Web3 is putting up real revenue numbers. Over the last 30 days, the top 20 public Web3 projects generated $1.2B in revenue. This isn’t some theoretical valuation metric. This is hard revenue, derived from trading and other financial fees. And it tells a compelling story.
A power law is clearly at play. While we might expect this in a nascent market, the sheer scale is impressive. Even the smallest project on this top 20 list is running at a $75M annual run rate. That’s not chump change. It underscores the return potential of this space.

A power law governs the returns. But the smallest project on this list is on a $75M run rate.

What’s even more interesting is how these projects are starting to trade on revenue multiples, just like public SaaS companies. This is a significant shift.
It signals increasing investor interest and a move towards more traditional valuation frameworks.
However, not all multiples are created equal. Ethereum at 270x and Solana at 137x revenue are outliers. They dwarf anything we see in the public markets.

Project
TTM Revenue Growth
TTM Revenue, $m
Gross Margin

Coinbase
90%
5000
86%

Ethereum
-1%
1995
81%

Solana
2837%
375
50%

Aerodrome
5032%
236

Ethena
338%
223
29%

Lido
66%
103
10%

PancakeSwap
176%
73.8

Aave
338%
79
17%

Jito
18720%
33.4
32%

For context, publicly traded Coinbase, at 13.8x (as of this writing), is much closer to the valuations of projects like Lido and Jito. This provides a more grounded comparison point. Even though Coinbase does have software-like margins.
Most of these projects don’t look like traditional SaaS businesses. The astronomical growth rates (think thousands of percent) are often fueled by regulatory changes and government actions. This introduces a layer of volatility and dependence that’s different from your typical enterprise software play.
In addition, the gross margins are typically lower than software companies aside from businesses like Coinbase and Ethereum.
However, you look at it—whether you compare these businesses to public comparables or evaluate them on their own—the revenue generation ability of Web3 businesses is staggering.
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