The total revenue of most major DeFi protocols has plummeted in March. Revenue is described as the accumulated fees for both the protocol and token holders, excluding fees belonging to the supply side.
DeFi protocols based on Solana, including Pump.fun, Jito, and Raydium, generated a total of around $42 million in revenue in March. This figure represents a decrease of about 55% compared to February and a drop of approximately 75% from the previous record high in January.
On BNB Chain, Pancakeswap generated only 21 million USD in revenue in March, a decrease of 54% compared to the previous month.
Source: The BlockMeanwhile, Ethereum-based DeFi protocols with similar trends include Ethena, Lido, Aave, Curve, Compound, and Sushi. In total, these protocols generated only 24.5 million USD in revenue in March, down over 52% and 65% compared to February and January, respectively.
Interestingly, unlike its competitors, MakerDAO ( now known as Sky) witnessed an increase in monthly revenue last month with $10 million, a rise of 11%. Sky is the only protocol among the 11 mentioned that experienced revenue growth last month.
The significant decline in revenue across the entire DeFi sector may be due to a general decrease in on-chain activity and trading volume across all major blockchains. This has led to a similar decline in DeFi tokens in 2025 to date, with the DeFi indices GMCI and GMDEFI dropping by 40% since the beginning of the year.
GMDEFI of GMCI is an index containing tokens from various DeFi projects across multiple chains, including Uniswap, Aave, Jupiter, Ethena, Maker, PancakeSwap, and Ethena, along with many other projects.
Disclaimer:This article is for informational purposes only and is not investment advice. Investors should do their own research before making any decisions. We are not responsible for your investment decisions.
Charles Hoskinson: Cardano can unlock Bitcoin's DeFi potential
Bitcoin challenges the $80,000 level, forming a 'death cross' as US stocks mimic the COVID-19 crash of 2020
DappRadar: DeFi TVL decreased by 27% while AI and social applications surged in Q1
Vương Tiễn
@media only screen and (min-width: 0px) and (min-height: 0px) {
div[id^="wrapper-sevio-d89f58f5-7b63-40be-98c0-6b1fd62584fb"] {
width:320px;
height: 100px;
}
}
@media only screen and (min-width: 728px) and (min-height: 0px) {
div[id^="wrapper-sevio-d89f58f5-7b63-40be-98c0-6b1fd62584fb"] {
width: 728px;
height: 90px;
}
}
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
DeFi revenue fell sharply in March as on-chain activity slowed down.
DeFi protocols based on Solana, including Pump.fun, Jito, and Raydium, generated a total of around $42 million in revenue in March. This figure represents a decrease of about 55% compared to February and a drop of approximately 75% from the previous record high in January.
On BNB Chain, Pancakeswap generated only 21 million USD in revenue in March, a decrease of 54% compared to the previous month.
Interestingly, unlike its competitors, MakerDAO ( now known as Sky) witnessed an increase in monthly revenue last month with $10 million, a rise of 11%. Sky is the only protocol among the 11 mentioned that experienced revenue growth last month.
The significant decline in revenue across the entire DeFi sector may be due to a general decrease in on-chain activity and trading volume across all major blockchains. This has led to a similar decline in DeFi tokens in 2025 to date, with the DeFi indices GMCI and GMDEFI dropping by 40% since the beginning of the year.
GMDEFI of GMCI is an index containing tokens from various DeFi projects across multiple chains, including Uniswap, Aave, Jupiter, Ethena, Maker, PancakeSwap, and Ethena, along with many other projects.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own research before making any decisions. We are not responsible for your investment decisions.
Vương Tiễn
@media only screen and (min-width: 0px) and (min-height: 0px) { div[id^="wrapper-sevio-d89f58f5-7b63-40be-98c0-6b1fd62584fb"] { width:320px; height: 100px; } } @media only screen and (min-width: 728px) and (min-height: 0px) { div[id^="wrapper-sevio-d89f58f5-7b63-40be-98c0-6b1fd62584fb"] { width: 728px; height: 90px; } }