_ttm": 9381909, "fees_reaches_2023": false, "fees_growth_x": null, "revenue_ttm": 9381909, "price_now": 0.119574, "price_base": 2.35, "price_base_date": "2023-10-31", "price_from_inception": true, "price_note": null, "price_return_pct": -94.9, "mcap": 101330106, "price_to_fees_ttm": 10.8, "l1_symbol": null, "l1_return_same_window_pct": null, "app_minus_l1_pct": null }, { "symbol": "JTO", "slug": "jito", "name": "Jito", "category": "Liquid staking + MEV", "home_chain": "SOL", "holder_revenue_note": "JTO is governance; MEV-tip revenue not directly paid to token", "tvl_now": 774998932, "tvl_2023": 3596934, "tvl_growth_x": 215.46, "fees_2023": null, "fees_ttm": 258417634, "fees_reaches_2023": false, "fees_growth_x": null, "revenue_ttm": 16091299, "price_now": 0.650822, "price_base": 6.01, "price_base_date": "2023-12-07", "price_from_inception": true, "price_note": null, "price_return_pct": -89.2, "mcap": 323248968, "price_to_fees_ttm": 1.3, "l1_symbol": "SOL", "l1_return_same_window_pct": 24.5, "app_minus_l1_pct": -113.7 }, { "symbol": "ETHFI", "slug": "ether.fi", "name": "ether.fi", "category": "Liquid restaking", "home_chain": "ETH", "holder_revenue_note": "Buyback program funded by protocol revenue (2025)", "tvl_now": 3335976538, "tvl_2023": 1515827, "tvl_growth_x": 2200.76, "fees_2023": null, "fees_ttm": 233482603, "fees_reaches_2023": false, "fees_growth_x": null, "revenue_ttm": 53903794, "price_now": 0.393911, "price_base": 4.73, "price_base_date": "2024-03-18", "price_from_inception": true, "price_note": null, "price_return_pct": -91.7, "mcap": 365851341, "price_to_fees_ttm": 1.6, "l1_symbol": "ETH", "l1_return_same_window_pct": -48.5, "app_minus_l1_pct": -43.2 }, { "symbol": "EIGEN", "slug": "eigenlayer", "name": "EigenLayer", "category": "Restaking", "home_chain": "ETH", "holder_revenue_note": "No live fee switch; AVS fee economics still nascent", "tvl_now": 5082411709, "tvl_2023": 13300350, "tvl_growth_x": 382.13, "fees_2023": null, "fees_ttm": 45585559, "fees_reaches_2023": false, "fees_growth_x": null, "revenue_ttm": 0, "price_now": 0.237536, "price_base": 4.010686, "price_base_date": "2024-10-01", "price_from_inception": true, "price_note": null, "price_return_pct": -94.1, "mcap": 175738828, "price_to_fees_ttm": 3.9, "l1_symbol": "ETH", "l1_return_same_window_pct": -28.0, "app_minus_l1_pct": -66.1 }, { "symbol": "ONDO", "slug": "ondo-finance", "name": "Ondo", "category": "RWA (tokenized T-bills)", "home_chain": "ETH", "holder_revenue_note": "Product yield flows to product holders, not ONDO governance token", "tvl_now": 3539085909, "tvl_2023": 135, "tvl_growth_x": 26215451.18, "fees_2023": null, "fees_ttm": 56555063, "fees_reaches_2023": false, "fees_growth_x": null, "revenue_ttm": 14851885, "price_now": 0.314161, "price_base": 0.105934, "price_base_date": "2024-01-18", "price_from_inception": true, "price_note": null, "price_return_pct": 196.6, "mcap": 1528880295, "price_to_fees_ttm": 27.0, "l1_symbol": "ETH", "l1_return_same_window_pct": -25.8, "app_minus_l1_pct": 222.4 }, { "symbol": "COMP", "slug": "compound-finance", "name": "Compound", "category": "Lending", "home_chain": "ETH", "holder_revenue_note": "No holder fee accrual; reserves accrue to the DAO", "tvl_now": 1264650002, "tvl_2023": 1635345123, "tvl_growth_x": 0.77, "fees_2023": 26302057, "fees_ttm": 36899289, "fees_reaches_2023": true, "fees_growth_x": 1.4, "revenue_ttm": 2384071, "price_now": 17.050059, "price_base": 31.2967, "price_base_date": "2023-01-01", "price_from_inception": false, "price_note": null, "price_return_pct": -45.5, "mcap": 165045932, "price_to_fees_ttm": 4.5, "l1_symbol": "ETH", "l1_return_same_window_pct": 56.7, "app_minus_l1_pct": -102.2 }, { "symbol": "PENDLE", "slug": "pendle", "name": "Pendle", "category": "Yield trading", "home_chain": "ETH", "holder_revenue_note": "Swap fees + yield distributed to vePENDLE lockers", "tvl_now": 1064764085, "tvl_2023": 15431203, "tvl_growth_x": 69.0, "fees_2023": null, "fees_ttm": 24665323, "fees_reaches_2023": false, "fees_growth_x": null, "revenue_ttm": 