Top Protocols by Revenue in September
The top ten protocols kept ~$981M in revenue last month, and Tether and Circle took 73% of it:
• Tether – $505M
• Circle – $207M
• Hyperliquid – $55.9M
• Pump – $53.1M
• GMGN – $40.3M
• Fomo – $32.5M
• Stonk Fun – $27.4M
• Pons – $23.4M
• Axiom – $18.4M
• Grayscale – $17.8M
The top ten protocols kept ~$981M in revenue last month, and Tether and Circle took 73% of it:
• Tether – $505M
• Circle – $207M
• Hyperliquid – $55.9M
• Pump – $53.1M
• GMGN – $40.3M
• Fomo – $32.5M
• Stonk Fun – $27.4M
• Pons – $23.4M
• Axiom – $18.4M
• Grayscale – $17.8M
Catalyst Raises $30M Seed for AI Trading Agents
Catalyst raised a $30M seed led by Sequoia, with Jump Trading, Peak XV, Lux Capital, AntiFund, Selini Capital, SF1, Coinbase and Premji Invest.
Its pilot with power traders did hundreds of millions in volume in a couple of weeks, per Fortune. Catalyst is now letting users in from its waitlist.
Catalyst raised a $30M seed led by Sequoia, with Jump Trading, Peak XV, Lux Capital, AntiFund, Selini Capital, SF1, Coinbase and Premji Invest.
Users describe a trade idea in plain English, like a bet on a super El Niño forecast. Catalyst researches it, builds a visual workflow, watches prices, news and social signals, and places the trades across spot tokens, perps, tokenized stocks and prediction markets. The company was founded in 2025 by Justin Zheng, formerly at Worldcoin, and Dylan Iskandar.
Its pilot with power traders did hundreds of millions in volume in a couple of weeks, per Fortune. Catalyst is now letting users in from its waitlist.
DATA Network Ditches Its Own Chain for Sui
Sui Foundation is investing $30M in DATA Network, the AI training data protocol formerly known as Story, and becomes its largest institutional holder.
DATA tokens move to Sui 1:1, with locked and vesting positions carried over unchanged. The current network keeps running until the switch, and a migration timeline comes before the upgrade.
Sui Foundation is investing $30M in DATA Network, the AI training data protocol formerly known as Story, and becomes its largest institutional holder.
DATA Network will retire its own chain and run natively on Sui, with Walrus as the default storage layer. Running a dedicated chain for one use case meant paying for validators, security and infrastructure, a DATA Foundation spokesperson said. Its Trace registry, launched in June, has logged 250M+ data contributions and handles 3M+ receipts a day.
DATA tokens move to Sui 1:1, with locked and vesting positions carried over unchanged. The current network keeps running until the switch, and a migration timeline comes before the upgrade.