revenue

The head of the investment team at Multicoin Capital, Vishal Kankani, released a response to the Aave Will Win framework, expressing support for the proposal put forth by Aave Labs.As a significant holder of AAVE, Multicoin Capital believes that redirecting 10% of Aave brand product revenue to the DAO is a strategic shift that will help propel Aave towards a clearer token economic model. The company stated that if executed properly, this proposal would not only be significant for Aave but also set an important precedent for the entire DeFi space.Multicoin Capital indicated that the proposal allocates approximately $25 million in stablecoins, along with 75,000 AAVE (valued at about $118 per AAVE, totaling around $9 million), as well as additional milestone rewards.In total, this means an economic exposure of over $40 million to $50 million, accounting for about 25% to 30% of the total funds. This represents a substantial portion of the Aave DAO's funding. Given the scale and pioneering nature of this funding request, we believe the proposal should provide more detailed financial and underwriting data to substantiate the scale of the request.

Aave Labs has initiated a Temp Check proposal to token holders, requesting approximately $50 million in funding in exchange for directing all revenue from Aave-branded products into the Aave DAO treasury.The proposal includes up to $42.5 million in stablecoins ($25 million base grant and $17.5 million milestone rewards) and 75,000 AAVE tokens (approximately $8 million). In return, Aave Labs will allocate 100% of the revenue from all products, including aave.com, the planned Aave Card, and Aave Pro, to the DAO. This proposal has raised concerns within the community about the concentration of voting power. Marc Zeller, founder of the Aave Chan Initiative, pointed out that this funding package represents a significant portion of the DAO treasury and questioned whether the 75,000 AAVE token grant could lead to excessive concentration of voting power, calling for the proposal to be split and for the recipients to disclose their holding addresses.Aave founder Stani Kulechov stated that this move would shift the DAO towards a "token-centric" model, enhancing its ability to fund growth and execute buybacks. The proposal is currently in the opinion-gathering stage.

According to The Block, Aave Labs has proposed a framework proposal to transfer 100% of the revenue from all Aave brand products to the Aave DAO treasury, and to transfer the related trademarks and intellectual property to the newly established Aave Foundation, while requesting funding support from the DAO for its operations.According to the proposal, Aave Labs will forgo all revenue from future business lines such as Aave v3, v4 protocols, aave.com frontend revenue, Aave Card, and AAVE ETF. In exchange, it requests the DAO to commit to providing $25 million in stablecoins and 75,000 AAVE to cover operational expenses, as well as applying for five grants of $3 million each for the development and marketing of Aave App, Aave Pro, and Aave Card, along with $2.5 million for Aave Kit.Aave Labs stated that the v4 architecture will enable revenue models that were difficult to achieve in previous versions, planning to gradually adjust v3 parameters to guide migration 8-12 months after the v4 launch. The proposal also requests the DAO to coordinate with Labs on v4 development and to postpone the development of new features for v3.Marc Zeller, founder of the Aave Chan Initiative, expressed opposition to this. Zeller described it as a "disguised attempt at cashing out under the guise of goodwill," claiming that Labs is trying to use a radical proposal as leverage in negotiations, "attempting to impose outcomes regardless of the governance process." He estimates that Labs' actual funding request is around $50 million and questions its governance legitimacy.

According to the official announcement, cryptocurrency mining company Bitdeer ($BTDR) released its Q4 2025 financial report. The data shows that in this quarter, Bitdeer achieved revenue of $224.8 million, a year-on-year increase of 226%; net profit reached $70.5 million, an increase of $602.4 million year-on-year; adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) was $31.2 million, an increase of $35.5 million year-on-year.In terms of operations, Bitdeer's total hash rate reached 71.0 EH/s, a year-on-year increase of 229%; self-mining yielded 1,673 BTC, a year-on-year increase of 257%; mining machine efficiency improved to 17.9 J/TH, a significant improvement compared to the previous 30.4 J/TH. Additionally, Bitdeer has a 3.0 GW portfolio, prioritizing hosting services for artificial intelligence and high-performance computing at large sites, while continuing to expand GPU-as-a-service business opportunities.

At the "Build and Scale in 2026" themed forum recently held by ChainCatcher in Hong Kong, Jayendra Jog, co-founder of Sei Labs, delivered a keynote speech on "The Future of Payments: The Current State of Stablecoin Development in 2026," stating that stablecoins are surpassing DeFi to become the killer application of blockchain, and their revenue model will become a more promising income model than transaction fees.However, regarding the current rise of the "dedicated stablecoin chain" trend, Jayendra Jog expressed a cautious attitude. He stated that while dedicated chains have optimized throughput and compliance features, their differentiated advantages are limited and have yet to prove effective in driving large-scale adoption.Jayendra Jog also highlighted the latest developments of Sei Network. He mentioned that Sei Network is now the lowest-cost EVM-compatible stablecoin transfer chain, with an average of 200 stablecoin transfers costing only $0.0005. The upcoming Sei Giga will achieve a throughput of up to 200,000 TPS and a final confirmation time of 400 milliseconds, providing high-performance infrastructure for stablecoin payments, RWA, and derivatives trading.

