Five Crypto Apps Generated $95M in April 2025 Revenue, Hyperliquid (HYPE) Takes the Top Spot

Crypto’s no longer just about HODLing Bitcoin in your digital wallet—it’s a full-on arena where apps are the new rock stars.

In April 2025, five tokens powered apps generated a collective revenue total of $95 million, according to DeFiLlama's latest data.

This sum is a significant one, especially considering the competitive landscape in the cryptocurrency market, where new platforms are constantly emerging and vying for users' attention.

The fact that five apps managed to generate such substantial revenue figures in a single month is a testament to the increasing role that apps are playing in shaping the cryptocurrency ecosystem.

As blockchain technology continues to evolve, we can expect to see even more innovative and user-friendly apps being developed, further blurring the lines between the physical and digital worlds.

Here are the top five tokens ranked by the total revenue their respective apps generated in April 2025:

1. Hyperliquid (HYPE)

Hyperliquid's (HYPE) perpetual futures exchange took the top spot with $40.94 million in revenue.

Known for its low trading fees and deep liquidity, Hyperliquid's platform attracted traders seeking efficient execution. The exchange, which is built on the Ethereum blockchain, offers a wide range of cryptocurrency futures contracts, allowing traders to capitalize on price movements in various digital assets.

However, Hyperliquid's revenue dipped by $1.1 million from March 2025, while its share of Ethereum perps also slid slightly by 1%.

Despite this setback, Hyperliquid maintained a significant lead over its competitors, with the second-highest revenue going to Maker/Sky (MKR/SKY) at $15.76 million.

Moreover, Hyperliquid's perps volume share remained substantial at 36%, a close second to Mango (MNG) at 37%. Nonetheless, this marks a decrease from March 2025, indicating that traders might be exploring other options.

Nevertheless, Hyperliquid's figures are a testament to the burgeoning market for perpetual futures in the cryptocurrency domain.

2. Maker/Sky (MKR/SKY)

Maker/Sky (MKR/SKY) climbed the ranks, rising from fourth place in March 2025 to second place in April 2025, with a total revenue of $15.76 million.

This represents an increase of $2.76 million from the previous month.

The platform's DeFi lending protocol, specialized in stablecoin loans, saw rising popularity among cryptocurrency users.

Known for its low interest rates and efficient lending procedures, Maker/Sky's platform allows users to easily borrow and lend various cryptocurrencies.

Despite a relatively small market share in the rapidly changing DeFi lending sector, Maker/Sky managed to secure a consistent performance throughout the year.

However, it’s worth noting that Hyperliquid’s figures were more than double those of Maker / Sky.

3. Jupiter (JUP)

Jupiter (JUP) slipped from second place to third place, with revenue decreasing from $19.70 million in March 2025 to $15.17 million in April 2025, a drop of $4.53 million.

Despite this setback, Jupiter managed to retain its position in the top three, while PancakeSwap slid further down the rankings.

Located on Solana, Jupiter is a cross-chain liquidity aggregator that specializes in providing optimal rates for cryptocurrency traders across various exchanges.

Its role is crucial in an environment where even small differences in prices can be significant for large trades.

While the platform's revenue fell, it’s important to note that its liquidity aggregation service remained in high demand, especially in the Solana ecosystem.

4. PancakeSwap (CAKE)

PancakeSwap (CAKE) faced a substantial decline, slipping from second place to fourth place, with revenue decreasing from $22.70 million in March 2025 to $14.44 million in April 2025.

This marks a drop of $8.26 million, or 36%, from the previous month.

The platform's AMM model, a core component of decentralized exchanges (DEXs) for facilitating token swaps, saw a reduction in activity as users explored newer platforms.

Among the new entrants are Aerodrome, which specializes in optimistic bundles for cross-chain transactions, and Axiom, a Solana DEX that gained attention for its unique token economics. Both platforms managed to outperform PancakeSwap in April 2025.

5. Aerodrome (AERO)

Newcomer Aerodrome (AERO) made the top five, claiming fifth place with $8.57 million in revenue.

However, the platform stands out for another statistic: it spent $15.4 million on token incentives, according to Token Terminal data.

This figure dwarfs Aerodrome's revenue, highlighting the platform's