Hyperliquid (HYPE) Takes the Top Spot as Crypto Apps Become the New Rock Stars

Key Insights:

Crypto’s no longer just about holding Bitcoin in your digital wallet—it’s a full-on arena where apps are the new rock stars. Five token-backed apps raked in a cool $95 million in April 2025, according to DeFiLlama. This crypto news came as a positive sign for the larger market.

These platforms—Hyperliquid (HYPE), Maker/Sky (MKR/SKY), Jupiter (JUP), PancakeSwap (CAKE), and Aerodrome (AERO)—are reshaping how value flows in crypto.

Axiom’s $13.34 million weekly revenue hints at new challengers. This revenue race suggests apps are becoming the heart of crypto’s future, but volatility and strategy changes keep the stakes high.

Investors can track revenue to spot winners, but big spenders like Aerodrome raise questions about sustainability.

Hyperliquid (HYPE) Takes The Top Spot

Hyperliquid (HYPE) held the crown with $40.94 million in revenue. Its perpetual market—think futures that never expire—is a trader’s playground. But the champ’s showing wear.

Revenue dropped $1.1 million from March, and its Ethereum perps share fell 1%, according to DeFiLlama. That’s still miles ahead of the competition, but it’s a nudge that even giants can stumble when rivals get hungry.

Maker/Sky (MKR/SKY)

Maker/Sky (MKR/SKY) pulled off a stunner, jumping from fourth to second with $15.76 million. That’s a $2.76 million boost from March.

Its DeFi lending platform, built around stablecoin loans, is clicking with users. The climb shows there’s room for steady players in a market that loves flash. But at less than half Hyperliquid’s haul, Maker/Sky’s got a long road to the top.

Jupiter (JUP)

Jupiter (JUP) clung to third place, banking $15.17 million. It’s down $4.53 million from March’s $19.70 million—a 23% hit.

Yet, it didn’t budge from its podium spot. Why? Its Solana-based liquidity aggregation keeps trades smooth and cheap.

PancakeSwap’s bigger fall helped, but Jupiter’s resilience is its own story. Still, that revenue slide needs a fix, or it risks losing ground.

PancakeSwap (CAKE) Back in Crypto News Again

PancakeSwap (CAKE) took a beating, sliding from second to fourth with $14.44 million. That’s an $8.26 million drop—36% less than March’s $22.70 million.

Its AMM model, once a DeFi darling, is losing steam. Newer platforms like Aerodrome and Axiom are outpacing it. PancakeSwap’s fall is a wake-up call: innovate or get left behind in crypto’s relentless race.

Aerodrome (AERO)

Aerodrome (AERO) crashed the top five with $8.57 million, shoving Uniswap aside. But here’s the twist: it spent $15.4 million on incentives, according to Token Terminal data. That’s almost double its revenue.

The gamble paid off, landing it a spot, but it’s a high-wire act. Aerodrome’s betting users will stick around once the rewards dry up. Risky? Sure. Effective? So far, yes.

Axiom’s Lightning Strike’s Crypto News Space

Axiom didn’t make the monthly top five, but it deserves the spotlight. This Solana DEX pulled in $13.34 million in just seven days.

A February 2025 points program, teasing an airdrop, sent users into a frenzy. That weekly haul outshines Aerodrome’s monthly take and rivals Hyperliquid’s pace. Axiom’s a wildcard, proving new players can shake the board.

Are Apps Becoming Crypto’s New Core?

This $95 million revenue sprint isn’t just a stat—it’s a signal. Crypto’s value is shifting from blockchains to apps. Hyperliquid’s $40.94 million and Axiom’s $13.34 million weekly dash dwarf what many chains earn. Users want platforms that deliver—whether it’s trading, lending, or liquidity.

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handles market-making activities in the Hyperliquid ecosystem. It is responsible for providing liquidity to the platform’s perpetual futures market and ensuring efficient price discovery. The MH stips are paid to the protocol in order to fund these operations and keep the platform running smoothly.

The stips are collected in the form of HYPE tokens, which are then distributed to liquidity providers