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Who earns fees in crypto?

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In this article, we provide an overview of the blockchains and dapps that generate the most fees, and illustrate how those fees are distributed between the protocol and its supply-side participants.

These are the current top 25 dapps and blockchains based on the total amount of fees collected since launch.

Fees dashboard: https://tokenterminal.com/terminal/metrics/fees

However, not all fee streams are created equal!

When a user pays fees to a protocol, you want to know how that fee is split between the protocol & external service or liquidity providers. Let's take a look at the fee streams of the highest fee-generating protocols in crypto:

1. Ethereum

Ethereum dashboard: https://tokenterminal.com/terminal/projects/ethereum

Growth stats:

  • Total fees collected since launch: $15.2B
  • Fees collected in Dec 2021: $1.16B
  • Fees collected in Dec 2022: $0.07B
  • YoY change: -93.6%

Fees: total transaction fees paid by users

Supply-side participants: validators

Amount of fees kept as revenue: $8.85B (58.4% of total fees)

2. Uniswap

Uniswap dashboard: https://tokenterminal.com/terminal/projects/uniswap

Growth stats:

  • Total fees collected since launch: $2.7B
  • Fees collected in Dec 2021: $160.9M
  • Fees collected in Dec 2022: $21.3M
  • YoY change: -86.8%

Fees: total trading fees paid by traders

Supply-side participants: liquidity providers

Amount of fees kept as revenue: $0 (0% of total fees)

3. OpenSea

OpenSea dashboard: https://tokenterminal.com/terminal/projects/opensea

Growth stats:

  • Total fees collected since launch: $2.7B
  • Fees collected in Dec 2021: $201.5M
  • Fees collected in Dec 2022: $34.1M
  • YoY change: -83.1%

Fees: royalties and transaction fees paid by collectors

Supply-side participants: NFT creators

Amount of fees kept as revenue: $900.7M (33.1% of total fees)

4. Bitcoin

Bitcoin dashboard: https://tokenterminal.com/terminal/projects/bitcoin

Growth stats:

  • Total fees collected since launch: $2.5B
  • Fees collected in Dec 2021: $19.6M
  • Fees collected in Dec 2022: $9.3M
  • YoY change: -52.6%

Fees: total transaction fees paid by users

Supply-side participants: miners

Amount of fees kept as revenue: $0 (0% of total fees)

5. Filecoin

Filecoin dashboard: https://tokenterminal.com/terminal/projects/filecoin

Growth stats:

  • Total fees collected since launch: $1.7B
  • Fees collected in Dec 2021: $7.7M
  • Fees collected in Dec 2022: $1.4M
  • YoY change: -81.8%

Fees: total transaction fees paid by users

Supply-side participants: miners

Amount of fees kept as revenue: $1.6B (99.7% of total fees)

6. Axie Infinity

Axie Infinity dashboard: https://tokenterminal.com/terminal/projects/axie-infinity

Growth stats:

  • Total fees collected since launch: $1.7B
  • Fees collected in Dec 2021: $75.7M
  • Fees collected in Dec 2022: $0.1M
  • YoY change: -99.9%

Fees: breeding, rune, charm, and marketplace fees paid by players

Supply-side participants: N/A

Amount of fees kept as revenue: $1.7B (100% of total fees)

7. BNB Chain

BNB Chain dashboard: https://tokenterminal.com/terminal/projects/binance-smart-chain

Growth stats:

  • Total fees collected since launch: $1.3B
  • Fees collected in Dec 2021: $127.3M
  • Fees collected in Dec 2022: $15.9M
  • YoY change: -87.5%

Fees: total transaction fees paid by users

Supply-side participants: validators

Amount of fees kept as revenue: $55.3M (4.1% of total fees)

8. PancakeSwap

PancakeSwap dashboard: https://tokenterminal.com/terminal/projects/pancakeswap

Growth stats:

  • Total fees collected since launch: $985.5M
  • Fees collected in Dec 2021: $90.3M
  • Fees collected in Dec 2022: $7.2M
  • YoY change: -92.0%

