#DeFi Revenue Returns to High Levels#

DeFi revenue returned to 2021 highs in 2023, driven by new entrants, with Aave and MakerDAO particularly strong performers. Ethena's rapid rise and MakerDAO's record high in December are signs that DeFi is making a comeback. The Block's data and insights newsletter notes that the growth in DeFi revenue is largely due to the influx of new entrants, who are bringing fresh capital and liquidity to the DeFi ecosystem. Established DeFi projects like Aave and MakerDAO have also benefited from the push of new entrants, seeing significant growth in both revenue and user numbers. This suggests that DeFi is experiencing a new growth phase, with new entrants and established projects working together to drive DeFi forward.