The cryptocurrency landscape is a fast-moving ecosystem where thousands of projects emerge and fade. Only a select few manage to achieve lasting product-market fit, generating consistent revenue and capturing user interest. As we move through 2024, certain protocols have clearly risen to the top—not just in terms of market presence, but in real, measurable income. This article explores the eight most profitable crypto projects of the year, analyzing their business models, revenue streams, and key success factors.
Understanding which protocols users are actively paying to use offers valuable insights into the evolving DeFi and blockchain economy. From layer-2 scaling solutions to decentralized exchanges and innovative stablecoin mechanisms, these projects represent the financial engines driving Web3 forward.
8: Base – Ethereum’s High-Performance L2
Base, launched in Q3 2023 by Coinbase, is an Ethereum layer-2 (L2) built on the Optimism Stack. Despite being relatively new, it has quickly climbed the ranks, generating $52 million in year-to-date (YTD) revenue—earning it the eighth spot among the most profitable crypto protocols.
Revenue on Base comes primarily from transaction fees paid by users executing trades and smart contract interactions on the rollup. Its profitability stands at an impressive $35 million YTD, driven by two critical developments.
First, the implementation of EIP-4844 in March 2024 introduced blob transactions, drastically reducing data availability costs. Base was among the first to adopt this upgrade, slashing its data costs from $9.34 million in Q1** to just **$699,000 in Q2—a reduction of over 13x.
Second, unlike many competing L2s, Base does not issue a native token, meaning it incurs zero token incentive costs. This allows it to retain a higher margin on its revenue, giving it a competitive edge in profitability.
👉 Discover how leading L2s are reshaping Ethereum’s future and driving record revenue.
7: Lido – The Liquid Staking Powerhouse
Lido remains a dominant force in Ethereum’s staking ecosystem. Its core value proposition lies in liquid staking, allowing users to stake ETH while maintaining liquidity through its derivative token, stETH.
After the Shapella upgrade in April 2023 enabled withdrawals from the Beacon Chain, Lido saw renewed adoption. Today, it operates on both Ethereum L1 and Polygon PoS, generating $59 million in YTD revenue.
Lido charges a 10% fee on staking rewards, which are then split evenly between node operators and the Lido DAO treasury. This model has enabled Lido to maintain a diversified validator set—now comprising 109 approved node operators, many of whom joined after the integration of Simple DVT (Distributed Validator Technology) in April 2024.
After accounting for operator payouts and liquidity incentives, Lido DAO’s net profit stands at $22.5 million YTD, making it one of the most financially sustainable decentralized protocols.
6: Aerodrome – The Base DEX Dominator
Aerodrome, launched in August 2023, is an AMM-based DEX built on Base and inspired by Velodrome on Optimism. It has rapidly become the largest decentralized exchange on Base, with $470 million in total value locked (TVL).
Year-to-date, Aerodrome has generated $85 million in revenue**, while distributing **$29.7 million in token incentives over the past 30 days alone.
Its success stems from a powerful combination of proven DeFi mechanics:
- veAERO model: Users lock AERO tokens for up to four years to gain voting power. Weekly emissions are directed to liquidity pools based on veAERO votes.
- 100% fee capture for veAERO holders: Unlike Curve (50/50 split), Aerodrome gives all trading fees to token lockers, creating strong alignment.
- Performance-based rewards: Voting incentives are tied to pool volume, encouraging capital efficiency.
- Relay system: A built-in “bribe” platform similar to Votium, enabling automated vote delegation and yield compounding.
- Slipstream: A fork of Uniswap V3’s concentrated liquidity model, helping Aerodrome compete in high-volume pairs like WETH/USDC.
This hybrid design has made Aerodrome a liquidity magnet on Base.
5: Ethena – The Synthetic Dollar Innovator
Ethena burst onto the scene in January 2024 as one of the year’s most disruptive protocols. Its synthetic dollar asset, USDe, has reached a $3.6 billion market cap, making it the fourth-largest dollar-pegged asset.
