DeFi Protocols Revenue Surge in 2024

Various DeFi protocols generated significant revenue in 2024, approaching 2021 highs, while newer platforms emerged as key players, igniting a “DeFi renaissance.”

Solana Ecosystem’s Triumph

The Solana ecosystem has excelled, with Pump.fun standing out as the year’s highlight, generating $313 million in fees (averaging $31 million monthly) and nearly 77% monthly growth.

Jito, benefiting from Pump.fun’s success, saw fees grow from $5 million in January to $603 million by year-end, with average monthly growth of 79%.

Ethena’s Remarkable Growth

Ethena demonstrated exciting growth, climbing from $1.7 million in January to over $267 million by December, with 54% of its revenue generated in the last three months at a 150% average monthly growth rate.

MakerDAO Breaks Records

MakerDAO exceeded its previous highs, generating nearly $40 million in December, up 38% from the previous month. The total fees for 2024 reached over $313 million, marking a 176% increase from 2023.

Aave’s Return to Form

Aave also returned to near-all-time highs, with December revenues of $60.9 million, close to its 2021 peak. Overall, Aave earned $389 million in fees, averaging $32.4 million monthly and a 244% annual revenue increase compared to 2023. The Aave token itself surged by over 200% for the year.

Excerpt from The Block’s Data & Insights newsletter, analyzing the industry’s most significant trends. Note: Mention of MakerDAO price removed due to token change.