# Revenue Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Revenue", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

Building USDC by Its Own Hands, Why Does Coinbase Turn to Support Competitor OUSD?

Coinbase, a key distributor of the dominant stablecoin USDC, has joined over 140 major companies—including Visa, Mastercard, and BlackRock—as a founding member of the Open USD (OUSD) alliance, a move that directly challenges the current stablecoin economic model. The new project aims to upend the established profit structure by offering zero minting and redemption fees and allocating the majority of reserve interest earnings to distribution partners, rather than the issuer. This shift highlights a growing power struggle in the $320+ billion stablecoin market, where platforms with massive user bases are demanding a larger share of the revenue generated from the underlying reserves. Circle, the issuer of USDC, saw its stock plummet 16% on the day of the OUSD announcement, reflecting investor concern over the potential strain on its crucial partnership with Coinbase. While Coinbase earned over $900 million from its USDC partnership in 2024, its support for a competing model gives it significant leverage as its revenue-sharing agreement with Circle nears expiration in August 2026. Circle CEO Jeremy Allaire defended the USDC model, emphasizing its decade-long development, deep liquidity, and extensive ecosystem integration, which he argues cannot be easily replicated by a large, potentially slow-moving consortium. He also questioned the sustainability of a zero-fee model and warned that diverting all reserve interest would leave issuers without funds for critical compliance and operational infrastructure. Analysts remain skeptical of OUSD's prospects, citing the "cold start" problem of building liquidity, potential governance challenges within a large alliance, and heightened regulatory scrutiny. The emergence of OUSD signals a broader industry bifurcation, where stablecoins are increasingly viewed as backend settlement tools. The core competition is shifting from technology to a direct negotiation over how profits from the network are distributed between issuers and the powerful distribution channels.

Foresight News07/03 03:58

Building USDC by Its Own Hands, Why Does Coinbase Turn to Support Competitor OUSD?

Foresight News07/03 03:58

Meteora price surges 14% – Can rising TVL sustain MET’s rally?

Meteora (MET) surged 14%, driven by strong capital inflows and protocol performance. The rally is supported by a significant $55.53 million increase in Total Value Locked (TVL) over 23 days, signaling bullish long-term sentiment. DEX trading volume nearly doubled to $195.3 million, and protocol revenue approached $1 million in under 48 hours, with Meteora leading Solana DeFi in fee generation. While Holder Income has declined sharply, perpetual market data shows a slightly bullish Funding Rate, indicating optimistic but not overextended trader positioning. These factors create a foundation for potential continued upside.

ambcrypto07/02 22:02

Meteora price surges 14% – Can rising TVL sustain MET’s rally?

ambcrypto07/02 22:02

From Pump.fun to Collector Crypt: Has Solana's Revenue Throne Changed Hands?

From Pump.fun to Collector Crypt: Is Solana’s Revenue Throne Changing Hands? Solana’s on-chain narrative is expanding from meme coins to tokenized trading cards. Previously, Pump.fun dominated consumer revenue on Solana. However, starting in Q2 2026, Pump.fun's quarterly revenue growth slowed, while Collector Crypt shows a stronger recent growth trajectory. Data indicates Pump.fun's Q1 revenue was $108.3M, dropping 36.1% to $69.2M in Q2 so far. Conversely, Collector Crypt's revenue grew 108.8%, from $12.3M in Q1 to $25.8M in Q2 to date, with recent weekly revenue hitting $5.1M. While Pump.fun remains larger in scale, Collector Crypt demonstrates stronger short-term momentum. Collector Crypt's model involves custodying graded physical trading cards, minting corresponding NFTs on Solana, and selling randomized packs. Revenue comes from pack sales, secondary market fees, and royalties. Its profitability, estimated around 4-5%, stems from bulk card purchases at a discount and a buyback system for users. However, a full-scale reversal in rankings hasn't occurred. Year-to-date, Pump.fun's revenue is ~$177.5M (with its ecosystem at ~$466.5M), vastly exceeding Collector Crypt's ~$38.1M. The shift is more about narrative and recent growth dynamics than total historical volume. Pump.fun relies on speculative token launches, while Collector Crypt focuses on collectibility, scarcity, and real-world asset backing. This highlights a broadening of Solana's consumer revenue sources beyond meme coins. The sustainability of Collector Crypt's growth depends on maintaining demand for randomized packs, expanding beyond Pokémon cards (currently dominant) into sports cards, and navigating potential regulatory scrutiny on "loot box" mechanics. In conclusion, Pump.fun remains the larger revenue engine, but Collector Crypt's rise signifies a diversification of Solana's consumer application revenue into tangible, collection-based scenarios alongside speculative meme coin activity.

