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Home»ADOPTION NEWS»DeFi Protocol Monthly Fees Drop 24% in August
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DeFi Protocol Monthly Fees Drop 24% in August

By Crypto FlexsSeptember 3, 20243 Mins Read
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DeFi Protocol Monthly Fees Drop 24% in August
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In August, monthly fees earned by decentralized finance protocols fell 24.4% compared to July, reaching their lowest level since February.

According to The Block’s data dashboard, August fees were significantly lower than July’s $381.45 million and far below March’s $494.14 million. However, last month’s protocol fees were higher than February’s $265.18 million. Fee amounts are often used to measure the popularity and usage of DeFi protocols.

This month, the cumulative fees for DeFi protocols excluding the base layer were $288.38 million. Lido had the highest fees at $76.18 million, followed by Uniswap, Jito, and PancakeSwap.

“Users have noticed a decline in sustainable yields on DeFi protocols in recent months as the APR of liquidity re-staking token (LRT) strategies has disappeared and more traders have switched to Mimecoin,” said Nick Luck, an independent market researcher. “DeFi protocols have not been able to push significant innovations lately. While Uniswap prepares to launch V4, other protocols such as Euler, Bunni, etc. are continuing to develop new versions of their platforms.”

Total DeFi revenues in August also declined, reaching $59.53 million, down 19.7% from $74.15 million in July. Monthly DeFi revenues in August also hit their lowest level since February.

Bitcoin mining profits have declined.

Meanwhile, Bitcoin miner revenues showed another monthly decline last month, totaling $851.36 million and net transaction fees of $20.76 million. This is down about 10.5% from $951.11 million in July. Miner revenues hit an all-time high of over $2 billion in March.

The August decline in mining revenue comes amid significant volatility in Bitcoin, which was driven by a number of factors including uncertainty surrounding the upcoming US presidential election, outflows from spot cryptocurrency exchange-traded funds, and a lack of bullish catalysts in the crypto sector. transmission, JPMorgan Downgrades Rating Bitcoin miners’ price targets reflect declines in price and increases in the baseline network hash rate.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, influential and timely information on the cryptocurrency industry. Current financial disclosures are as follows:

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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