Crypto applications are now outpacing blockchains in revenue generation, according to a Delphi Digital report. Pumpfun and Hyperliquid have emerged as top earners, generating $724 million and $667 million respectively over the past year, surpassing major blockchains like Solana. This marks a significant shift in value creation from blockchain protocols to applications, with DeFi attention scalers and trading platforms at the forefront. Ethereum co-founder Vitalik Buterin has noted that low-risk DeFi protocols could provide a sustainable revenue model for Ethereum, akin to how Google Search supports Google's ecosystem. This trend underscores the growing importance of application-level innovation in the crypto space.