DeFi protocols generated more than $370 million in revenue during May
June 1, 2021, 5:16PM EDT
1 min read
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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Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.