According to Odaily, stablecoins continue to dominate as the most profitable on-chain business. In a recent post on X, Leon Waidmann, the Head of Research at Onchain Foundation, highlighted the top three projects in terms of fees over the past week. Tether led the list, generating $93.57 million in fees. Ethereum followed with $65.19 million, while Raydium secured the third spot with $39.26 million.
The data underscores the significant role stablecoins play in the blockchain ecosystem, with Tether maintaining its position as a leading player. The substantial fees collected by these projects reflect their widespread use and the growing demand for stablecoin transactions. Ethereum's position as the second-highest fee generator indicates its continued importance in the decentralized finance space, supporting a wide range of applications and transactions.
Raydium's presence in the top three highlights the increasing interest in decentralized exchanges and the role they play in facilitating liquidity and trading within the blockchain network. As the blockchain industry evolves, the profitability of these projects suggests a robust and expanding market for stablecoins and related technologies.
