• bitcoinBitcoin (BTC) $ 108,920.00
  • ethereumEthereum (ETH) $ 2,590.57
  • tetherTether (USDT) $ 0.999980
  • xrpXRP (XRP) $ 2.29
  • bnbBNB (BNB) $ 660.85
  • solanaSolana (SOL) $ 152.21
  • usd-coinUSDC (USDC) $ 0.999906
  • tronTRON (TRX) $ 0.286645
  • dogecoinDogecoin (DOGE) $ 0.170839
  • staked-etherLido Staked Ether (STETH) $ 2,590.11
  • cardanoCardano (ADA) $ 0.585582
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 109,029.00
  • hyperliquidHyperliquid (HYPE) $ 38.21
  • wrapped-stethWrapped stETH (WSTETH) $ 3,133.54
  • suiSui (SUI) $ 2.91
  • bitcoin-cashBitcoin Cash (BCH) $ 502.59
  • chainlinkChainlink (LINK) $ 13.54
  • leo-tokenLEO Token (LEO) $ 9.06
  • stellarStellar (XLM) $ 0.253733
  • avalanche-2Avalanche (AVAX) $ 18.20
  • usdsUSDS (USDS) $ 0.999798
  • shiba-inuShiba Inu (SHIB) $ 0.000012
  • wrapped-eethWrapped eETH (WEETH) $ 2,777.73
  • the-open-networkToncoin (TON) $ 2.77
  • hedera-hashgraphHedera (HBAR) $ 0.160880
  • wethWETH (WETH) $ 2,592.46
  • litecoinLitecoin (LTC) $ 86.75
  • whitebitWhiteBIT Coin (WBT) $ 44.93
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999779
  • moneroMonero (XMR) $ 314.69
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 109,013.00
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • polkadotPolkadot (DOT) $ 3.41
  • bitget-tokenBitget Token (BGB) $ 4.31
  • uniswapUniswap (UNI) $ 7.65
  • aaveAave (AAVE) $ 289.27
  • pepePepe (PEPE) $ 0.000010
  • daiDai (DAI) $ 0.999995
  • pi-networkPi Network (PI) $ 0.459996
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.18
  • bittensorBittensor (TAO) $ 322.66
  • okbOKB (OKB) $ 48.28
  • aptosAptos (APT) $ 4.44
  • crypto-com-chainCronos (CRO) $ 0.091898
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • jito-staked-solJito Staked SOL (JITOSOL) $ 184.95
  • nearNEAR Protocol (NEAR) $ 2.19
  • internet-computerInternet Computer (ICP) $ 4.80
  • ethereum-classicEthereum Classic (ETC) $ 16.75
  • ondo-financeOndo (ONDO) $ 0.793485
  • susdssUSDS (SUSDS) $ 1.06
  • usd1-wlfiUSD1 (USD1) $ 0.999741
  • kaspaKaspa (KAS) $ 0.075789
  • mantleMantle (MNT) $ 0.570812
  • fasttokenFasttoken (FTN) $ 4.45
  • cosmosCosmos Hub (ATOM) $ 4.10
  • gatechain-tokenGate (GT) $ 15.54
  • vechainVeChain (VET) $ 0.020715
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.673091
  • bonkBonk (BONK) $ 0.000022
  • official-trumpOfficial Trump (TRUMP) $ 8.54
  • skySky (SKY) $ 0.079494
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.188639
  • arbitrumArbitrum (ARB) $ 0.336819
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 108,892.00
  • render-tokenRender (RENDER) $ 3.20
  • ethenaEthena (ENA) $ 0.260407
  • binance-peg-wethBinance-Peg WETH (WETH) $ 2,588.85
  • filecoinFilecoin (FIL) $ 2.30
  • quant-networkQuant (QNT) $ 106.51
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 4.52
  • algorandAlgorand (ALGO) $ 0.177419
  • worldcoin-wldWorldcoin (WLD) $ 0.870302
  • usdtbUSDtb (USDTB) $ 0.999859
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.997235
  • binance-staked-solBinance Staked SOL (BNSOL) $ 161.14
  • sei-networkSei (SEI) $ 0.255397
  • kucoin-sharesKuCoin (KCS) $ 11.06
  • usdt0USDT0 (USDT0) $ 1.00
  • jupiter-exchange-solanaJupiter (JUP) $ 0.435095
  • spx6900SPX6900 (SPX) $ 1.34
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 2,718.39
  • nexoNEXO (NEXO) $ 1.22
  • rocket-pool-ethRocket Pool ETH (RETH) $ 2,954.52
  • tokenize-xchangeTokenize Xchange (TKX) $ 14.17
  • celestiaCelestia (TIA) $ 1.62
  • flare-networksFlare (FLR) $ 0.016125
  • fartcoinFartcoin (FARTCOIN) $ 1.09
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 0.999851
  • xdce-crowd-saleXDC Network (XDC) $ 0.065448
  • injective-protocolInjective (INJ) $ 10.59
  • mantle-staked-etherMantle Staked Ether (METH) $ 2,768.17
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 1.00
  • blockstackStacks (STX) $ 0.649223
  • sonic-3Sonic (S) $ 0.307426
  • solv-btcSolv Protocol BTC (SOLVBTC) $ 111,152.00
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 2,723.53
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 1.47
  • syrupusdcSyrupUSDC (SYRUPUSDC) $ 1.11
  • optimismOptimism (OP) $ 0.546971
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.015025
  • pax-goldPAX Gold (PAXG) $ 3,324.62
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 108,876.00
  • story-2Story (IP) $ 3.11
