{ "metadati": { "licenza": "CC BY 4.0", "licenza_url": "https://creativecommons.org/licenses/by/4.0/", "attribuzione": "Luca Valente", "nota_licenza_fonti": "CC BY 4.0 applies to the original compilation and editorial work by Luca Valente. Underlying third-party data retain their source terms, including Coin Metrics CC BY-NC 4.0 where indicated; this export does not replace those terms.", "fonte": "DefiLlama (fees, revenue)", "fonti": [ "DefiLlama (fees, revenue)" ], "sorgente": "dati/cruscotti/revenue_quality/latest.json", "data": "2026-10-08" }, "dati": { "nome": "revenue_quality", "titolo": "Revenue Quality", "data": "2026-10-08", "dati_fino_a": "2026-10-07", "parola": null, "da_quando": null, "blocchi": [ { "id": "insieme", "titolo": "All large protocols", "valori": [ { "etichetta": "Recurring share of the 30-day fees of 43 large protocols", "valore": 0.973139, "unita": "quota", "tipo": "level, change in points", "variazioni": { "7": 0.0121, "30": 0.05, "90": -0.0012 }, "percentile_1a": null, "percentile_storia": 87.8, "storia_dal": "2026-04-11", "serie_dal": "2026-04-11", "giorni_di_storia": 181, "giorni_presenti": null, "giorni_finestra": null, "stato": "expanding", "da_quando": "2026-09-23", "da_quando_almeno": false, "banda_flat": 0.02, "finestra_stato": 30, "fonte": "DefiLlama", "dati_fino_a": "2026-10-08", "punti": [ [ "2026-07-11", 0.965514 ], [ "2026-07-12", 0.958736 ], [ "2026-07-13", 0.951678 ], [ "2026-07-14", 0.951756 ], [ "2026-07-15", 0.946395 ], [ "2026-07-16", 0.936244 ], [ "2026-07-17", 0.940838 ], [ "2026-07-18", 0.939052 ], [ "2026-07-19", 0.935499 ], [ "2026-07-20", 0.953161 ], [ "2026-07-21", 0.953467 ], [ "2026-07-22", 0.965252 ], [ "2026-07-23", 0.976319 ], [ "2026-07-24", 0.97647 ], [ "2026-07-25", 0.980665 ], [ "2026-07-26", 0.97477 ], [ "2026-07-27", 0.979147 ], [ "2026-07-28", 0.974667 ], [ "2026-07-29", 0.979666 ], [ "2026-07-30", 0.970956 ], [ "2026-07-31", 0.976176 ], [ "2026-08-01", 0.973297 ], [ "2026-08-02", 0.978451 ], [ "2026-08-03", 0.969526 ], [ "2026-08-04", 0.975506 ], [ "2026-08-05", 0.96656 ], [ "2026-08-06", 0.976215 ], [ "2026-08-07", 0.966981 ], [ "2026-08-08", 0.975792 ], [ "2026-08-09", 0.966637 ], [ "2026-08-10", 0.976436 ], [ "2026-08-11", 0.962743 ], [ "2026-08-12", 0.971869 ], [ "2026-08-13", 0.970849 ], [ "2026-08-14", 0.972166 ], [ "2026-08-15", 0.973131 ], [ "2026-08-16", 0.974146 ], [ "2026-08-17", 0.97121 ], [ "2026-08-18", 0.972353 ], [ "2026-08-19", 0.972517 ], [ "2026-08-20", 0.958302 ], [ "2026-08-21", 0.955943 ], [ "2026-08-22", 0.942181 ], [ "2026-08-23", 0.940037 ], [ "2026-08-24", 0.935195 ], [ "2026-08-25", 0.936823 ], [ "2026-08-26", 0.937031 ], [ "2026-08-27", 0.938057 ], [ "2026-08-28", 0.93729 ], [ "2026-08-29", 0.93703 ], [ "2026-08-30", 0.939068 ], [ "2026-08-31", 