Unlike traditional stablecoins, USDe is not collateralized by cash or cash equivalents. Instead, it uses a delta-neutral hedging strategy:
- Long ETH/stETH positions are offset by short positions in perpetual futures.
- Funding rate differentials across centralized and decentralized exchanges generate yield.
- This allows USDe to maintain its peg regardless of ETH price movements.
Ethena currently earns $93 million in YTD revenue**, primarily from staking rewards on deposited ETH. After accounting for sUSDe distribution costs, its net profit reaches **$41 million, making it the most profitable dApp in 2024 so far.
However, sustainability concerns remain. The protocol relies heavily on incentive programs tied to ENA token emissions, which may wane over time. To counter this, Ethena is introducing utility for ENA—such as boosted rewards for lockups and re-staking via Symbiotic.
👉 Explore how synthetic assets are redefining yield generation in DeFi.
4: Solana – The Resurgent Blockchain
Once written off after multiple outages, Solana has made a remarkable comeback in 2024. Fueled by memecoin trading, NFT resurgence, and innovations like state compression, Solana now ranks fourth in protocol revenue with $135 million YTD.
This income comes from transaction fees paid to validators. However, when factoring in token issuance costs—over $311 million in rewards paid out in 30 days—Solana appears unprofitable under traditional accounting.
Yet many argue that PoS blockchains shouldn’t be judged by “revenue minus cost” alone. Validators and token holders earn value through staking platforms like Jito, meaning network issuance isn’t pure cost—it’s a distribution mechanism.
3: Maker – The Stablecoin Engine
Maker, creator of DAI, remains a cornerstone of DeFi. With a circulating supply of $5.2 billion, DAI is down from its 2021 peak but still dominant.
Maker generates $176 million YTD revenue**, with an annualized rate of **$289 million (per Makerburn). Key drivers include:
- Controversial integration of USDe as collateral via Morpho vaults (14.5% of recent revenue).
- Real-world assets (RWA) contributing $74 million/year (25.6% of total).
Operating costs include DAI Savings Rate (DSR) payouts (~$166 million annually) and fixed expenses (~$50 million). Net profit is estimated at $73 million/year.
2: Tron – The Stablecoin Workhorse
Tron ranks second with $852 million YTD revenue, driven by massive stablecoin transaction volume—especially in emerging markets like Argentina, Turkey, and Africa.
With a stablecoin supply between $50–60 billion, second only to Ethereum, Tron dominates cross-border payments and remittances.
1: Ethereum – The Revenue King
Ethereum leads all blockchains with $1.42 billion YTD revenue from user transaction fees.
While staking rewards create accounting losses in some quarters (especially Q2 due to L2 migration), ETH’s value accrual is unique: users can capture yield via liquid staking (e.g., Lido, Rocket Pool), blurring the line between cost and distribution.
Frequently Asked Questions
Q: What makes a crypto project "profitable"?
A: Profitability is measured by protocol revenue minus operational and incentive costs. This includes transaction fees, staking yields, and service charges.
Q: Why is Ethena considered highly profitable?
A: Ethena earns from ETH staking rewards while maintaining a delta-neutral position, allowing it to generate yield without directional risk.
Q: Is Solana really losing money due to high token emissions?
A: While issuance exceeds fees short-term, PoS blockchains distribute value differently—holders earn via staking, so emissions aren’t pure cost.
Q: How does Aerodrome attract so much liquidity?
A: Through veAERO locking, 100% fee sharing for voters, and performance-based reward incentives that align user behavior with protocol growth.
Q: Can Maker sustain its RWA strategy long-term?
A: Yes—RWA integration diversifies revenue and reduces reliance on crypto volatility, though regulatory risks remain.
Q: Why is Base so efficient compared to other L2s?
A: Zero token incentives and early adoption of EIP-4844 allow Base to retain more revenue while minimizing costs.