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

advertisement

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. 

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Layer-1 Platforms: A Framework for Comparison

The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
Read Full Story
Aug 11, 2021, 5:18PM UTC
More