Study: 85% of Crypto Projects Earn Under $1,000 per Month

Key Findings

• 85% of Crypto Projects Earn Under $1,000 per Month
• 95% of DeFi projects generate under $1,000 in monthly revenue.
• 88% of blockchain projects earn less than $1,000 per month.
• Traditional tech companies take an average of 12.2 years to reach $500M in annual revenue, whereas successful blockchain projects achieve this in under six years.
• Pump.fun is the fastest-growing tech company, reaching $100 million in monthly revenue within just 10 months.

Methodology

To analyze revenue generation, data was collected from DefiLlama and CoinGecko for market capitalization insights. Additionally, the research manually examined how long it took the top 25 tech companies with the highest market capitalizations to reach $500 million in annual revenue.

The study analyzed a total of 4,928 crypto projects and was conducted from February 10th to February 27th.

The Revenue Struggle of Crypto Projects

A closer look at the data reveals that most crypto projects, regardless of their valuation, generate minimal revenue.

On average, 85% of crypto projects fail to meet the $1,000 monthly revenue milestone.

Even among billion-dollar crypto projects, 86% fail to generate more than $1,000 in monthly revenue. A deeper analysis of these high-value projects highlights an even bleaker reality:

The issue is even more pronounced in specific sectors:

• 95% of DeFi projects generate less than $1,000 per month.
• 88% of blockchain projects earn below $1,000 per month.

These statistics reveal a fundamental disconnect between market capitalization and actual financial performance in the crypto space. Many projects continue to attract investors despite weak revenue streams, suggesting that speculation, rather than strong business models, drives valuations. This raises concerns about their sustainability, particularly in bear markets when investor enthusiasm wanes.

Crypto Projects Outpacing Traditional Tech Firms

Despite the grim outlook for most crypto projects, the few that do succeed in revenue generation often outperform traditional companies in speed and scale.

When comparing the time it takes to reach $500 million in annual revenue between the top 25 traditional tech companies by market capitalization and the top 25 crypto projects with the highest revenues, we found that:

Traditional technology firms take an average of 12.2 years to reach $500 million in annual revenue. In contrast, successful crypto projects have managed to hit that milestone in under six years.

One standout example is Pump.fun, which achieved $100 million in monthly revenue within just 10 months. It is on track to become the fastest tech company to reach $500 million in annual revenue, possibly within two years.

This discrepancy highlights a key advantage of crypto projects: their digital-first nature allows them to scale rapidly without the logistical constraints faced by traditional firms, such as regulatory hurdles, infrastructure costs, and supply chain delays. However, as the data suggests, high valuations alone do not guarantee success-strong revenue models are essential.

Revenue vs. Token Value: Which Matters More?

While many crypto projects launch tokens to attract investors, some of the most successful ventures, such as Phantom, MetaMask, and Photon, generate significant revenue without a token.

• MetaMask, a leading crypto wallet, earns revenue through its swap service fees.
• Phantom, a Solana-based wallet, monetizes through partnerships and user transactions.
• Photon, an automation tool for DeFi traders, generates revenue via subscriptions.

These examples challenge the assumption that launching a token is necessary for success. Instead, they highlight the importance of sustainable revenue models. Many projects that rely purely on token speculation struggle to generate actual business income. This is especially relevant given that 86% of billion-dollar crypto projects still fail to generate meaningful revenue.

As the market evolves, investors and users are likely to prioritize projects with real, long-term revenue over short-term speculative gains. The future of crypto may not belong to those with the highest valuations but rather to those that can build lasting and scalable business models.

Conclusion

The crypto industry is at a crossroads. While most projects fail to generate significant revenue, the few that succeed do so at an astonishing pace. However, many high-valuation projects remain reliant on speculation rather than sustainable income streams, raising concerns about their long-term viability.

Moving forward, the key question for crypto projects is not just how high their valuation can go, but whether they can build a lasting business model. With increased regulatory scrutiny and shifting investor priorities, those with solid fundamentals and proven revenue streams are the ones that will thrive in the long run. But with the majority of crypto projects failing to generate revenue, one has to wonder: Is crypto on the brink of the biggest valuation bubble in history?