The decentralized finance (DeFi) sector continues to thrive, with the five largest protocols generating a combined revenue of $158 million in December 2024. According to Token Terminal, four of these protocols achieved all-time highs in monthly revenue, showcasing the growing popularity and adoption of DeFi platforms.
Ethena, a synthetic dollar issuer, led the pack with a record-breaking monthly revenue of $56.9 million. This amount accounted for nearly a quarter of its total revenue for the year, standing at $230.8 million. The platform’s success highlights the increasing demand for decentralized financial products and services.
Formerly known as Maker, Sky also set a new all-time high in monthly revenue, raking in nearly $40 million in December. This represented 13% of its annual revenue of $304 million. The platform’s achievement was a testament to its resilience and innovation in the ever-evolving DeFi landscape.
Meanwhile, Aerodrome, the largest decentralized exchange on Base, secured approximately $38 million in revenue, surpassing its previous record by over $5 million. This milestone marked a significant milestone for the platform, which generated $243.6 million in revenue throughout the year.
Aave, a leading money market protocol, experienced a revenue surge of over $3 million between November and December, reaching $13.6 million. This new all-time high underscored the platform’s growing popularity and utility in the DeFi ecosystem.
Although Lido did not achieve a new record in monthly revenue, the liquid staking protocol still managed to generate $9.6 million in revenue in December. This amount accounted for 9.3% of its total revenue for the year, highlighting the platform’s steady growth and user engagement.
In addition to revenue growth, all five protocols saw an increase in fees spent on interactions, indicating real usage and value creation. Ethena and Sky’s revenue was equivalent to their fees, with Aerodrome and Aave also seeing a rise in fees compared to their revenue.
Overall, the DeFi sector continues to demonstrate its resilience and potential for innovation, with these top protocols leading the way in revenue generation and user engagement. As the industry evolves, these platforms are likely to play a crucial role in shaping the future of decentralized finance.