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In a Losing Bear Market, Who Is Quietly Making a Fortune?

In a bear market where most crypto participants are losing money, a few projects continue to generate significant revenue. A look at Defillama’s revenue rankings reveals that profitable projects share simple and clear revenue models, which fall into two main categories: spread and transaction fees. Spread-based revenue models, used by entities like Tether, Circle, Aave, and Lido, act as capital intermediaries. They profit from the difference between lower funding costs and higher returns from deployed capital, relying on the scale and duration of capital deposits. Transaction fee models, employed by platforms such as Hyperliquid, Polymarket, pump.fun, Aerodrome, and Jupiter, generate income by charging fees on trading activities. Their earnings depend on the size and frequency of transactions. Notable cases include Grayscale (traditional asset management fees), Chainlink (data service fees), and Titan Builder (which profited unusually from a major arbitrage incident). The analysis concludes that sustainable profitability in a bear market comes from straightforward revenue models combined with sophisticated product execution and operational excellence.

marsbit04/10 08:56