Data released today by market analyst OKX Wallet revealed the top DeFi protocols by total fee revenues generated last year. The analysis identified top decentralized finance platforms leading in fee revenue creation in 2025, with various decentralized applications surging in revenue growth while transaction costs decreased drastically.
Fee revenue generated through various DeFi trading activities in decentralized protocols is typically a crucial indicator showing decentralized protocols’ economic health and real-world utility. Such fees reveal revenue collected from customers for executing transactions, providing liquidity, or using various DeFi functions.
Meteora just topped DeFi in total fees over the past year.
What do you expect to drive onchain demand in 2026? pic.twitter.com/HGOwcmpreT
— OKX Wallet (@wallet) January 16, 2026
Top DeFi Platforms by Total Fee Revenues In 2025
Meteora
The analyst identified that Meteora, a Solana-based DEX platform that offers dynamic liquidity solutions, yield optimization, and token launches across Solana’s DeFi ecosystem, is the protocol that topped overall DeFi platforms in terms of entire fees generated over the past year. According to the data, Meteora generated massive fees worth $1.25 billion in 2025, securing its position as the leading fee-generating protocol in the entire decentralized finance ecosystem. This impressive financial achievement showcases Meteora’s huge business operational activities on-chain. Closing 2025 with $1.25 billion in total fees, ahead of other DeFi protocols by revenue generation, shows strong user utility on Meteora, an indicator of the platform’s sustained trading activity, deep liquidity, and high customer retention throughout the year.
Jupiter
Jupiter, a Solana-based DEX liquidity aggregator that helps customers discover the best prices for cross-chain token swaps, comes second with $1.11 billion generated over the year. The DEX liquidity aggregator posted $1.11 billion in revenues in 2025, as the platform captured fees across spot and perpetual markets on Solana and other DeFi chains. While high spot trading activity increased fee income, derivatives trading built diversified revenue streams, and as a result, positioned Jupiter as the second fee generator in the DeFi ecosystem.
Uniswap
Uniswap, an Ethereum-based DEX platform that enables users to engage in peer-to-peer crypto asset trading without having to go through centralized entities, followed the list with a $1.06 billion in fee revenues generated over the year. The prominent DEX platform reported $1.06 billion in fee revenue between January 1 and December 31, 2025, as per the data. This significant increase in earnings shows strong user trust in Uniswap. This is further indicated by robust Uniswap’s trading activity. After PancakeSwap, Uniswap is the second leading decentralized exchange by trading volume over the past seven days, supporting hundreds of token transactions across multiple chains, according to CoinGecko’s data.
Pump.fun
Fourth on the list is Pump.fun, a Solana-based DeFi platform that allows users to create and distribute their own tokens, primarily meme coins. As pointed out in the data, Pump.fun recorded $937 million in fees generated over the year, indicating sustainable profits on the meme coin launchpad and its continued growth.
Other DeFi Platforms with Outstanding Fee Revenue Records
Further metrics reported by OKX Wallets identified Hyperliquid and Lido as prominent DeFi protocols that generated remarkable fee revenues last year. As illustrated in the data, Hyperliquid generated $909 million in fees over the year, while Lido pulled in $846 million in fee revenues in 2025. In short, the report highlighted the top DeFi protocols experiencing leading user engagement and investor demand, supported by their respective tech innovations.
