If the golden printing press of this era is still hidden deep within some high-rise, then you might not be keeping up with the rhythm.

The real money printer no longer relies on the ink and steel stamps of banks, but hides behind a string of codes on the blockchain - for example, Ethereum.

According to data from Token Terminal, the Ethereum ecosystem has generated approximately $7.3 billion in revenue over the past 365 days. Yes, you read that right, it’s not trading volume, nor valuation, but actual revenue. This is more than the fiscal revenue of many countries.

Who is making money?

Let's break down this $7.3 billion "big cake" and see who made it:

Tether and Circle: These twin stars of stablecoins are the engines of the entire on-chain payment system. Behind every USDT and USDC are real transaction fees and exchange profits.