DeFi Protocol Fees Plummet by 24% in August

In August, DeFi protocols collectively garnered $288.38 million in fees, a stark decline from $494.14 million the previous month. This 24.4% drop brought the figure close to February levels, experts from The Block noted.

Lido emerged as the leader with $76.18 million in fees, followed by Uniswap ($49.6 million), Jito ($31.98 million), and PancakeSwap ($27.34 million).

“Users have noticed a decline in the sustainable yield of DeFi protocols, as the annual rate on liquid restaking strategies has dwindled in recent months, with traders mainly shifting to meme coins,” commented independent market researcher Nick Rak.

He highlighted the recent lack of significant innovations among projects. Uniswap is only preparing to launch version V4, while others like Euler or Bunni continue to work on updates, the expert added.

By the end of the summer month, the total revenue of DeFi protocols also decreased to $59.53 million from $74.15 million in July — a 19.7% drop. This marked the lowest level since February.

Leading the revenue chart was the meme-token launch platform Pump.fun on Solana with $20.36 million. It was followed by Uniswap ($7.79 million), Lido ($7.62 million), and MakerDAO ($7.03 million).

Back in August, the latter protocol rebranded to Sky and renamed the updated versions of the DAI stablecoin and MKR governance token.