Various DeFi protocols generated large amounts of revenue in 2024, with many established protocols making revenue figures close to their 2021 highs, while newer platforms have established themselves as critical contributors. 

This has sparked what many have been calling a "DeFi renaissance."

The Solana ecosystem has been one of the standout success stories. Pump.fun is the obvious standout of the year, being the 0-to-1 protocol that arguably captured the most attention. Throughout 2024, Pump.fun generated an impressive $313 million in fees, averaging $31 million per month, with an extraordinary average monthly growth rate of nearly 77%.

As a direct beneficiary of Pump.fun’s success and the growth of the Solana ecosystem as a whole, Jito also experienced explosive revenue growth. From just $5 million in fees in January, Jito grew at an average monthly rate of 79%, reaching a total of $603 million in fees by the end of the year.

Meanwhile, Ethena has seen the most impressive growth trajectory in recent months in terms of fees generated. From just $1.7 million in fees in January 2024, Ethena collected over $267 million by the end of the year. Notably, over 54% of Ethena’s revenue for the year was generated in the last three months, as this figure grew at an average rate of 150% per month during this period.

On the other hand, MakerDAO managed to far surpass its revenue figures from its previous all-time highs in May 2021 of $12.8 million and April 2024 of $32.6 million. At the time of writing, MakerDAO has generated nearly $40 million in December, up 38% compared to the previous month. It has also generated over $313 million in fees for the year, a 176% increase compared to 2023. Despite the growth in revenue, the MKR token fell 10% during the year.

For Aave, 2024 marked a resurgence to near all-time highs, with December revenue reaching $60.9 million, close to its October 2021 peak of $65.39 million. Over the year, Aave generated a total of $389 million in fees, averaging $32.4 million per month, with a steady monthly growth rate of 14%. This represents a 244% increase in annual revenue compared to 2023. With this, the Aave token surged over 200% for the year.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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