0.938833 ], [ "2026-09-01", 0.936624 ], [ "2026-09-02", 0.931257 ], [ "2026-09-03", 0.924142 ], [ "2026-09-04", 0.933724 ], [ "2026-09-05", 0.927486 ], [ "2026-09-06", 0.929586 ], [ "2026-09-07", 0.920154 ], [ "2026-09-08", 0.928695 ], [ "2026-09-09", 0.923136 ], [ "2026-09-10", 0.914404 ], [ "2026-09-11", 0.923711 ], [ "2026-09-12", 0.922212 ], [ "2026-09-13", 0.930217 ], [ "2026-09-14", 0.92835 ], [ "2026-09-15", 0.936714 ], [ "2026-09-16", 0.936643 ], [ "2026-09-17", 0.938355 ], [ "2026-09-18", 0.940186 ], [ "2026-09-19", 0.946356 ], [ "2026-09-20", 0.954214 ], [ "2026-09-21", 0.960651 ], [ "2026-09-22", 0.960005 ], [ "2026-09-23", 0.960662 ], [ "2026-09-24", 0.959957 ], [ "2026-09-25", 0.962078 ], [ "2026-09-26", 0.962018 ], [ "2026-09-27", 0.961192 ], [ "2026-09-28", 0.961814 ], [ "2026-09-29", 0.962686 ], [ "2026-09-30", 0.962256 ], [ "2026-10-01", 0.959909 ], [ "2026-10-02", 0.960681 ], [ "2026-10-03", 0.961072 ], [ "2026-10-04", 0.960915 ], [ "2026-10-05", 0.975018 ], [ "2026-10-06", 0.974704 ], [ "2026-10-07", 0.973283 ], [ "2026-10-08", 0.973139 ] ] }, { "etichetta": "Protocols with at least one one-off fee day in 30 days", "valore": 12, "unita": "unita", "su": 43 }, { "etichetta": "Protocols paid in lumps (not split)", "valore": 0, "unita": "unita", "su": 43 } ], "serie": [ { "etichetta": "Recurring share of fees", "unita": "quota", "punti": [ [ "2026-07-11", 0.965514 ], [ "2026-07-12", 0.958736 ], [ "2026-07-13", 0.951678 ], [ "2026-07-14", 0.951756 ], [ "2026-07-15", 0.946395 ], [ "2026-07-16", 0.936244 ], [ "2026-07-17", 0.940838 ], [ "2026-07-18", 0.939052 ], [ "2026-07-19", 0.935499 ], [ "2026-07-20", 0.953161 ], [ "2026-07-21", 0.953467 ], [ "2026-07-22", 0.965252 ], [ "2026-07-23", 0.976319 ], [ "2026-07-24", 0.97647 ], [ "2026-07-25", 0.980665 ], [ "2026-07-26", 0.97477 ], [ "2026-07-27", 0.979147 ], [ "2026-07-28", 0.974667 ], [ "2026-07-29", 0.979666 ], [ "2026-07-30", 0.970956 ], [ "2026-07-31", 0.976176 ], [ "2026-08-01", 0.973297 ], [ "2026-08-02", 0.978451 ], [ "2026-08-03", 0.969526 ], [ "2026-08-04", 0.975506 ], [ "2026-08-05", 0.96656 ], [ "2026-08-06", 0.976215 ], [ "2026-08-07", 0.966981 ], [ "2026-08-08", 0.975792 ], [ "2026-08-09", 0.966637 ], [ "2026-08-10", 0.976436 ], [ "2026-08-11", 0.962743 ], [ "2026-08-12", 0.971869 ], [ "2026-08-13", 0.970849 ], [ "2026-08-14", 0.972166 ], [ "2026-08-15", 0.973131 ], [ "2026-08-16", 0.974146 ], [ "2026-08-17", 0.97121 ], [ "2026-08-18", 0.972353 ], [ "2026-08-19", 0.972517 ], [ "2026-08-20", 0.958302 ], [ "2026-08-21", 0.955943 ], [ "2026-08-22", 0.942181 ], [ "2026-08-23", 0.940037 ], [ "2026-08-24", 0.935195 ], [ "2026-08-25", 0.936823 ], [ "2026-08-26", 0.937031 ], [ "2026-08-27", 0.938057 ], [ "2026-08-28", 0.93729 ], [ "2026-08-29", 0.93703 ], [ "2026-08-30", 0.939068 ], [ "2026-08-31", 0.938833 ], [ "2026-09-01", 0.936624 ], [ "2026-09-02", 0.931257 ], [ "2026-09-03", 0.924142 ], [ "2026-09-04", 0.933724 ], [ "2026-09-05", 0.927486 ], [ "2026-09-06", 0.929586 ], [ "2026-09-07", 0.920154 ], [ "2026-09-08", 0.928695 ], [ "2026-09-09", 0.923136 ], [ "2026-09-10", 0.914404 ], [ "2026-09-11", 0.923711 ], [ "2026-09-12", 0.922212 ], [ "2026-09-13", 0.930217 ], [ "2026-09-14", 0.92835 ], [ "2026-09-15", 0.936714 ], [ "2026-09-16", 0.936643 ], [ "2026-09-17", 0.938355 ], [ "2026-09-18", 0.940186 ], [ "2026-09-19", 0.946356 ], [ "2026-09-20", 0.954214 ], [ "2026-09-21", 0.960651 ], [ "2026-09-22", 0.960005 ], [ "2026-09-23", 0.960662 ], [ "2026-09-24", 0.959957 ], [ "2026-09-25", 0.962078 ], [ "2026-09-26", 0.962018 ], [ "2026-09-27", 0.961192 ], [ "2026-09-28", 0.961814 ], [ "2026-09-29", 0.962686 ], [ "2026-09-30", 0.962256 ], [ "2026-10-01", 0.959909 ], [ "2026-10-02", 0.960681 ], [ "2026-10-03", 0.961072 ], [ "2026-10-04", 0.960915 ], [ "2026-10-05", 0.975018 ], [ "2026-10-06", 0.974704 ], [ "2026-10-07", 0.973283 ], [ "2026-10-08", 0.973139 ] ] } ] }, { "id": "settori", "titolo": "By sector (at least 5 protocols)", "tabella": { "colonne": [ "Sector", "Protocols", "Median recurring share of fees", "With a one-off day", "Fees, 30 days (usd)" ], "righe": [ [ "Lending", 13, 1.0, 3, 95660808 ], [ "Liquid staking", 11, 1.0, 2, 84595540 ], [ "DEXs", 9, 1.0, 3, 393568782 ] ] } }, { "id": "protocolli", "titolo": "Protocols of the public list", "tabella": { "colonne": [ "Protocol", "Sector", "Fees, 30 days (usd)", "Recurring share of fees", "One-off days", "Paid in lumps", "Recurring share of revenue", "One-off revenue days" ], "righe": [ [ "Pump.fun", "Launchpad", 186197872, 1.0, 0, "", 1.0, 0 ], [ "PumpSwap", "DEXs", 116303311, 1.0, 0, "", 1.0, 0 ], [ "Uniswap V4", "DEXs", 96828057, 1.0, 0, "", null, null ], [ "Hyperliquid", "Derivatives", 90550929, 1.0, 0, "", 1.0, 0 ], [ "Lido", "Liquid staking", 52153613, 1.0, 0, "", 1.0, 0 ], [ "Uniswap V3", "DEXs", 49397174, 1.0, 0, "", 1.0, 0 ], [ "Raydium", "DEXs", 43523859, 1.0, 0, "", 1.0, 0 ], [ "Aave V3", "Lending", 36883698, 1.0, 0, "", 1.0, 0 ], [ "Meteora", "DEXs", 34098950, 1.0, 0, "", 1.0, 0 ], [ "Polymarket International", "Prediction markets", 30723310, 1.0, 0, "", 1.0, 0 ], [ "Sky Lending", "Collateralised debt", 27012139, 1.0, 0, "", 1.0, 0 ], [ "Morpho Blue", "Lending", 20317163, 1.0, 0, "", null, null ], [ "PancakeSwap", "DEXs", 19790196, 0.8287, 1, "", 0.8324, 1 ], [ "Aerodrome Finance", "DEXs", 19463329, 0.5795, 1, "", 0.4855, 1 ], [ "Ethena USDe", "Basis trading", 18380159, 0.0001, 13, "yes", 0.1106, 9 ], [ "Jupiter", "DEX Aggregator", 18124485, 1.0, 0, "", 1.0, 0 ], [ "Maple", "Lending", 10630436, 0.3679, 5, "", 0.2971, 6 ], [ "Orca DEX", "DEXs", 10590678, 1.0, 0, "", 1.0, 0 ], [ "ether.fi Stake", "Liquid staking", 10284846, 1.0, 0, "", 1.0, 0 ], [ "Jupiter Perpetual Exchange", "Derivatives", 7927245, 1.0, 0, "", 1.0, 0 ], [ "Sanctum Validator LSTs", "Liquid staking", 7860607, 1.0, 0, "", 1.0, 0 ], [ "SparkLend", "Lending", 6723568, 1.0, 0, "", 1.0, 0 ], [ "Kamino Lend", "Lending", 4696008, 1.0, 0, "", 1.0, 0 ], [ "Jito Liquid Staking", "Liquid staking", 4459558, 1.0, 0, "", null, null ], [ "Curve DEX", "DEXs", 3573228, 0.6011, 5, "", 0.1719, 7 ], [ "Jupiter Lend", "Lending", 3513810, 1.0, 0, "", 1.0, 0 ], [ "Fluid Lending", "Lending", 3309893, 1.0, 0, "", 1.0, 0 ], [ "Rocket Pool", "Liquid staking", 2902558, 0.522, 5, "", null, null ], [ "Convex Finance", "Yield", 2435154, 0.7016, 2, "", 0.312, 2 ], [ "Kelp", "Liquid restaking", 2357496, 0.578, 5, "", 0.637, 4 ], [ "Compound V3", "Lending", 2345999, 1.0, 0, "", 1.0, 0 ], [ "Kinetiq kHYPE", "Liquid staking", 1839595, 1.0, 0, "", 1.0, 0 ], [ "Euler V2", "Lending", 1718070, 1.0, 0, "", 1.0, 0 ], [ "Venus Core Pool", "Lending", 1544032, 0.7557, 2, "", 0.3165, 7 ], [ "JustLend V1", "Lending", 1541790, 1.0, 0, "", 1.0, 0 ], [ "Lombard LBTC", "Restaked BTC", 1355006, 0.0924, 10, "", 0.0924, 10 ], [ "mETH Protocol", "Liquid staking", 1287401, 1.0, 0, "", 1.0, 0 ], [ "Dolomite", "Lending", 1280284, 1.0, 0, "", 1.0, 0 ], [ "Marinade Liquid Staking", "Liquid staking", 1225780, 1.0, 0, "", 1.0, 0 ], [ "HyperLend Pooled", "Lending", 1156057, 0.6201, 4, "", 0.3418, 8 ], [ "Benqi Staked Avax", "Liquid staking", 978321, 0.7213, 2, "", 0.7213, 2 ], [ "StakeWise V3", "Liquid staking", 866409, 1.0, 0, "", 1.0, 0 ], [ "Lista Liquid Staking", "Liquid staking", 736852, 1.0, 0, "", 1.0, 0 ], [ "Pendle V2", "Yield", 397181, 0.6827, 2, "", 0.6789, 2 ] ] }, "nota": "paid in lumps = fees settle a few times a month (weekly, for example): the recurring / one-off split does not describe these series" }, { "id": "incentivi", "titolo": "Dependence on incentives", "disponibile": false, "nota": "not available: the archive holds no series of incentives paid" } ], "frasi": [ { "id": "totale", "testo": "97% of the 30-day fees of 43 large protocols were recurring", "modello": "cruscotti.revenue_quality.totale", "contratto": "contratto", "numeri": { "quota_ricorrente": 0.9731, "protocolli": 43, "commissioni_30g_usd": 940905948 }, "misura": "quota_ricorrente", "finestra_giorni": 30, "base": 940905947.66, "base_minima": 100000000.0, "quota_primo_contributo": 0.1978921192527984, "cancello": "fermato", "motivo": "stopped by the gate" }, { "id": "conteggio", "testo": "12 of 43 large protocols had at least one one-off fee day in 30 days", "modello": "cruscotti.revenue_quality.conteggio", "contratto": "contratto", "numeri": { "con_un_giorno_una_tantum": 