链捕手07/02 09:15

From Pump.fun to Collector Crypt: Has Solana's Revenue Throne Changed Hands?

链捕手07/02 09:15

Solana dApps Generated $257 Million In Q2 Revenue, Data Shows

Solana's decentralized applications (dApps) generated $257 million in revenue during the second quarter of 2026, marking the ninth consecutive quarter the network has led major Layer 1 and Layer 2 blockchains in fee-generating activity. This revenue metric, considered harder than hype, indicates real on-chain economic activity like decentralized exchange trading and token launches. While the figure underscores Solana's position as one of crypto's most active ecosystems and provides a narrative edge over Ethereum rivals, it is heavily tied to high-velocity, speculative trading such as meme coin activity. This dependency means revenue could decline if market sentiment shifts. The key test for Solana's dApp economy will be sustaining this revenue base during quieter market conditions.

bitcoinist07/02 00:38

Solana dApps Generated $257 Million In Q2 Revenue, Data Shows

bitcoinist07/02 00:38

Synapse price rallies 13% – Why SYN’s fundamentals still warrant caution

Synapse (SYN) has rallied 13%, driven by significant whale purchases, notably a $2.2 million position from Arthur Hayes. His bullish thesis centers on SYN being undervalued relative to its on-chain options product, Hypercall, which he believes could rival major exchanges. Spot market netflows show slight buying pressure. However, perpetual traders are leaning bearish, with a negative funding rate indicating substantial short positions. Fundamentally, the protocol's revenue is extremely low—generating only around $3,000 in Q2 2026—which starkly contrasts with its $91 million market cap. The rally appears driven more by narrative and positioning than by underlying financial performance.

ambcrypto06/30 01:01

Synapse price rallies 13% – Why SYN’s fundamentals still warrant caution

ambcrypto06/30 01:01

Anthropic's $45 Billion Fatal Flaw, Chinese-Style 'Cabbage Price' Counterattack

In the rapidly evolving AI industry, Anthropic has dramatically surpassed OpenAI to become the new leader in enterprise AI spending, according to a 2026 report. Over 15 months, its Annual Recurring Revenue (ARR) surged from $1 billion to approximately $45-47 billion—a 45-fold increase—while OpenAI's growth stagnated around $33 billion. A key divergence lies in their business models: OpenAI relies heavily (~85%) on consumer subscriptions from ChatGPT, facing significant losses from free users, whereas Anthropic derives 80-85% of its revenue from enterprise clients and API services, boasting over 1,000 major clients spending over $1 million annually. This B2B focus, coupled with drastically lower training costs (one-fourth of OpenAI's), positions Anthropic for profitability as early as Q2 2026, with a valuation nearing $965 billion. However, challenges emerge as AI agents introduce billing risks; an audit revealed a $1.7 million overcharge due to uncontrolled API retries. Meanwhile, a disruptive prospect looms from China: the potential for free, top-tier AI models leveraging low-cost infrastructure could undermine the paid subscription models of Western giants like Anthropic and OpenAI, posing a future "dimension-reducing" threat to the current market structure.

marsbit06/29 10:32

Anthropic's $45 Billion Fatal Flaw, Chinese-Style 'Cabbage Price' Counterattack

marsbit06/29 10:32

Pump.fun surges 12% as holder count hits record high – 2 metrics could cap gains

The token of memecoin launch platform Pump.fun (PUMP) surged 12% as sentiment improved alongside renewed interest in memecoins. On-chain data showed strong investor participation, with the holder count reaching a record high of 122,440. Total Value Locked (TVL) also saw a significant increase of roughly $15.7 million, rising to $217.7 million and indicating fresh capital inflows. However, key protocol performance metrics contrasted with this positive price action and investor growth. Data revealed substantial declines in launchpad volume (down 86.7% to $5.8M), generated fees (down 35.6% to $587,200), and protocol revenue (down 23% to $147.8M). These drops suggest underlying user activity and platform utility remain weak. While the recent surge is supported by growing holder numbers and TVL, the sustainability of the rally is uncertain. For gains to be firmly supported, a recovery in fundamental protocol usage metrics is likely needed.

