DeFi Protocols Fees Dropped Almost 25% Last Month
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In August, there was a 24.4% decrease from July in the monthly fees earned by decentralized finance protocols, marking the lowest point since February.
This drop was significant compared to the $381.45 million earned in July, and even further from March’s $494.14 million. However, August’s fees were still higher than February’s $265.18 million.
The amount of fees generated is often used as a measure of a DeFi protocol’s popularity and usage.
Lido was the top earner with $76.18 million in fees, followed by Uniswap, Jito, and PancakeSwap. Independent market researcher Nick Ruck stated that the decrease in fees could be attributed to declining sustainable yield and an increase in traders turning to memecoins.
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