The 2025 DeFi Industry Report reveals that cryptocurrency protocols generated over $16 billion in revenue last year, doubling the $8 billion expected in 2024. Stablecoin issuers, particularly Tether and Circle, dominated the revenue landscape, contributing over 60% of the total. However, decentralized perpetual contract exchanges like Hyperliquid and EdgeX emerged as significant players, capturing 7-8% of industry revenue. The report identifies three key revenue drivers: interest rate spreads, trade execution, and channel distribution. Stablecoin issuers' revenue is tied to macroeconomic factors like Federal Reserve interest rates, while decentralized perpetual exchanges benefit from low-friction trading environments. The report also notes a shift towards value transfer to token holders, with protocols returning a higher percentage of revenue through staking rewards and buybacks, reaching a peak of 18% in August 2025. This trend is expected to continue, influencing how tokens are valued in 2026.