The new paradigm of revenue in crypto

As the Federal Reserve cautiously signals the path toward future rate cuts, the macro backdrop is slowly turning green for risk assets. Lower rates have historically encouraged greater appetite for equities, commodities, and now increasingly, digital assets. But this time, crypto enters the cycle with something new to show: revenue.

Finally a virtuous meta? 

For much of its history, the digital asset space has been criticized for the lack of sustainable business models. Many protocols thrived on speculation, hype, or token incentives rather than true product-market fit. The story was often one of capital raised and burned, with little to demonstrate in terms of recurring users or meaningful cash flows.

That narrative is shifting. A new wave of projects has cracked the code of revenue generation. Hyperliquid, for example, has quickly established itself as a derivatives platform handling millions in daily fees. Pump.fun, controversial yet undeniably successful, has turned crypto-native culture into a real and recurring business. Pendle has innovated around yield markets, building volumes and revenues tied directly to financial primitives. Axiom is pushing the frontier of zero-knowledge infrastructure while showing signs of monetization from real demand.

What these projects share is not only user growth but also profitability. Some even redistribute a share of that revenue back to their communities, creating a model that feels closer to a virtuous cycle rather than pure extraction. Unlike earlier waves of “growth at all costs,” these applications are laying the foundations for an industry where value accrues to both builders and users.

The question now is whether this marks the emergence of new fundamentals: rails of a future financial system where participation is rewarded, and revenue isn’t just a side effect but the core engine of sustainability. Skepticism is natural: durability has yet to be proven, and markets remain volatile. Still, this evolution looks closer to fulfilling one of blockchain’s original promises: a system where innovation and adoption are tied to real, transparent economics.

If risk assets are indeed about to enter a new macro cycle, crypto is in a stronger position than ever before. Not only as a speculative asset, but as an ecosystem that is finally learning how to generate, share, and sustain revenue.