Aave and MakerDAO shine as DeFi revenues revisit 2021 highs amid new entrants
Quick Take From Ethena’s meteoric rise to MakerDAO’s record-setting December, here’s a closer look at DeFi’s comeback year. The following is an excerpt from The Block’s Data and Insights newsletter.
Various DeFi protocols generated large amounts of revenue in 2024 , with many established protocols making revenue figures close to their 2021 highs, while newer platforms have established themselves as critical contributors.
This has sparked what many have been calling a "DeFi renaissance."
The Solana ecosystem has been one of the standout success stories. Pump.fun is the obvious standout of the year, being the 0-to-1 protocol that arguably captured the most attention. Throughout 2024, Pump.fun generated an impressive $313 million in fees, averaging $31 million per month, with an extraordinary average monthly growth rate of nearly 77%.
As a direct beneficiary of Pump.fun’s success and the growth of the Solana ecosystem as a whole, Jito also experienced explosive revenue growth. From just $5 million in fees in January, Jito grew at an average monthly rate of 79%, reaching a total of $603 million in fees by the end of the year.
Meanwhile, Ethena has seen the most impressive growth trajectory in recent months in terms of fees generated. From just $1.7 million in fees in January 2024, Ethena collected over $267 million by the end of the year. Notably, over 54% of Ethena’s revenue for the year was generated in the last three months, as this figure grew at an average rate of 150% per month during this period.
On the other hand, MakerDAO managed to far surpass its revenue figures from its previous all-time highs in May 2021 of $12.8 million and April 2024 of $32.6 million. At the time of writing, MakerDAO has generated nearly $40 million in December, up 38% compared to the previous month. It has also generated over $313 million in fees for the year, a 176% increase compared to 2023. Despite the growth in revenue, the MKR token fell 10% during the year.
For Aave, 2024 marked a resurgence to near all-time highs, with December revenue reaching $60.9 million, close to its October 2021 peak of $65.39 million. Over the year, Aave generated a total of $389 million in fees, averaging $32.4 million per month, with a steady monthly growth rate of 14%. This represents a 244% increase in annual revenue compared to 2023. With this, the Aave token surged over 200% for the year.
This is an excerpt from The Block's Data Insights newsletter . Dig into the numbers making up the industry's most thought-provoking trends.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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