The cryptocurrency market is a dynamic ecosystem where thousands of projects rise and fall. Yet, only a select few achieve true product-market fit—demonstrating sustainable revenue models, robust user engagement, and long-term viability. In 2024, several protocols have emerged as dominant earners, generating substantial income through innovative mechanisms in decentralized finance (DeFi), layer-2 scaling, staking, and stablecoin innovation.
This article explores the top eight highest-earning crypto projects of 2024, analyzing their business models, revenue streams, and profitability. We’ll also uncover the core keywords driving search interest: crypto earnings 2024, most profitable blockchain projects, DeFi revenue models, layer-2 profitability, Ethena USDe mechanism, Lido staking economics, Aerodrome DEX growth, and MakerDAO RWA strategy.
8 Base: The Optimism-Powered Ethereum L2 Powerhouse
Launched in Q3 2023 by Coinbase, Base is an Ethereum Layer-2 chain built on the Optimism Stack. Despite being less than a year old, Base has already generated $52 million in year-to-date (YTD) revenue, placing it eighth among the most profitable protocols.
Revenue comes from transaction fees paid by users executing trades and smart contract interactions on the rollup. Base’s profit margin is impressive—around $35 million in YTD net income—thanks to two key factors:
- EIP-4844 and Blob Fees: The March 13 activation of EIP-4844 drastically reduced data availability costs. Base leveraged blob transactions, cutting its DA expenses from $9.34 million in Q1** to just **$699,000 in Q2—a reduction of over 13x.
- No Token Incentive Costs: Unlike many L2s, Base has no native token, meaning it incurs zero token emission costs for user incentives.
This lean operational model allows Base to retain most of its fee revenue as profit, making it one of the most capital-efficient L2s in 2024.
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7 Lido: The Dominant Liquid Staking Protocol
Lido remains a cornerstone of Ethereum’s staking economy. By offering stETH, Lido enables users to stake ETH while maintaining liquidity—unlocking capital that would otherwise be locked for extended periods.
With over 109 node operators approved by the Lido DAO—and most joining after the April rollout of Simple DVT (Distributed Validator Technology)—Lido ensures decentralization and security across its validator set.
In 2024, Lido generated $59 million in revenue across Ethereum and Polygon PoS. This comes from a 10% fee on staking rewards, split evenly between node operators (5%) and the Lido DAO treasury (5%).
After accounting for operator payments and liquidity mining incentives (e.g., LDO rewards to CEX/DEX pools), Lido’s YTD net profit stands at $22.5 million.
Its success lies in acting as a bilateral marketplace: connecting everyday ETH holders with professional validators, while offering automated compounding—a feature not available to solo stakers due to the 32-ETH per validator limit.
6 Aerodrome: The AMM DEX Fueling Base’s Growth
Born from the team behind Velodrome on Optimism, Aerodrome launched in August 2023 as an Automated Market Maker (AMM) on Base. It quickly became the chain’s largest DEX with $470 million in total value locked (TVL).
Aerodrome has earned $85 million in YTD revenue**, despite paying out **$29.7 million in token incentives over the past 30 days alone.
What drives its success?
- veAERO Model: Inspired by Curve’s veCRV, users lock AERO tokens for up to four years to gain voting power. All trading fees (100%) go to veAERO holders—unlike Curve’s 50/50 split.
- Performance-Based Rewards: Voting rewards are tied to pool volume, incentivizing voters to direct emissions toward high-performing pools.
- Relay System: A built-in bribe marketplace (similar to Votium) that automates yield optimization.
- Slipstream Integration: A fork of Uniswap V3’s concentrated liquidity model, enabling competitive pricing on high-volume pairs like WETH/USDC.
These innovations create deep, self-reinforcing liquidity loops—making Aerodrome a central hub for DeFi activity on Base.
5 Ethena: The Synthetic Dollar Disruptor
Ethena burst onto the scene in January 2024, rapidly growing USDe—a synthetic dollar asset—to a $3.6 billion market cap, making it the fourth-largest stablecoin.
Unlike traditional stablecoins, USDe isn’t backed by cash or cash equivalents. Instead, it uses a delta-hedged ETH/stETH position combined with perpetual futures funding rate arbitrage.
Here’s how it works:
- When centralized exchange (CEX) funding rates are positive, Ethena shorts perps to earn fees.
- When decentralized exchange (DEX) funding rates are negative, Ethena goes long to pay lower fees.
- This hedge maintains USDe’s peg regardless of ETH price movements.
Ethena currently earns $93 million in YTD revenue**, primarily from staking yields on deposited ETH and MEV capture. After deducting sUSDe incentive costs, net profits reach **$41 million—making it the most profitable dapp in 2024 so far.
