Token Terminal reports that the five most popular DeFi protocol generated $158,000,000 in revenue by December 2024. Of these, four reached new highs in monthly revenue.
Ethena, the synthetic dollar issuing company Leading in Revenue In December, the company recorded a monthly revenue of $56,9 million, which is a record. This amount was also nearly 25 percent of the $230.8 millions in revenues generated by the company last year.
Sky (former Maker), A new world record was set. The company generated a high monthly revenue of nearly $40 million, which represents 13% from the 304 million dollars it earned in 2024. It is now less than $1,000,000 away from its previous record, which was set in January 2022.
Aerodrome, which is the base’s largest DEX, generated approximately $38,000,000 in revenue during December. This was a new all-time high of over $5 million higher than the previous one and equivalent to 15.6% of the protocol’s $243.6 million in revenue in 2024.
Aave’s revenue, which is the largest money market in Aave, grew over $3 millions between November and last December to $13.6 Million. This monthly revenue record was 16.7% higher than the $81.4 Million total revenue from last year.
Lido – the only DeFi app in the group without an all-time monthly high in revenue – received $9.6 millions in revenue from user interactions. This amount is equivalent to $9.3% of $103.6 million revenue that the liquid stake protocol will receive in 2024.
Realizing real value
The fees charged for interactions is a common metric used to determine the actual DeFi protocol use. The five DeFi applications mentioned earlier also saw an increase in the fees they charge, which is a sign of real usage.
According to its model, Ethena’s revenue equals its fees, which were $56.9 million last month. Sky’s fees, at nearly $40 millions, are calculated using the same logic.
Aerodrome’s revenue was $38.3m, but its fees were a tiny bit higher. Aave also reached a record high of $89,8 million.
Lido’s third largest monthly fee was $96.7 Million, even though it had the smallest group revenue.
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