Every time a traditional investor steps into the Web3 space, they ask the same questions:
Who’s actually earning here — and how sustainable is it? 💵
Until recently, answering that required either guesswork or a heavy reliance on anecdotal evidence. But a new audit led by Solus and Simplicity Group changes the game. By reviewing over 50 active protocols, the researchers distilled meaningful insight into what’s working - and what isn’t - in terms of actual revenue generation in Web3.
To identify sustainable business models, the analysis focused on protocols with:
- Live, verifiable revenue (not projected or hypothetical)
- Functional business models tied to real usage
- Cross-chain or Ethereum-first infrastructure
- Sufficient auditability and transparency
The framework prioritized 6 core metrics that matter to institutional allocators:
Revenue = evidence of demand
Monetization model = sustainability over time
User base = traction beyond hype
Integration = role in the wider ecosystem
Transparency = trust through visibility
Growth trajectory = long-term signal, not short-term noise
And based on this framework, several protocols emerged as consistent revenue generators - regardless of token cycles or sentiment shifts:
🏆 Lido — $104M via liquid staking
🏆 Jupiter — $241M as Solana’s trading aggregator
🏆 Uniswap — $20M+ from decentralized exchange fees
🏆 Morpho — $38M through peer-to-peer lending
🏆 Aave — $91M from lending infrastructure
🏆 GMX — $66M in revenue shared with LPs
🏆 Ethena — $88M from synthetic stablecoin strategies
What unites them?
They generate income based on real utility, not hype. These protocols solve core problems around capital efficiency, aggregation, lending and yield - and are doing so with measurable results.
As capital continues to re-enter the space, the strategies guiding institutional decisions are becoming clearer. Three trends stand out:
Liquid staking (for flexible, yield-bearing exposure) + Cross-chain interoperability (as fragmentation gives way to unified UX) + Real-World Asset integration (now live in real portfolios, with backing from firms like BlackRock)
Let's summarize? If you allocate capital in Web3, this is your short checklist:
✅ Prioritize protocols with verified, recurring revenue
✅ Don’t rely solely on token price appreciation
✅ Look for infrastructure leverage (e.g. Phantom, WhiteBIT)
✅ Demand dashboards, not decks
Yes, Web3 is still noisy - but for those using verified data and tested models, the signal is there. This Hackernoon research isn’t just a snapshot; it’s a map of where value is already accruing and where capital might follow next. Highly recommended reading if you’re investing, building, or just trying to make sense of what’s real in crypto.