In October, decentralized applications (dApps) reported a major revenue milestone, hitting $164 million as blockchain adoption gains momentum.
A new report from Binance Research revealed that 12 of the 15 highest-grossing protocols last month were dApps, highlighting their growing role in the blockchain ecosystem.
Trading bots and decentralized exchanges (DEXs) are leading this surge, capturing significant fees as users flock to trading-focused dApps.
Notably, trading bots like Solana-based Photon and Pump. fun’s memecoin launchpad were among the top earners, bringing in around $29 million collectively.
Trading bots such as Trojan, BONKbot, Maestro, and Banana Gun generated nearly $67 million in revenue, representing 41% of the total revenue from dApps in October.
The combined revenue of DEX and trading bot-related applications crossed the $100 million mark, underscoring users’ preference for trading platforms over other types of dapps.
Popular DEXs Uniswap, PancakeSwap, and Aerodrome also posted strong earnings, with $16 million, $10 million, and $9 million, respectively.
In addition to trading platforms, money markets Aave and Sky (formerly Maker) brought in $26 million, while Lido, a liquid staking protocol, reported $7 million in revenue.
Together, these numbers suggest that dApps are gaining traction, taking over a revenue share that blockchains like Ethereum, Tron, and Solana traditionally dominated.
While dApps are seeing impressive growth, the report raises questions about blockchain infrastructure funding.
According to Rootdata, over $1.2 billion has been poured into blockchain infrastructure projects since 2019—more than funding for DeFi, gaming, and other dApp categories combined.
Although infrastructure is crucial, the report argues that investing in applications that engage users is equally important to ensure sustainable blockchain growth.
