Who earns fees in crypto?

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

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