  • wbnbWrapped BNB (WBNB) $ 661.28
  • paypal-usdPayPal USD (PYUSD) $ 0.999827
  • kaiaKaia (KAIA) $ 0.149668
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 2,733.48
  • dogwifcoindogwifhat (WIF) $ 0.853210
  • clbtcclBTC (CLBTC) $ 109,014.00
  • the-graphThe Graph (GRT) $ 0.084178
  • flokiFLOKI (FLOKI) $ 0.000086
  • tether-goldTether Gold (XAUT) $ 3,315.52
  • vaultaVaulta (A) $ 0.506992
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 170.85
  • pancakeswap-tokenPancakeSwap (CAKE) $ 2.28
  • immutable-xImmutable (IMX) $ 0.419551
  • msolMarinade Staked SOL (MSOL) $ 199.10
  • liquid-staked-ethereumLiquid Staked ETH (LSETH) $ 2,804.47
  • ousgOUSG (OUSG) $ 111.71
  • curve-dao-tokenCurve DAO (CRV) $ 0.510014
  • superstate-short-duration-us-government-securities-fund-ustbSuperstate Short Duration U.S. Government Securities Fund (USTB) (USTB) $ 10.74
  • theta-tokenTheta Network (THETA) $ 0.693164
  • usdx-money-usdxStables Labs USDX (USDX) $ 0.998248
  • zcashZcash (ZEC) $ 40.59
  • lido-daoLido DAO (LDO) $ 0.725325
  • galaGALA (GALA) $ 0.014239
  • jito-governance-tokenJito (JTO) $ 1.86
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.09
  • ethereum-name-serviceEthereum Name Service (ENS) $ 18.77
  • iotaIOTA (IOTA) $ 0.158434
  • raydiumRaydium (RAY) $ 2.25
  • bittorrentBitTorrent (BTT) $ 0.00000061
  • the-sandboxThe Sandbox (SAND) $ 0.246106
  • saros-financeSaros (SAROS) $ 0.228084
  • aerodrome-financeAerodrome Finance (AERO) $ 0.702863
  • solv-protocol-solvbtc-bbnSolv Protocol Staked BTC (XSOLVBTC) $ 107,979.00
  • jasmycoinJasmyCoin (JASMY) $ 0.012167
  • usual-usdUsual USD (USD0) $ 0.997900
  • wrapped-hypeWrapped HYPE (WHYPE) $ 38.31
  • super-oethSuper OETH (SUPEROETH) $ 2,594.85
  • tbtctBTC (TBTC) $ 108,799.00
  • newton-projectAB (AB) $ 0.008446
  • pendlePendle (PENDLE) $ 3.40
  • pyth-networkPyth Network (PYTH) $ 0.097062
  • walrus-2Walrus (WAL) $ 0.405243
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 2,772.08
  • tezosTezos (XTZ) $ 0.529473
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 2,593.82
  • syrupMaple Finance (SYRUP) $ 0.510710
  • falcon-financeFalcon USD (USDF) $ 0.992266
  • cgeth-hashkey-cloudcgETH Hashkey Cloud (CGETH.HASH) $ 2,683.32
  • flowFlow (FLOW) $ 0.329339
  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 109,043.00
  • decentralandDecentraland (MANA) $ 0.267444
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 2,592.46
  • coredaoorgCore (CORE) $ 0.490809
  • true-usdTrueUSD (TUSD) $ 0.997051
  • bitcoin-svBitcoin SV (BSV) $ 24.69
  • ripple-usdRipple USD (RLUSD) $ 0.999841
  • apecoinApeCoin (APE) $ 0.601933
  • bridged-usdc-polygon-pos-bridgeBridged USDC (Polygon PoS Bridge) (USDC.E) $ 0.999906
  • thorchainTHORChain (RUNE) $ 1.34
  • venomVenom (VENOM) $ 0.225803
  • chain-2Onyxcoin (XCN) $ 0.013752
  • staked-hypeStaked HYPE (STHYPE) $ 38.22
  • dexeDeXe (DEXE) $ 7.70
  • dog-go-to-the-moon-runeDog (Bitcoin) (DOG) $ 0.004416
  • morphoMorpho (MORPHO) $ 1.38
  • binance-peg-dogecoinBinance-Peg Dogecoin (DOGE) $ 0.170778
  • apenftAPENFT (NFT) $ 0.00000044
  • beldexBeldex (BDX) $ 0.060848
  • based-brettBrett (BRETT) $ 0.043683
  • kavaKava (KAVA) $ 0.398888
  • heliumHelium (HNT) $ 2.31
  • usddUSDD (USDD) $ 0.999805
  • hashnote-usycCircle USYC (USYC) $ 1.09
  • mog-coinMog Coin (MOG) $ 0.000001
  • starknetStarknet (STRK) $ 0.112992
  • reserve-rights-tokenReserve Rights (RSR) $ 0.007003
  • usdbUSDB (USDB) $ 0.990962
  • stader-ethxStader ETHx (ETHX) $ 2,752.51
  • dydx-chaindYdX (DYDX) $ 0.527551
  • movementMovement (MOVE) $ 0.150359
  • neoNEO (NEO) $ 5.48
  • elrond-erd-2MultiversX (EGLD) $ 13.49
  • compound-governance-tokenCompound (COMP) $ 40.82
  • conflux-tokenConflux (CFX) $ 0.074326
  • mantle-bridged-usdt-mantleMantle Bridged USDT (Mantle) (USDT) $ 1.00
  • ecasheCash (XEC) $ 0.000019
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 2,594.90
  • ether-fi-staked-btcEther.fi Staked BTC (EBTC) $ 108,785.00
  • eosEOS (EOS) $ 0.507569
  • polygon-pos-bridged-dai-polygon-posPolygon PoS Bridged DAI (Polygon POS) (DAI) $ 0.999970
  • aioz-networkAIOZ Network (AIOZ) $ 0.306019
  • ether-fiEther.fi (ETHFI) $ 0.963656
  • eigenlayerEigenCloud (prev. EigenLayer) (EIGEN) $ 1.15
  • build-onBUILDon (B) $ 0.356410
  • axie-infinityAxie Infinity (AXS) $ 2.15
  • kaitoKAITO (KAITO) $ 1.47