Cryptanalysis provider CoinMetrics senior researcher Tanay Ved expects Coinbase's total revenue for the fourth quarter of 2025 to be $1.77 billion, a 5% decrease from $1.87 billion in the third quarter, as declines in trading volume and asset prices offset growth in derivatives trading and USDC.Trading revenue is expected to be $978 million (a 6% quarter-over-quarter decline), with Deribit's contribution throughout the quarter driving growth in institutional business.Subscription and services revenue remains resilient at $723 million, with the growth in USDC supply offsetting the impact of the Federal Reserve's interest rate cuts and reduced staking rewards.The firm forecasts Coinbase's total revenue for the fiscal year 2025 to be approximately $7.2 billion, reflecting Coinbase's ongoing revenue diversification and strategic expansion into the derivatives space.It is reported that Coinbase will announce its fourth quarter and full-year financial results for 2025 after the market closes on February 12 (Wednesday).

Robinhood Markets, Inc. (NASDAQ: HOOD) announced its fourth quarter and full-year financial results for the period ending December 31, 2025. The report shows that total revenue for 2025 reached $4.5 billion, an increase of 52% year-over-year; the full-year net profit was $1.9 billion, up 33% year-over-year; diluted earnings per share were $2.05. Fourth quarter revenue was $1.28 billion, a 27% increase compared to the same period last year.The data indicates that the company's net deposits for the year were $68 billion, and the number of Robinhood Gold subscription users reached 4.2 million, a 58% year-over-year increase. Assets under management in retirement accounts grew by 102% year-over-year to $26.5 billion.Robinhood stated that it plans to continue product development and expand its international market presence in 2026, with adjusted operating expenses expected to rise to $2.6-$2.725 billion, an approximate 18% year-over-year increase. The report also mentioned that the company has launched stock and share ISA products in the UK market and plans to expand its Asian business through the acquisition of a brokerage and crypto company in Indonesia.

Canaan, a Bitcoin mining machine manufacturer (NASDAQ: CAN), announced its Q4 2025 financial report, with revenue reaching $196 million, a year-on-year increase of 121%, marking a new quarterly sales high in three years. The growth was primarily driven by large-scale mining machine orders in North America, with Canaan delivering a total of 14.6 EH/s of computing power this quarter.During the quarter, the company's mining business generated $30.4 million in revenue, mining a total of 300 Bitcoins, with an implied price of approximately $101,000 per coin. Additionally, Canaan increased its Bitcoin reserves through its self-operated mining business, holding about 1,750 Bitcoins and 3,951 Ethereum by the end of 2025, with a total value of approximately $165 million. In January 2026, the company mined an additional 83 Bitcoins, bringing the total reserves to 1,778 Bitcoins. Part of the growth came from converting stablecoin earnings from mining machine sales into Bitcoin. Despite the revenue rebound, the company still reported a net loss of $85 million due to fair value losses caused by the decline in cryptocurrency prices.Canaan plans to expand into the energy and computing infrastructure sectors and has launched a 3-megawatt heat recovery pilot project in Canada, utilizing the heat from mining machines for greenhouse heating. Revenue is expected to be between $60 million and $70 million in Q1 2026.

The Aave governance delegation platform Aave Chan Initiative (ACI) proposed a governance proposal on January 29, suggesting to pause deployments on the three Layer 2 networks of zkSync Era, Metis, and Soneium, citing that these networks contribute very little user activity, TVL, and revenue.ACI pointed out in the proposal, "Over time, it has become clear that only a small number of instances contribute very little user activity, TVL, and revenue, yet service providers and governance participants still need to invest a lot of effort." Currently, zkSync's TVL is approximately $26 million, Soneium around $17 million, and Metis about $9 million.According to DefiLlama data, Aave generated only $714 in revenue on zkSync over the past 30 days, $679 on Metis, and just $150 on Soneium. In contrast, during the same period, it generated over $7.7 million in revenue on the Ethereum mainnet and nearly $300,000 on Base.ACI also proposed that any future new chain deployments must guarantee Aave at least $2 million in annual revenue, arguing that protocol liquidity is often underestimated relative to upfront and ongoing costs. Snapshot voting was launched on the same day.

According to CoinDesk, Payward, the parent company of the crypto exchange Kraken, reported its performance for 2025, with adjusted revenue of $2.2 billion, a year-over-year increase of 33%. Of this, trading revenue accounted for 47% of total revenue, while the remaining income came from non-trading activities such as custody, payments, and financing.Payward stated that by the end of the year, its trading volume grew by 34% to $2 trillion; the total assets on the platform amounted to $48.5 billion, a 12% increase; and the number of funded customer accounts grew by 50%, reaching 5.7 million.

According to data from the SolanaFloor platform, in January 2026, the Solana ecosystem's decentralized applications (dApps) generated over $146 million in revenue, ranking first among all Layer 1 and Layer 2 blockchains.The top three Solana dApps by revenue for that month were: PumpFun: approximately $46 million; Axiom: approximately $15.36 million; Meteora: approximately $13.4 million.

