2025-12-25 01:26:10

The DeFi ecosystem is quite interesting this week. According to the latest data, Tether continues to lead the protocol fee rankings, but the competitive landscape behind it is changing rapidly. Circle has recently made significant moves, with fee revenue directly jumping to second place, leaving Hyperliquid and Pump.fun behind.

What does this ranking change reflect? On one hand, it indicates that the use cases and market demand for stablecoins are expanding; on the other hand, it shows that the competitiveness of different protocols is being reshuffled. The DeFi ecosystem is indeed in motion—those who can grasp the market pulse will be able to stand out in the fee competition.

HYPE2.71%

PUMP2.43%

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LiquidityWizard

· 12h ago

Circle's move is really aggressive, directly taking the second spot. The stablecoin track is indeed about to rise. --- USDT remains as stable as an old dog, but Circle's move this time is serious. Industry reshuffling is accelerating. --- The fee rankings changed so quickly? It seems the ecosystem's popularity is shifting. --- Stablecoins are the true king, other protocols should be feeling the pressure. --- Pump.fun has been surpassed; DeFi is truly changing day by day. --- Circle's financial strength is evident; they will have to go all out sooner or later. --- Who can predict who will be the next to be pushed out? --- It feels like the stablecoin ecosystem is accelerating its consolidation, with big fish eating small fish.

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GweiTooHigh

· 12h ago

Circle's move directly elevates its position, showing some real substance.

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liquidation_surfer

· 12h ago

Circle is about to turn things around, with fee income soaring directly. The USDC move was definitely worth it.

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fren.eth

· 12h ago

Circle is gaining momentum, and this wave of USDC should be taken seriously.

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gas_fee_therapist

· 12h ago

Circle's surge is quite fierce; it feels like the stablecoin race is really about to change. --- Tether is still a bit stable, but Circle's progress... By the way, who can predict who the next one will be? --- Fee rankings are reshuffling so quickly, indicating that the market is indeed looking for new things. --- Hyperliquid and Pump.fun are being left behind so far apart; it seems not all popular projects can stay hot in the long run. --- The use cases for stablecoins are really expanding, and it feels like DeFi is about to be redefined again.

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