However, sustainability concerns remain:
- Its yield is tied to funding rate spreads, which shrink in bear markets.
- ENA token unlocks may erode user confidence.
- To combat this, Ethena is introducing utility via ENA locking for boosted rewards and re-staking through Symbiotic.
4 Solana: The Resurgent L1
Once written off, Solana has made a dramatic comeback in 2024—fueled by memecoin trading frenzy, NFT resurgence, and innovations like state compression that attract DePIN builders.
Solana ranks fourth in protocol revenue with $135 million YTD, derived from transaction fees shared with validators.
But here's the catch: Solana pays out $311 million in token emissions over 30 days, suggesting negative net profitability under traditional accounting.
Yet critics argue this misses the point: in PoS blockchains, token issuance isn’t pure cost—it represents value distributed to stakers. Platforms like Jito allow SOL holders to capture liquid staking yields, effectively monetizing issuance.
Thus, Solana’s economic model prioritizes ecosystem growth over short-term profit—a strategy paying off in user adoption and developer momentum.
3 Maker: The RWA-Driven Stablecoin Engine
MakerDAO, issuer of DAI, has evolved from a purely crypto-collateralized stablecoin into a hybrid finance powerhouse.
With $5.2 billion in DAI supply** (down from $10B peak), Maker generated $176 million in YTD revenue**, with an annualized run rate of **$289 million**.
Key revenue drivers:
- DSR Controversy: A recent DAO vote allowed DAI minting against USDe collateral via Morpho vaults—contributing 14.5% of recent income.
- Real World Assets (RWA): U.S. Treasury holdings generate $74 million/year, accounting for 25.6% of total revenue.
Costs include:
- DAI Savings Rate (DSR): ~$166 million annualized (assuming 8% rate and 40% lock-up).
- Fixed operating expenses: ~$50 million.
Estimated net profit: ~$73 million/year.
Maker’s pivot to RWAs underscores a broader trend—bridging traditional finance with DeFi for yield stability and regulatory resilience.
2 Tron: The Stablecoin Workhorse
Tron ranks second with $852 million YTD revenue, driven by massive stablecoin transaction volume—especially in emerging markets like Argentina, Turkey, and Africa.
With 50–60 billion in stablecoin supply (second only to Ethereum), Tron dominates remittances and peer-to-peer payments.
Its low fees and high throughput make it ideal for microtransactions and cross-border transfers—solidifying its role as a foundational layer for financial inclusion in volatile economies.
1 Ethereum: The Undisputed Revenue King
Topping the list is Ethereum, generating a staggering $1.42 billion in YTD revenue—primarily from L1 transaction fees.
While Q1 showed profitability after subtracting validator rewards, Q2 saw a deficit due to increased L2 migration (lowering L1 activity).
Still, Ethereum’s value accrual extends beyond simple P&L:
- Stakers earn yields via liquid staking (e.g., Lido, Rocket Pool).
- L2s like Base and Arbitrum expand its economic footprint.
- Protocol-owned liquidity and fee capture mechanisms evolve continuously.
Ethereum remains the bedrock of DeFi—its network effects and security unmatched.
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Frequently Asked Questions (FAQ)
Q: What makes a crypto project "profitable"?
A: Profitability typically refers to protocol revenue minus operational costs (e.g., token incentives). However, for PoS chains like Solana or Ethereum, token issuance should be viewed as value distribution—not pure cost—since stakers can earn yields.
Q: Is Ethena sustainable long-term?
A: Ethena’s model relies on persistent funding rate spreads between CEX and DEX perps. While strong in bull markets, spreads may narrow during downturns. Its push into re-staking and ENA utility aims to improve long-term viability.
Q: How does Aerodrome outperform other DEXs?
A: Through a combination of ve-tokenomics, performance-based reward distribution, and concentrated liquidity (Slipstream), Aerodrome creates powerful incentives for deep liquidity and high-volume trading.
Q: Why is Maker integrating RWAs?
A: Real World Assets provide stable yield sources independent of crypto market cycles—helping stabilize DAI’s backing and increase protocol resilience during bear markets.
Q: Can Tron maintain its dominance in stablecoin transfers?
A: Yes—its low-cost infrastructure and strong adoption in emerging markets give it durable utility for remittances and everyday payments where fiat volatility is high.
Q: Does Base have plans for a native token?
A: As of now, Coinbase has not announced plans for a Base token. This absence reduces dilution risk and keeps fee revenue within the protocol instead of being offset by emissions.
The 2024 crypto landscape is defined by protocols that turn innovation into real economic value. From layer-2 efficiency to synthetic assets and RWA integration, these eight projects showcase how blockchain can generate sustainable revenue—and shape the future of digital finance.
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