The Most Profitable Public Blockchains of 2025

In order: SOL > Hype > Tron > ETH > BSC

In the blockchain space, "the most profitable public chain" usually refers to Layer 1 blockchains with the highest on-chain revenue (Revenue, mainly from fees, MEV, etc.), which directly reflect network activity and economic value capture ability (data sourced from LunarCrush, CryptoRank, and other reports at the end of 2025). Below is a summary of the top five public chains by revenue for the entire year of 2025 (unit: billion USD).
The above are the data; these five public chains are the biggest earners.

My cousin is particularly interested in @HyperliquidX. From Hype’s profitability, you can see how lucrative the derivatives track is.
This is also why mainstream CEX exchange founders have early布局ed Perp DEXs.
And as US stocks go on-chain, most mainstream DEXs will support US stock contracts in the future, and even everything can be on-chain, with all things tradable on-chain.

Hyperliquid currently supports US stock-related contract trading through its HIP-3 upgrade ecosystem applications, but it does not directly trade real US stocks. The specifics are as follows:

1. Trading Methods
Through third-party platforms within the Hyperliquid ecosystem (such as @MetaMask), users can trade perpetual contracts of US stocks (like Nvidia, Tesla) and indices (such as XYZ100, which tracks the Nasdaq 100). However, these contracts are "shadow assets," not involving actual stock delivery, only tracking US stock price fluctuations.

2. Technical Support
The HIP-3 upgrade, enabled in October 2025, is the core technical foundation: this feature allows third-party developers to deploy permissionless perpetual contract markets on Hyperliquid’s chain, supporting on-chain derivatives trading of traditional assets like US stocks and commodities.

3. Features and Limitations
Advantages: No KYC required, supports 24/7 trading, up to 20x leverage;
Disadvantages: Liquidity is far lower than traditional US stock markets, prices depend on oracle peg, with risks of price gaps and liquidity issues.

Even now, despite the low market activity, trading volume in the derivatives track remains very large. So, I believe next year, Perp DEXs will become the most eye-catching dark horse track!