A Binance Research report reveals that decentralized applications (dApps) accounted for 12 of the 15 highest-grossing blockchain protocols in October, generating $164 million in revenue. This trend highlights the rising adoption of blockchain, largely driven by trading bots and decentralized exchanges.
The report notes a steady increase in dApp interactions, particularly across major blockchains like Tron, Ethereum, and Solana, which together earned $182 million in monthly revenue. As dApp revenues grow, there’s potential for these applications to claim a larger share of the revenue currently dominated by traditional blockchains.
Key Drivers of Revenue Growth
Speculative Trading Fuels Revenue Surge
The report points out that dApps focused on decentralized exchanges (DEXs) and trading bots are leading revenue generators, largely due to an uptick in speculative trading of memecoins. For instance, the Solana-based platforms Pump.fun and Photon—a memecoin launchpad and a trading bot, respectively—generated $29 million in October alone.
Other high-earning trading bots include Trojan, BONKbot, Maestro, and Banana Gun, which together with Photon brought in $67 million, or about 41% of the total dApp revenue in October. Leading DEX Uniswap also posted $16 million in revenue, while PancakeSwap and Aerodrome earned $10 million and $9 million, respectively. Altogether, DEX and trading bot fees surpassed $100 million, signaling strong user interest in trading-centric dApps.
In addition to trading-focused dApps, the report lists Aave and Sky (formerly Maker) among high-earning money market applications, with both generating $26 million in fees. Liquid staking protocol Lido rounds out the top revenue-generating dApps, capturing $7 million in October.
Infrastructure Investments: Are They Overfunded?
The report also questions whether blockchain infrastructure projects, such as layer-1 and layer-2 blockchains, are receiving too much funding relative to demand. Data from Rootdata shows that infrastructure projects raised over $1.2 billion between December 2019 and October 2024, surpassing the combined funding for DeFi, tooling, and gaming applications.
While infrastructure investment remains crucial, the report suggests that developing new applications with strong product-market fit is essential for attracting users and driving further growth in the blockchain industry.
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