23921565, "price_now": 1.513561, "price_base": 0.045414, "price_base_date": "2023-01-01", "price_from_inception": false, "price_note": null, "price_return_pct": 3232.8, "mcap": 259155665, "price_to_fees_ttm": 10.5, "l1_symbol": "ETH", "l1_return_same_window_pct": 56.7, "app_minus_l1_pct": 3176.1 }, { "symbol": "DEEP", "slug": "deepbook", "name": "DeepBook", "category": "CLOB", "home_chain": "SUI", "holder_revenue_note": "DEEP used to pay trading fees; accrual nascent", "tvl_now": 13718109, "tvl_2023": 41046, "tvl_growth_x": 334.21, "fees_2023": null, "fees_ttm": 142693, "fees_reaches_2023": false, "fees_growth_x": null, "revenue_ttm": 69790, "price_now": 0.018763, "price_base": 0.012448, "price_base_date": "2024-10-14", "price_from_inception": true, "price_note": null, "price_return_pct": 50.7, "mcap": 46871612, "price_to_fees_ttm": 328.5, "l1_symbol": "SUI", "l1_return_same_window_pct": -67.6, "app_minus_l1_pct": 118.3 } ], "chains": [ { "symbol": "ETH", "name": "Ethereum", "native_token": "ethereum", "tvl_now": 41048581073, "tvl_2023": 22110569318, "tvl_growth_x": 1.86, "fees_2023": 2756924913, "fees_ttm": 5610343005, "fees_growth_x": 2.04, "fees_reaches_2023": true, "price_now": 1875.394056, "price_base": 1196.444924, "price_base_date": "2023-01-01", "price_from_inception": false, "price_return_pct": 56.7, "tvl_first_date": "2017-10-01" }, { "symbol": "SOL", "name": "Solana", "native_token": "solana", "tvl_now": 4886998162, "tvl_2023": 210474937, "tvl_growth_x": 23.22, "fees_2023": 72488659, "fees_ttm": 4292030541, "fees_growth_x": 59.21, "fees_reaches_2023": true, "price_now": 77.133458, "price_base": 9.96672, "price_base_date": "2023-01-01", "price_from_inception": false, "price_return_pct": 673.9, "tvl_first_date": "2021-03-21" }, { "symbol": "BASE", "name": "Base", "native_token": "(none \u2014 gas paid in ETH)", "tvl_now": 4533648995, "tvl_2023": 0, "tvl_growth_x": null, "fees_2023": null, "fees_ttm": 944077296, "fees_growth_x": null, "fees_reaches_2023": false, "price_now": null, "price_base": null, "price_base_date": null, "price_from_inception": true, "price_return_pct": null, "tvl_first_date": "2023-06-18" }, { "symbol": "ARB", "name": "Arbitrum", "native_token": "arbitrum", "tvl_now": 1271449034, "tvl_2023": 996497986, "tvl_growth_x": 1.28, "fees_2023": 345142889, "fees_ttm": 414158080, "fees_growth_x": 1.2, "fees_reaches_2023": true, "price_now": 0.090745, "price_base": 5.04, "price_base_date": "2023-03-23", "price_from_inception": true, "price_return_pct": -98.2, "tvl_first_date": "2021-06-06" }, { "symbol": "SUI", "name": "Sui", "native_token": "sui", "tvl_now": 442016896, "tvl_2023": 36013054, "tvl_growth_x": 12.27, "fees_2023": null, "fees_ttm": 121885896, "fees_growth_x": null, "fees_reaches_2023": false, "price_now": 0.758748, "price_base": 1.28, "price_base_date": "2023-05-03", "price_from_inception": true, "price_return_pct": -40.7, "tvl_first_date": "2023-05-07" }, { "symbol": "BNB", "name": "BNB Chain", "native_token": "binancecoin", "tvl_now": 4969483975, "tvl_2023": 4653905143, "tvl_growth_x": 1.07, "fees_2023": 158394553, "fees_ttm": 765858282, "fees_growth_x": 4.84, "fees_reaches_2023": true, "price_now": 579.348762, "price_base": 246.659361, "price_base_date": "2023-01-01", "price_from_inception": false, "price_return_pct": 134.9, "tvl_first_date": "2020-11-01" }, { "symbol": "TRX", "name": "Tron", "native_token": "tron", "tvl_now": 4781027780, "tvl_2023": 4255690774, "tvl_growth_x": 1.12, "fees_2023": null, "fees_ttm": 75430753, "fees_growth_x": null, "fees_reaches_2023": false, "price_now": 0.325112, "price_base": 0.054553, "price_base_date": "2023-01-01", "price_from_inception": false, "price_return_pct": 496.0, "tvl_first_date": "2020-04-05" } ], "quadrants": { "earned": [ "AAVE", "RAY" ], "lagged": [ "UNI", "LDO", "CRV", "CAKE", "COMP" ], "narrative": [], "both_down": [ "GMX" ], "no_clean_3yr": [ "MORPHO", "SKY", "HYPE", "ENA", "JUP", "AERO", "DYDX", "JTO", "ETHFI", "EIGEN", "ONDO", "PENDLE", "DEEP" ] } }