Revenue

Blockworks classifies every dollar of revenue by the product that earned it, not by the project that owns it. A project can run products in different sectors, so sector totals are built from products.

What counts as revenue

Protocol revenue is the USD value a protocol keeps from its users' activity, measured onchain and priced on the day it is earned. Each protocol has its own revenue model that defines which fee streams qualify (for example swap fees, perp fees, auction fees or net interest income) and labels each one with a revenue type. App-level revenue and fees paid out to creators or liquidity providers are kept separate.

Project vs. product

• Project: the brand, e.g. Hyperliquid or Pump.
• Product: the thing that earns, e.g. Hyperliquid Perps, HyperCore, PumpSwap or Pump.fun.

Every product carries three nested labels, broad to narrow: Sector › Group › Industry (e.g. Finance › Trading › Derivatives).

Why by product

Labelling a whole project with one sector would misfile revenue. Hyperliquid's L1 (HyperCore) earns like a blockchain with its priority fees, while its perps and spot exchange earns like a finance application similar to other exchanges..

• Sector totals sum products, so one project can appear in several sectors without double counting.
• Project totals sum all of a project's products across sectors.
• New products show as Unclassified until labelled (e.g. Hyperliquid's prediction market).

Sectors

• Blockchains: L1s and L2s (Solana, Ethereum, HyperCore, Base)
• Finance: trading, lending, tokenization, asset management and staking (Hyperliquid Perps, Uniswap, Aave)
• Consumer: launchpads, trading apps, wallets and trading cards (Pump.fun, Axiom, Phantom, Courtyard)
• Crypto Infrastructure: bridges and privacy-related protocols
• Physical Infrastructure: wireless, geospatial and bandwidth networks (Helium Mobile, Geodnet, DoubleZero)