According to The Block, driven by the expansion of its cryptocurrency business, SoFi Technologies, one of the largest online lending institutions in the United States, reported its first-ever quarterly revenue exceeding $1 billion in the fourth quarter, with a profit of $174 million.The company stated that it added 1 million new members in the fourth quarter, a record high, bringing the total membership to 13.7 million, a 35% increase compared to the same period last year.The San Francisco-based lending institution recently became the first nationally chartered bank to launch consumer cryptocurrency trading, and subsequently introduced the SoFiUSD stablecoin and blockchain-integrated remittance services in over 30 countries.

Tokenization company Securitize announced that its revenue for the first nine months of 2025 was $55.6 million, representing an 841% increase compared to the same period in 2024. The company has currently submitted a public registration statement to the U.S. Securities and Exchange Commission to advance its plan to go public through a merger with Cantor Fitzgerald-backed Cantor Equity Partners II (CEPT). The merger transaction with CEPT is still subject to approval by shareholders and regulatory agencies.If approved, Securitize will trade as a public company on Nasdaq under the ticker symbol SECZ.

According to data from Jin10, Apple released its first-quarter financial report after hours, with first-quarter revenue of $143.76 billion, estimated at $138.4 billion, a year-on-year increase of 16%. The first-quarter diluted earnings per share were $2.84, estimated at $2.68, a year-on-year increase of 19%. iPhone revenue hit a record high, approximately $85.27 billion, a year-on-year increase of 23%. Service business revenue also reached a record high, approximately $30 billion, a year-on-year increase of 14%. The active device install base exceeded 2.5 billion units.Apple (AAPL) rose 0.72%, and increased another 0.6% in after-hours trading.

Decentralized AI Intelligent Network DGrid AI announces the official launch of its revolutionary product DGrid AI Arena today. This is a community-driven anonymous AI model battle platform designed to allow global users to participate in evaluating and defining the true quality of AI models in a fair and transparent "blind test" manner.DGrid AI Arena encompasses three core modules: AI Battle, Points System, and Rewards Section. Users can accumulate points by completing daily AI model voting tasks and inviting valid users. Points can not only be directly exchanged for USDT rewards but also participate in the weekly points leaderboard to share in an exclusive prize pool.In the AI Arena, users will see two anonymous models (displayed only as "Model A" and "Model B") answering the same question. Without knowing the identity of the models (which could be GPT-4o, Claude 3.5, or any other model), users vote for the winner purely based on the quality of the answers. The model names will only be revealed after voting. Each vote not only determines the battle outcome but also helps the DGrid decentralized network become smarter, more coordinated, and more transparent.DGrid AI is a decentralized AI intelligent network aimed at providing low-cost, highly available, and verifiable decentralized AI capabilities for Web3 developers and AI applications.

The American fast-food chain Steak'n Shake announced an increase in Bitcoin investment, adding $5 million in Bitcoin investment (nominal value). In addition, the company also announced that all sales revenue received in Bitcoin will be included in the company's strategic reserves.Last May, the company announced that it would support Bitcoin payments in its stores across the United States. In November, Steak'n Shake announced the establishment of a strategic Bitcoin reserve.

According to CryptoNews, Coingecko data shows that Tether stablecoin USDT is expected to generate $5.2 billion in revenue by 2025, accounting for 41.9% of all stablecoin-related revenue, surpassing competitors such as Circle, Hyperliquid, Pump.fun, Ethena, Axiom, Phantom, and PancakeSwap. Among the top ten protocols by revenue, the top four entities alone generated 65.7% of the total revenue, amounting to approximately $8.3 billion.In terms of stablecoin market capitalization, Tether remains in the lead, accounting for 60.1% of the total stablecoin market cap, approximately $187 billion, followed by Circle's USDC, which accounts for 24.2%, equivalent to $72.4 billion.

Token Terminal released data indicating that stablecoin issuers generated approximately $5 billion in revenue by deploying stablecoins on Ethereum in 2025.The total supply of stablecoins on Ethereum increased by about $50 billion throughout 2025, exceeding $180 billion by the fourth quarter. The revenue for issuers also grew, reaching approximately $1.4 billion in quarterly revenue in the fourth quarter. Part of this revenue comes from the earnings generated by the reserve assets that support the stablecoin supply, with Ethereum consistently being the largest supply vehicle for most major stablecoin issuers.

MilkyWay has completed the final protocol revenue distribution to the community, distributing a total of 92,708 USDC. This amount was converted from fees collected in the form of TIA, INIT, and BABY tokens. The distribution is based on the final protocol snapshot, and eligible participants include: MILK holders, MILK stakers, and liquidity providers. A minimum threshold of 1 USDC has been set for this distribution, and addresses with a distribution amount below 1 USDC will not receive any allocation.According to previous news from ChainCatcher, MilkyWay announced that it is gradually ceasing operations and will permanently shut down. MilkyWay stated that the demand and adoption of decentralized finance did not meet expectations, and WayCard was launched too late to alleviate the financial pressure in a timely manner.