Aave’s revenue split dispute, Solana’s revenue overtakes Ethereum — what crypto is talking about today

Published: December 22, 2025 • By BlockBeats Editorial

Over the past 24 hours, the crypto conversation has crystallized around two themes that define this cycle’s fault lines: DeFi governance versus monetization, and privacy versus compliance. At the same time, ecosystem metrics continue to shift, with Solana’s full‑year revenue outpacing Ethereum’s and on‑chain perps entering a new phase of product‑market fit.

1) Aave’s revenue distribution row: who gets the fees?

Aave’s community is in the middle of a high‑stakes governance dispute over who should receive swap‑related fees generated via the official aave.com interface after a recent integration with CoW Swap. Community analysts and service providers argue that a 15–25 bps “partner fee” on swaps is accruing to an Aave Labs–controlled address, not the DAO treasury—estimated at roughly $200,000 per week, or about $10 million annually. The analysis also compares revenue before and after the change (when Aave relied on ParaSwap and surplus was routinely sent to the DAO), framing the shift as “privatizing” a meaningful share of protocol cash flow. See the quantitative breakdown and ongoing discussion on the Aave governance forum, as well as independent coverage. (governance.aave.com)

Aave governance has spent much of 2025 re‑architecting “Aavenomics,” including a buyback‑and‑distribute program and the “Umbrella” safety mechanism. Those changes aim to channel protocol revenues toward tokenholders and reduce the risk profile of the Safety Module—context that makes the present fee debate even more sensitive. For the full proposals and market reporting, see the ARFC threads and media recaps. (governance.aave.com)

What to watch next:

• Clear separation of “protocol” versus “frontend” monetization in DAO charters
• Disclosure norms for partner fees on official domains
• Whether the DAO pursues retroactive transfers or new revenue‑sharing terms

For users, the takeaway is simple: frontends can become economic choke points even when smart contracts remain permissionless. Use alternative interfaces when appropriate and verify fee policies before swapping.

2) Privacy, OFAC, and the persistence of wallet blacklists

In March 2025 the U.S. Treasury removed Tornado Cash from its sanctions list after a high‑profile legal fight, but practical “wallet blacklist” risks have not disappeared. Major web apps continue to screen addresses through compliance vendors, and stablecoin issuers preserve the ability to freeze or block funds. That means your access can still be gated at the interface or asset‑issuer level, even when contracts are technically open. (reuters.com)

Two concrete examples:

• Uniswap Labs’ official app screens addresses via TRM Labs and can block access to its frontend for wallets associated with illicit activity (the protocol itself remains permissionless). (support.uniswap.org)
• Circle’s USDC terms explicitly enable blocklisting and freezing of funds associated with “Blocked Addresses,” with actions taken at Circle’s discretion or pursuant to legal orders. (circle.com)

Operationally, this leaves self‑custody users with a few best practices:

• Maintain control of your keys and be ready to use alternative interfaces or your own RPC endpoints if a front‑end geofence or address screen is triggered.
• Prefer assets and routes whose issuers and apps publish transparent, predictable enforcement policies.
• Keep a written record of fee policies and service terms you rely on for your compliance stack.

3) Solana’s revenue flippening: speed and productization show up in cash flows

Across 2025, Solana has emerged as the industry’s revenue leader, driven by high‑frequency trading apps, priority fees, and tips. A widely cited 21Shares analysis estimates Solana generated $2.85 billion in network revenue from October 2024 to September 2025, with a $616 million peak in January during the memecoin surge. Multiple outlets report that this puts Solana ahead of Ethereum on several timeframes, with some characterizing it as an annual “flippening.” (21shares.com)

Beyond the annual headline, Solana led network revenue for multiple consecutive quarters in 2025, according to analytics cited by CoinDesk. The pattern underscores a shift from “cheap blockspace equals low revenue” to “cheap blockspace priced by throughput and product usage.” Expect continued focus on scaling upgrades like Firedancer and performance‑sensitive app categories—trading, games, AI agents—that capture the benefits of Solana’s low‑latency design. (coindesk.com)

What this means:

• For builders: fee markets and tips can sustain app‑level business models even with tiny per‑tx fees.
• For validators: volatile priority fees can materially change staking economics over a short window.
• For users: network quality (finality, congestion management) now translates directly to UX and, by extension, chain‑level revenue.

4) On‑chain perps are having a moment

Parallel to L1 dynamics, on‑chain perpetuals have broken out. Hyperliquid has recorded months with $200B–$250B in perp volume, captured 60–70%+ of on‑chain perp share by several measures, and amassed hundreds of millions in cumulative revenue. The Block’s data coverage and Artemis research attribute the growth to CEX‑grade performance with transparent, on‑chain settlement. (theblock.co)

Big picture: perps now account for a majority of volume on both CEXs and DEXs in 2025. As product‑market fit consolidates around fast order books and shared liquidity, we should expect tighter integration between app‑level incentives and L1/L2 fee markets. (theblock.co)

5) Actionable security and compliance hygiene for self‑custody

• Understand where fees go. Frontend partner fees may differ from protocol‑level parameters—Aave’s debate is a live example. Check governance forums and official proposals before routing size through one UI. (governance.aave.com)
• Expect interface screening. Even post‑OFAC delisting of Tornado Cash, major apps continue address screening and stablecoin blocklisting policies remain in force. Plan for alternate access paths. (reuters.com)
• Keep keys offline. Hardware‑secured signing reduces exposure if a web app blocks an address or a browser wallet is rate‑limited or geofenced.

If you prefer an open‑source, multi‑chain hardware wallet with secure offline signing and a smooth “plug‑into‑any‑frontend” workflow, OneKey is designed for exactly these realities: you maintain sovereignty over keys while choosing the interfaces and RPCs that fit your compliance posture and UX needs. That way, governance shifts or frontend blacklists don’t dictate how—or whether—you can transact.

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References and further reading:

• Aave fee split debate and quantitative forum analysis; Aavenomics implementation and Safety Module updates; market recaps. (governance.aave.com)
• Tornado Cash sanctions update; Uniswap address screening guidance; USDC blocklisting terms. (reuters.com)
• Solana revenue milestones and quarterly leadership; chain‑level analytics context. (21shares.com)
• On‑chain perps growth and Hyperliquid performance. (theblock.co)

SEO notes: This article touches on the latest developments in “Aave governance,” “Solana revenue,” “Ethereum fees,” “Tornado Cash compliance,” and “on‑chain perps,” with links to authoritative sources for deeper exploration.