DeFi protocols generated more than $370 million in revenue during May
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.
© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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