Who is really making money in a choppy market? DefiLlama’s latest 7-day protocol revenue rankings offer a snapshot: Tether brought in about $123 million and Circle about $48.98 million, with stablecoin issuers still in the top two. Hyperliquid, Pump, and Papertrade ranked third to fifth, at about $15.1 million, $14.71 million, and $13.38 million, respectively—trading and token-launch infrastructure is closing in on the top tier. They were followed by Tron, Collector Crypt, Grayscale, Polymarket, and Sky. The key takeaway isn’t the short-term rankings, but that cash flows are heavily concentrated in stablecoins, derivatives, meme launch platforms, and prediction markets. Revenue isn’t profit, and buybacks and burns should also be examined carefully, but this ranking is a useful starting point for gauging real demand. #DeFi #OnchainData