DeFi Revenue Rankings: Hyperliquid Leads as Sky Builds Reserves
DeFi revenue rankings change sharply when retained protocol revenue is separated from gross fees. Over the latest trailing year, Hyperliquid led with about $943 million in retained revenue from $1.05 billion in fees. Sky Protocol ranked second at roughly $209 million, followed by Jupiter at $134 million, Aave at $127 million and Uniswap at $12 million.
The DeFi revenue capture ratio highlights the different business models. Hyperliquid retained about 90% of fees, compared with 53% for Sky, 30% for Jupiter, 13% for Aave and only 1.4% for Uniswap. Fees represent user payments, while protocol revenue is the amount retained after payments to liquidity providers, validators and incentives. Surplus is what remains after operating expenses.
Sky’s revenue comes mainly from USDS liquidity supplied through its Agent Network, including Spark, Grove, Osero and Obex. Sky reported $123.79 million in gross protocol revenue and $46.04 million in net surplus in the first quarter of 2026. Second-quarter gross revenue reached $107.35 million, with net revenue of $40.09 million. Its 2026 revenue outlook is $611.5 million.
Sky’s operating expenses fell to $161,000 in June 2026 from $9.89 million a year earlier, materially improving surplus. However, Sky Reserves stood at $82.4 million at the end of the second quarter, below the $150 million target. Governance therefore prioritised reserve growth over larger distributions, setting the Sky Savings Rate at 3.6%.
The article argues that DeFi revenue rankings should be evaluated using retained revenue, revenue capture and surplus, not fees alone. These DeFi revenue rankings offer useful signals about token economics, treasury strength and long-term protocol sustainability.
Neutral
The article is primarily an analytical comparison rather than a new protocol launch, major exploit or immediate policy event, so its direct market impact is likely neutral. Hyperliquid’s high revenue capture and Sky’s improving surplus may support longer-term confidence in HYPE and SKY-related ecosystems, but the figures are largely backward-looking and do not directly create new token demand.
In the short term, traders may react to the ranking by favouring protocols with high revenue retention, treasury growth and clearer distribution policies. HYPE could benefit from continued attention to Hyperliquid’s strong fee conversion, while SKY may attract interest because of its quarterly financial reporting, falling operating costs and growing USDS demand. However, a lower savings rate and the decision to prioritise reserves could limit near-term yield-driven buying.
The comparison also reinforces an established market pattern: high gross fees do not necessarily translate into strong token value accrual. Similar revenue debates around Uniswap and other DeFi protocols have often produced temporary narrative-driven volatility without changing underlying cash flows. Conversely, reserve accumulation can improve long-term resilience but may disappoint traders seeking immediate distributions.
Key risks include methodology differences between DefiLlama and protocol-reported figures, changing governance parameters, stablecoin demand, collateral quality and broader crypto liquidity. Traders should monitor HYPE, SKY, USDS and sUSDS supply, protocol revenue, reserve growth and governance votes. Overall, the news improves transparency and provides useful fundamental signals, but it is not a clear market-wide bullish or bearish catalyst.