DeFi protocols generated more than $370 million in revenue during May

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Decentralized finance (DeFi) protocols built on Ethereum produced all-time high revenues in May, according to data compiled by The Block. 

Taking the top spot for the month was Uniswap, reaching $153.9 million (41.4%) of the $371.6 million total monthly DeFi protocol revenue. Sushiswap had the next largest portion at 20.3%, followed by Aave at 16.6%. 

As expected, much of the revenue went to the supply-side — that is, those providing liquidity to the protocols.

More broadly, Ethereum also saw record-breaking metrics, as noted by The Block Research's report breaking down May by the numbers. These include record-breaking revenue figures for miners as well as overall on-chain activity on the network. 

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