INSIGHT: The protocols that earned the most in fees over the past seven days.

1. Tether: $112 million, down 1.8%
2. Circle USDC: $44 million, down 3.3%
3. PumpSwap: $13 million, up 0.4%
4. Canton: $12 million, down 6.8%
5. Hyperliquid Perps: $11 million, up 7.5%

Source: DefiLlama.