Ethereum’s Profits Skyrocket as Maker Rakes in $14m in Revenue
The Maker Protocol has emerged as the top revenue generator in the last month, as the Total Value Locked (TVL) in the protocol continues to grow. According to data from Defi Llama, the Maker Protocol generated $14.22 million in revenue and fees over the past 30 days. However, the TVL of the DAI stablecoin generator experienced a 6.3% decline during the same period, falling to $7.98 billion.
Lido Finance, the leading defi protocol with a TVL of $21.8 billion, accumulated $71.11 million in fees. The liquid staking protocol generated $7.11 million in revenue, which is 50% less than the Maker Protocol.
MetaMask, the decentralized wallet platform, ranks third with $6.37 million in revenue and fees generated over the past month. Interestingly, MetaMask’s monthly average fees over the past year amount to $60.31 million, indicating an 89.5% decline in January.
Aave, the leading lending protocol, saw a 0.16% increase in its TVL over the past 30 days, reaching approximately $6.91 billion. Aave collected $19.93 million in fees and generated $5.94 million in revenue.
Aave Labs, the company behind the defi protocol, recently proposed a new governance plan to integrate the GHO stablecoin across different blockchains. This move aims to enhance the utility and liquidity of the asset.
Despite an 18.46% decline in its TVL, the decentralized exchange (DEX) dYdX also made it to the list. The DEX generated $4.99 million in revenue in January.
It is worth noting that the Ethereum blockchain leads the chart with $171.52 million in revenue generated in the past 30 days. Ethereum’s monthly average revenue over the past year stands at $119.89 million, showing a 43.1% increase this month.
The global defi TVL has been consistently rising over the past week, reaching $58 billion at the time of writing, up from $54 billion on Jan. 23. This surge coincides with the crypto market gaining momentum following two weeks of continuous declines that followed the approvals of Bitcoin ETFs.
Read more: As Bitcoin bounces back to $43k, volume of BlackRock’s BTC ETF rivals that of GBTC.
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