Consumer apps are now among crypto's largest fee generators

Crypto's top fee generators mostly run familiar businesses: Tether and Circle earn interest on the reserves behind their stablecoins, and users pay fees to trade on exchanges like Hyperliquid and Uniswap.

Newer, more consumer-oriented apps are increasingly generating comparable fees, and they keep finding new things users will pay for.

Using Token Terminal data, this newsletter covers (1) predictions, (2) memecoins, and (3) collectibles.

1) Predictions

• Polymarket generated a record $126.7m of fees in October. Polymarket lets users trade on the outcome of events, such as elections and sports games, and charges a fee on trades, which it introduced in January 2026. Only Tether ($507.6m), Tron ($227.0m), and Circle ($202.6m) generated more, and Polymarket generated more than Hyperliquid ($94.0m). Polymarket US, its U.S. exchange, accounted for 73.3% of October's fees. October's record came during the lead-up to the U.S. midterms on November 3.

2) Memecoins

• pump.fun generated $62.5m of fees in October, its most since January 2025. A launchpad lets users create a memecoin in a few clicks and trade it, charging a fee on each trade. pump.fun runs on Solana, and its January 2025 peak came as the $TRUMP memecoin launched there, lifting memecoin trading across the chain. Newer rivals on other chains briefly took the lead in Q3, Flap on BNB Chain in August and Pons on Robinhood Chain in September, but pump.fun regained it in October. Only six projects generated more in October.

3) Collectibles

• Collector Crypt generated a record $18.3m of fees in October, 4.3x a year earlier. Collector Crypt turns graded trading cards, mostly Pokémon, into tokens backed by physical cards held in a vault. Users can buy individual cards on its marketplace, but most of its business is packs, a model known as gacha: users pay a fixed price for a random card, which they can hold onchain, redeem for the physical card, or sell back to Collector Crypt.

Consumer-oriented apps keep finding new things users will pay for, from predictions to memecoins to collectibles. With new apps still arriving, crypto's next large fee generator may be one that doesn't exist yet.

Token Terminal tracks fees, alongside other standardized metrics, for 1,400+ applications. To see which applications generate the most fees across the industry, start here.

Tokenized assets

• Listed Huma Finance's PayFi Strategy Token (PST) on Solana, a tokenized credit fund that finances payment receivables, with $376.1 million in circulating asset market cap across 4,049 holders. Learn more on the asset's fact sheet.

• Listed Mercado Libre's MELI Dolar (MUSD) on Ethereum, a U.S. dollar stablecoin offered through the Mercado Pago app, with $65.0 million in circulating asset market cap. Learn more on the asset's fact sheet.

• Listed Verified SV's Obligate Trade Finance Yield (oTFY) on Solana and Ethereum, a Luxembourg-issued tokenized credit fund investing in short-term trade finance, with $29.7 million in circulating asset market cap, $26.4 million of it on Solana. Learn more on the asset's fact sheet.

• Listed Societe Generale's EUR 10M 3Y Digital Green Senior Preferred Notes (SGGREEN) on Ethereum, a tokenized corporate bond issued through SG-FORGE in November 2023 and placed with AXA IM and Generali, with $11.2 million in circulating asset market cap. Learn more on the asset's fact sheet.

• Listed three more Pareto credit vaults on Ethereum: Two Prime (ParetoAXIOM-WBTC, $12.1 million, lent in WBTC), Bastion Trading (ParetoBAS-USDC, $9.2 million) and M1 Capital (ParetoM1-USDC, $0.3 million). Each vault is a tokenized fund lending to one whitelisted borrower in one- to four-week cycles, and the listing takes Pareto to nine assets and $200.3 million in circulating asset market cap, led by the FalconX Credit Vault at $141.0 million. Learn more on the issuer's project page.

Ecosystems

• Added 461,530 contract labels across Ethereum, Base, BNB Chain, Arc, Avalanche, Solana, Plasma, Robinhood Chain and Tempo. This covers 579 projects across all ecosystems.

Interested in getting listed? Read more here.

Most projects with liquid tokens do not provide regular, standardized reporting to their stakeholders. Token Terminal's reporting initiative exists to close this gap, giving investors the data to evaluate onchain businesses on fundamentals rather than narratives alone.

Token Terminal publishes standardized quarterly reports covering key financial and operational metrics alongside qualitative commentary from the respective core team.

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Digital Assets Summit London 2026

Next week, members of the Token Terminal team will be attending the Digital Asset Summit in London, running November 10 to 11.

Who’s attending:

• Asset managers

• Allocators

• Financial institutions

• Crypto ecosystem teams

• Service providers

• Policymakers and regulators

If you’d like to connect, reach out to Sebastian from our Partnerships team at sebastian@tokenterminal.xyz.