Tokenized funds distributed through Securitize generated an estimated $12.51 million in gross fees over 30 days, according to DefiLlama’s current methodology. The dashboard attributes $2.73 million of that total to protocol revenue, implying a revenue-to-fee ratio of approximately 21.8% across products deployed on 13 blockchains. Ethereum contributed about $4.12 million in gross fees, while ZKsync Era produced roughly $1.98 million of the tracked revenue.
The figures show that tokenized assets can generate substantial recurring economics without relying on exchange-style turnover. Most of the measured activity comes from investment yield and management charges attached to tokenized funds, including BlackRock’s BUIDL, Apollo’s ACRED, VanEck’s VBILL and other products tokenized through Securitize.
➥ @Securitize quietly generated more 30D rev than most DeFi apps
within 30 days, its tokenized-asset platform produced:
• $12.50M in gross fees
• $2.73M in protocol rev
• activity across 13 chainsthat is a ~21.8% revenue capture rate
the part that caught me off guard is… pic.twitter.com/tp1fOnlngb
— Nick Research (@Nick_Researcher) August 2, 2026
DefiLlama’s Revenue Label Requires Careful Interpretation
DefiLlama defines gross fees for Securitize-linked products as a combination of yield generated by underlying assets and applicable management fees. For BUIDL, that includes income from U.S. Treasury bills, cash and repurchase agreements, plus BlackRock’s management charge. The majority of the $12.51 million should therefore not be read as income retained by Securitize, because much of it represents returns generated for fund investors.
The $2.73 million revenue figure is narrower, but it still does not establish that every dollar belongs to Securitize as corporate revenue. DefiLlama classifies management fees as protocol revenue, even when those charges are associated with external asset managers. ZKsync’s contribution is largely tied to a 2.5% management fee on Blockchain Capital’s tokenized fund, explaining why the network accounts for nearly three-quarters of the 30-day revenue total.
This distinction separates Securitize’s economics from those of decentralized exchanges. DEX fees generally arise from swaps and may be divided among liquidity providers, token holders or protocol treasuries. Securitize-linked fee generation is instead tied primarily to assets under management and yield produced by off-chain portfolios, making growth more dependent on capital inflows, interest rates and fund terms than on speculative trading volume.
Onchain Metrics Are Not the Same as Company Earnings
Securitize reported $19.5 million in total corporate revenue for the first quarter of 2026 in materials furnished to the U.S. Securities and Exchange Commission. That financial result covers the company’s broader service businesses and follows accounting standards that differ from DefiLlama’s estimates, so the two figures should not be combined or compared as equivalent measures.
The dashboard nevertheless highlights a developing revenue model within real-world asset infrastructure. Securitize’s tracked products hold nearly $5 billion in value, while BUIDL alone represented approximately $2.67 billion on August 3. A larger asset base can support recurring management-fee income even when transfers and secondary trading remain modest, giving tokenization platforms a different operating profile from high-velocity crypto venues.
The 30-day snapshot does not prove that the current pace will persist. Fund balances can change through subscriptions and redemptions, while declining yields or revised fee schedules would alter the totals. The stronger conclusion is that tokenized investment products are producing measurable onchain economics, but DefiLlama’s “protocol revenue” should not be treated as a direct statement of Securitize’s net sales, profit or cash flow.