2025-04-05
Most major DeFi platforms on Solana,
Ethereum, and BNB Chain made a lot less money in March, revenues dropped by
more than 50% for many of them. This happened because fewer people were using
these platforms.
The only big platform that saw its
revenue go up was MakerDAO, now called Sky. Meanwhile, DeFi tokens overall are
having a tough year, with the GMDEFI index down 40% since the start of 2025.
Here’s a breakdown:
Solana DeFi protocols like Pump.fun,
Jito, and Raydium brought in about $42 million in March. That’s down 55% from
February and 75% from their January peak.
PancakeSwap on BNB Chain
made $21 million in March, a 54% drop from the previous month.
Ethereum-based platforms such as Lido,
Aave, Curve, Compound, Sushi, and Ethena earned $24.5 million combined—down
over 52% from February and 65% from January.
MakerDAO (Sky) was the
exception. It made $10 million in March, up 11% from February.
The overall decline in DeFi revenues likely came from less activity and lower trading volumes across major blockchains.
That slowdown also dragged down token
performance, with the GMDEFI index, made up of tokens from projects like
Uniswap, Aave, Jupiter, and others, falling 40% this year.