12, "protocolli": 43 }, "misura": "quota_ricorrente", "finestra_giorni": 30, "base": 43, "base_minima": 20, "cancello": "passa" }, { "id": "settore_lending", "testo": "The median recurring share of fees among Lending was 100%", "modello": "cruscotti.revenue_quality.settore", "contratto": "contratto", "numeri": { "mediana_quota_ricorrente": 1.0, "protocolli": 13 }, "misura": "quota_ricorrente", "finestra_giorni": 30, "base": 13, "base_minima": 5, "cancello": "fermato", "motivo": "stopped by the gate" }, { "id": "settore_liquid_staking", "testo": "The median recurring share of fees among Liquid staking was 100%", "modello": "cruscotti.revenue_quality.settore", "contratto": "contratto", "numeri": { "mediana_quota_ricorrente": 1.0, "protocolli": 11 }, "misura": "quota_ricorrente", "finestra_giorni": 30, "base": 11, "base_minima": 5, "cancello": "fermato", "motivo": "stopped by the gate" }, { "id": "settore_dexs", "testo": "The median recurring share of fees among DEXs was 100%", "modello": "cruscotti.revenue_quality.settore", "contratto": "contratto", "numeri": { "mediana_quota_ricorrente": 1.0, "protocolli": 9 }, "misura": "quota_ricorrente", "finestra_giorni": 30, "base": 9, "base_minima": 5, "cancello": "fermato", "motivo": "stopped by the gate" } ], "fonti": [ "DefiLlama (fees, revenue)" ], "fuori_dal_totale": { "incasso_a_blocchi": [ "Ethena USDe" ] }, "metodo": "fees, not net revenue or profit; 'ordinary' means statistically regular, not economically verified; protocols whose fees arrive in blocks (1 today) are listed but left out of the total and of the counts, on every day of the history; a day is one-off when the data check flags it as an isolated spike or when it is above 3 times the median of its 30 days; the whole day's fees count as one-off; 30 days through 2026-10-07", "cancello": "ok", "cancello_nota": "gate result for the sentences: ok = at least one sentence passed; each sentence carries its own result; the values in tables and history are not certified one by one", "motivi": [ "totale: stopped by the gate", "settore_lending: stopped by the gate", "settore_liquid_staking: stopped by the gate", "settore_dexs: stopped by the gate" ], "immagini": { "1600x900": "immagine_2026-10-08_1600x900.png", "1080x1350": "immagine_2026-10-08_1080x1350.png" }, "immagine_titolo": "12 of 43 large protocols had at least one one-off fee day in 30 days", "carta_x": { "file": "x_card.png", "formato": "1200x675", "data": "2026-10-01", "nuova": false, "motivo": "no cover layout allowed today by the rules", "modello": "B", "frase_id": "totale", "titolo": "96% of protocol fees came from ordinary days", "note": [ "High: 98%, 25 Jul", "Low: 91%, 10 Sep", "1 Oct: 96%" ] }, "immagini_problemi": 2, "generato_il": "2026-10-09T03:53:10Z" } }