Strip out the token prices and this market has a revenue line: what users pay to have transactions executed, denominated in real assets and reported daily. It is the figure to reach for when somebody quotes a market capitalization as though it were a business.
$47.2m
Fees on 12 April 2026
+2.0%
Against seven days earlier
$1.6bn
Trailing thirty days
$19.1bn
Annualized from that run rate
Source: DeFiLlama, daily series. Computed by Institutional Asset Journal.
| Protocol | Category | Fees, 24 hours | Fees, 30 days |
|---|---|---|---|
| Tether | Stablecoin Issuer | $15.88m | $478.6m |
| Circle USDC | Stablecoin Issuer | $6.44m | $190.5m |
| PumpSwap | Dexs | $4.66m | $78.0m |
| Hyperliquid Perps | Derivatives | $3.41m | $62.3m |
| pump.fun | Launchpad | $2.65m | $44.2m |
| Axiom | Trading App | $2.54m | $37.0m |
| Uniswap V4 | Dexs | $2.27m | $46.0m |
| Pons V2 | Launchpad | $2.02m | $8.4m |
Daily protocol fees, all chains
Daily, in dollars.
Source: DeFiLlama, daily series. Computed by Institutional Asset Journal.
What total value locked is, and is not
The figure counts assets sitting inside smart contracts and values them at the day’s prices. Two things move it and they are easily confused. Capital arriving is one. The assets already there being repriced is the other, and in a market where the collateral is itself volatile the second usually dominates. A chain whose value locked fell twenty percent in a week where its native token fell twenty percent has not necessarily lost a single depositor.
How this was measured
- Total value locked is DeFiLlama’s daily series: the dollar value of assets held in the smart contracts of protocols deployed on each chain, priced at that day’s marks. It moves when capital arrives or leaves and also when the price of the assets already there moves, which is the single most important caveat and is the reason this column reads it against price rather than alone. Fees are protocol revenue as reported by DeFiLlama, aggregated daily. A piece dated one day uses observations through the day before, and every figure names the date it belongs to.
