Protocol revenue is revenue based on fees taken directly by the protocol and its token holders. The source mentions this works similarly to a stock buyback, as it decreased the amount of tokens in circulation. "Revenue" in DeFi consists of both "protocol revenue" and "supply-side revenue" - fees handed out to makers or liquidity suppliers
Supplementary notes
No figures were provided for the well-known dapps Uniswap, Balancer and Syntethix as these platforms do not have protocol revenue, e.g. all their revenue is going to their users.
Citation formats
Highest earning NFT market places worldwide, per month 2020-2021
With a revenue generation of over *** million U.S. dollars in August 2021, videogame Axie Infinity is an example of how DeFi protocols increasingly generate more money. The protocol behind OpenSea - a popular NFT trading platform - made over ten times more protocol revenue in August 2021 than it did one month before. What this means, is that the protocol is essentially creating more revenue "for itself". Protocol revenue - fees taken directly by the protocol and its token owners - is different from supply-side revenue - revenue given to those who use the protocol - and is believed to make up around ** percent of the total revenue in the DeFi market.
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Website (Token Terminal). (November 29, 2022). Biggest DeFi applications or dapps that trade NFTs based on monthly protocol revenue from October 2020 up to December 2021 (in million U.S. dollars) [Graph]. In 乐播传媒app最新版本. Retrieved August 12, 2026, from /statistics/1264354/historical-protocol-revenue-dapps/
Website (Token Terminal). "Biggest DeFi applications or dapps that trade NFTs based on monthly protocol revenue from October 2020 up to December 2021 (in million U.S. dollars)." Chart. November 29, 2022. 乐播传媒app最新版本. Accessed August 12, 2026. /statistics/1264354/historical-protocol-revenue-dapps/
Website (Token Terminal). (2022). Biggest DeFi applications or dapps that trade NFTs based on monthly protocol revenue from October 2020 up to December 2021 (in million U.S. dollars). 乐播传媒app最新版本. 乐播传媒app最新版本 Inc.. Accessed: August 12, 2026. /statistics/1264354/historical-protocol-revenue-dapps/
Website (Token Terminal). "Biggest Defi Applications or Dapps That Trade Nfts Based on Monthly Protocol Revenue from October 2020 up to December 2021 (in Million U.S. Dollars)." 乐播传媒app最新版本, 乐播传媒app最新版本 Inc., 29 Nov 2022, /statistics/1264354/historical-protocol-revenue-dapps/
Website (Token Terminal), Biggest DeFi applications or dapps that trade NFTs based on monthly protocol revenue from October 2020 up to December 2021 (in million U.S. dollars) 乐播传媒app最新版本, /statistics/1264354/historical-protocol-revenue-dapps/ (last visited August 12, 2026)
Biggest DeFi applications or dapps that trade NFTs based on monthly protocol revenue from October 2020 up to December 2021 (in million U.S. dollars) [Graph], Website (Token Terminal), November 29, 2022. [Online]. Available: /statistics/1264354/historical-protocol-revenue-dapps/