DeFi Market Experiences Revenue Drops as On-chain Activity Reduces 

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DeFi Market Experiences Revenue Drops as On-chain Activity Reduces 

  • The broader DeFi sector is witnessing revenue decline where most of the platforms faced declines of over 50% in March.
  • MakerDAO was the only good performer in March with an 11% revenue surge.

The decentralized finance (DeFi) sector witnessed a massive revenue downturn in March 2025. Most of the major protocols across multiple blockchains reported over 50% decline in their revenues.

Defi protocols generate their revenue from transaction fees, lending fees, and other service charges. The drop in revenues indicated a decline in on-chain activity, reduced trading volumes, and a decrease in user activity on DeFi platforms.

Weak Revenues Hinting at Market Headwinds

A 50% revenue loss might reflect a potential market sentiment shift, which could lead to negative market sentiment and further outflows of capital from the ecosystem.

In March, Solana-based protocols such as Pump.fun, Jito, and Raydium generated approximately $42 million in revenue. The data revealed that March revenue was a 55% drop from February and a 75% decrease from January’s peak.

Meanwhile, BNB Chain’s Pancakeswap generated a revenue of $21 million which marked a decrease of 54% in revenue on a month-over-month basis. The trend was similarly concerning on the Ethereum-based protocols. The platforms such as Ethena, Lido, Aave, Curve, Compound and Sushi collectively generated just $24.5 million of revenue in March. Ethereum-based protocols witnessed a 52% and 65% drop in revenues compared to February and January 2025.

MakerDAO (recently rebranded as Sky) emerged as the only solo performer who witnessed a month-over-month increase in revenues. It generated over $10 million in revenue in March, which is an 11% increase compared to February.

The broader implications of this revenue collapse are already visible in DeFi token performance. The GMCI’s GMDEFI index, which tracks tokens from various DeFi projects across multiple chains, is down 40% year-to-date. This significant underperformance highlights growing investor concerns about the sector’s immediate growth prospects as on-chain activity continues to decline.

Source

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