Protocol Revenue
Fees collected by a protocol that accrue to the protocol itself or its tokenholders, rather than to liquidity providers or other participants.
In-Depth Explanation
Protocol revenue is distinct from total fees generated on a platform. For example, Uniswap generates billions in trading fees, but most goes to LPs—only the protocol fee (if enabled) counts as protocol revenue. This distinction matters for valuation because protocol revenue is what can potentially flow to tokenholders.
Related Terms
Take Rate
The percentage of transaction volume or fees that a protocol captures as revenue.
Fees
Total fees generated by activity on a protocol, regardless of who receives them.
Tokenholder Revenue
The portion of protocol revenue that actually flows to token holders through buybacks, dividends, or burns.
More in Metrics
View all →Total Value Locked
TVLThe total value of crypto assets deposited in a DeFi protocol or across all of DeFi.
Take Rate
The percentage of transaction volume or fees that a protocol captures as revenue.
Fees
Total fees generated by activity on a protocol, regardless of who receives them.
Gross Margin
Protocol revenue minus the direct costs required to generate that revenue, expressed as a percentage.