ambcrypto06/29 04:02

Pump.fun surges 12% as holder count hits record high – 2 metrics could cap gains

ambcrypto06/29 04:02

Jito hits $1.75B revenue milestone, but what does this mean for its price rally?

Jito has achieved a significant milestone with $1.75 billion in gross revenue, primarily driven by MEV rewards (81%), solidifying its position as a top performer in the Solana ecosystem. This revenue growth is accompanied by increased network activity, including a major rise in active addresses and a nearly 90% surge in 24-hour trading volume to $102 million, suggesting expanding user participation rather than mere speculation. On the technical front, JTO's price has broken above a multi-month bullish flag pattern, respecting an ascending trendline. The data indicates the recent price rally may reflect these strengthening fundamentals, with the breakout's sustainability hinging on continued growth in network activity.

ambcrypto06/27 07:02

Jito hits $1.75B revenue milestone, but what does this mean for its price rally?

ambcrypto06/27 07:02

Collector Crypt Rises as On-Chain 'Money Printer': Fewer Than 1,000 Daily Active Users, Whales Account for 97% of Revenue

The article discusses the rise of Collector Crypt, a tokenized trading card game (TCG) platform on Solana, which has recently entered the top 10 of the global crypto protocol revenue rankings. Despite having less than 1,000 daily active users, the platform generates significant income, with 97% of its revenue coming from a small group of high-net-worth "whale" users. Key points include the growth of the on-chain TCG sector, where Solana holds over 80% market share, and Collector Crypt's dominance within it. The platform's success is driven by a gacha-style card pack opening mechanism, the popularity of the Pokémon IP, and its CARDS token economic model, which includes buybacks funded by protocol revenue. However, the article notes challenges such as declining profit margins, high dependency on whale spending, and upcoming token unlocks that could increase market selling pressure. While Collector Crypt demonstrates the potential of on-chain TCGs, the sector is still in its early stages with room for growth in user base and infrastructure.

marsbit06/26 08:44

Collector Crypt Rises as On-Chain 'Money Printer': Fewer Than 1,000 Daily Active Users, Whales Account for 97% of Revenue

marsbit06/26 08:44

Grayscale: These 15 Profitable Crypto Protocols Are Severely Undervalued

Grayscale Research identifies 15 top-revenue crypto protocols trading at significant valuation discounts, with many at single-digit or even 1x revenue multiples. Protocols like Pump.fun, PancakeSwap, and Meteora have market capitalizations roughly equal to their annual revenue. The report argues these financially-focused protocols (DEXs, lending, staking) are fundamentally undervalued and could benefit from the potential passage of the CLARITY Act, expected as soon as next month. This legislation aims to clarify digital asset regulation, potentially reducing institutional barriers and driving on-chain activity. The analysis breaks down the protocols into three groups: the "1x Club" (market cap ≈ revenue), mid-tier protocols with 3-9x multiples (e.g., Aave, Lido, Jupiter), and high-multiple protocols like Hyperliquid (15x) and Uniswap (37x), where valuation reflects future potential rather than current cash flows. Grayscale applies a traditional DCF model to Aave, suggesting a one-year price target of ~$175, representing ~130% upside from current levels. The report notes a risk-off macro environment since the Iran conflict has further compressed valuations, creating a potential entry window. The conclusion highlights that while the valuation data presents an intriguing opportunity, the investment thesis is contingent on the CLARITY Act's passage and subsequent institutional capital flows. Investors are cautioned to consider Grayscale's inherent conflict of interest as a crypto asset manager with products tied to these assets.

marsbit06/25 10:01

Grayscale: These 15 Profitable Crypto Protocols Are Severely Undervalued