Fees: total trading fees paid by traders

Supply-side participants: liquidity providers

Amount of fees kept as revenue: $315.4M (32.0% of total fees)

9. SushiSwap

SushiSwap dashboard: https://tokenterminal.com/terminal/projects/sushiswap

Growth stats:

  • Total fees collected since launch: $897.6M
  • Fees collected in Dec 2021: $50.2M
  • Fees collected in Dec 2022: $1.4M
  • YoY change: -97.2%

Fees: total trading fees paid by traders

Supply-side participants: liquidity providers

Amount of fees kept as revenue: $149.6M (16.7% of total fees)

10. Convex Finance

Convex Finance dashboard: https://tokenterminal.com/terminal/projects/convex-finance

Growth stats:

  • Total fees collected since launch: $674.2M
  • Fees collected in Dec 2021: $77.0M
  • Fees collected in Dec 2022: $10.3M
  • YoY change: -86.6%

Fees: total yield generated from Curve & Frax Finance token incentives and 3crv staking rewards

Supply-side participants: Curve liquidity providers

Amount of fees kept as revenue: $117.1M (17.4% of total fees)

11. LooksRare

LooksRare dashboard: https://tokenterminal.com/terminal/projects/looksrare

Growth stats:

  • Total fees collected since launch: $605.0M
  • Fees collected in Jun 2022: $6.6M
  • Fees collected in Dec 2022: $2.7M
  • Change in 6 months: -59.1%

Fees: royalties and transaction fees paid by collectors

Supply-side participants: NFT creators

Amount of fees kept as revenue: $553.2M (91.4% of total fees)

12. Aave

Aave dashboard: https://tokenterminal.com/terminal/projects/aave

Growth stats:

  • Total fees collected since launch: $553.7M
  • Fees collected in Dec 2021: $41.9M
  • Fees collected in Dec 2022: $5.1M
  • YoY change: -87.8%

Fees: total interest paid by borrowers

Supply-side participants: lenders

Amount of fees kept as revenue: $58.2M (10.6% of total fees)

13. Lido Finance

Lido Finance dashboard: https://tokenterminal.com/terminal/projects/lido-finance

Growth stats:

  • Total fees collected since launch: $476.3M
  • Fees collected in Dec 2021: $28.7M
  • Fees collected in Dec 2022: $25.8M
  • YoY change: -10.1%

Fees: total staking rewards paid

Supply-side participants: stakers

Amount of fees kept as revenue: $47.6M (10.0% of total fees)

14. Compound

Compound dashboard: https://tokenterminal.com/terminal/projects/compound

Growth stats:

  • Total fees collected since launch: $461.0M
  • Fees collected in Dec 2021: $26.2M
  • Fees collected in Dec 2022: $1.5M
  • YoY change: -94.3%

Fees: total interest paid by borrowers

Supply-side participants: lenders

Amount of fees kept as revenue: $52.3M (11.3% of total fees)

15. dYdX

dYdX dashboard: https://tokenterminal.com/terminal/projects/dydx

Growth stats:

  • Total fees collected since launch: $375.5M
  • Fees collected in Dec 2021: $34.0M
  • Fees collected in Dec 2022: $4.4M
  • YoY change: -87.1%

Fees: total trading fees paid by traders

Supply-side participants: market makers

Amount of fees kept as revenue: $375.5M (100% of total fees)

16. Trader Joe

Trader Joe dashboard: https://tokenterminal.com/terminal/projects/trader-joe

Growth stats:

  • Total fees collected since launch: $270.4M
  • Fees collected in Dec 2021: $62.7M
  • Fees collected in Dec 2022: $0.5M
  • YoY change: -99.3%

Fees: total trading fees paid by traders

Supply-side participants: liquidity providers

Amount of fees kept as revenue: $45.0M (16.6% of total fees)

17. Venus

Venus dashboard: https://tokenterminal.com/terminal/projects/venus

Growth stats:

  • Total fees collected since launch: $163.9M
  • Fees collected in Dec 2021: $11.0M
  • Fees collected in Dec 2022: $1.6M
  • YoY change: -85.5%

Fees: total interest paid by borrowers

Supply-side participants: lenders

Amount of fees kept as revenue: $25.7M (15.7% of total fees)

18. Balancer

Balancer dashboard: https://tokenterminal.com/terminal/projects/balancer

Growth stats:

  • Total fees collected since launch: $159.0M
  • Fees collected in Dec 2021: $15.0M
  • Fees collected in Dec 2022: $0.8M
  • YoY change: -94.7%

Fees: total trading fees paid by traders

Supply-side participants: liquidity providers

Amount of fees kept as revenue: $11.8M (7.4% of total fees)

19. MakerDAO

MakerDAO dashboard: https://tokenterminal.com/terminal/projects/makerdao

Growth stats:

  • Total fees collected since launch: $146.0M
  • Fees collected in Dec 2021: $12.6M
  • Fees collected in Dec 2022: $1.0M
  • YoY change: -92.1%

Fees: total interest paid by borrowers

Supply-side participants: N/A

Amount of fees kept as revenue: $146.0M (100% of total fees)

20. Avalanche

Avalanche dashboard: https://tokenterminal.com/terminal/projects/avalanche

Growth stats:

  • Total fees collected since launch: $136.4M
  • Fees collected in Dec 2021: $13.1M
  • Fees collected in Dec 2022: $0.3M
  • YoY change: -97.7%

Fees: total transaction fees paid by users

Supply-side participants: validators

Amount of fees kept as revenue: $136.4M (100% of total fees)

21. GMX

GMX dashboard: https://tokenterminal.com/terminal/projects/gmx

Growth stats:

  • Total fees collected since launch: $136.4M
  • Fees collected in Dec 2021: $3.4M
  • Fees collected in Dec 2022: $8.3M
  • YoY change: +144.1%

Fees: total trading fees paid by traders

Supply-side participants: liquidity providers

Amount of fees kept as revenue: $39.1M (30.0% of total fees)

22. SpookySwap

SpookySwap dashboard: https://tokenterminal.com/terminal/projects/spookyswap

Growth stats:

  • Total fees collected since launch: $127.6M
  • Fees collected in Dec 2021: $12.4M
  • Fees collected in Dec 2022: $0.3M
  • YoY change: -97.6%

Fees: total trading fees paid by traders

Supply-side participants: liquidity providers

Amount of fees kept as revenue: $19.1M (15% of total fees)

23. BENQI

BENQI dashboard: https://tokenterminal.com/terminal/projects/benqi

Growth stats:

  • Total fees collected since launch: $84.1M
  • Fees collected in Dec 2021: $17.3M
  • Fees collected in Dec 2022: $0.1M
  • YoY change: -99.4%

Fees: total interest paid by borrowers

Supply-side participants: lenders

Amount of fees kept as revenue: $16.1M (19.1% of total fees)

24. Synthetix

Synthetix dashboard: https://tokenterminal.com/terminal/projects/synthetix

Growth stats:

  • Total fees collected since launch: $79.6M
  • Fees collected in Dec 2021: $1.2M
  • Fees collected in Dec 2022: $0.7M
  • YoY change: -41.7%

Fees: total trading fees paid by traders

Supply-side participants: N/A

Amount of fees kept as revenue: $79.6M (100% of total fees)

25. Ethereum Name Service

Ethereum Name Service dashboard: https://tokenterminal.com/terminal/projects/ethereum-name-service

Growth stats:

  • Total fees collected since launch: $77.1M
  • Fees collected in Dec 2021: $5.7M
  • Fees collected in Dec 2022: $1.4M
  • YoY change: -75.4%

Fees: registration and renewal fees paid by buyers

Supply-side participants: N/A

Amount of fees kept as revenue: $77.1M (100% of total fees)

***

Fees dashboard: https://tokenterminal.com/terminal/metrics/fees

Thank you for reading! All of the data presented in this article can be found for free on Token Terminal.

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