• bitcoinBitcoin (BTC) $ 111,115.00
  • ethereumEthereum (ETH) $ 2,720.35
  • tetherTether (USDT) $ 0.999956
  • xrpXRP (XRP) $ 2.47
  • bnbBNB (BNB) $ 688.94
  • solanaSolana (SOL) $ 184.89
  • usd-coinUSDC (USDC) $ 0.999803
  • dogecoinDogecoin (DOGE) $ 0.250807
  • cardanoCardano (ADA) $ 0.833965
  • tronTRON (TRX) $ 0.275068
  • staked-etherLido Staked Ether (STETH) $ 2,721.40
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 110,881.00
  • suiSui (SUI) $ 3.92
  • hyperliquidHyperliquid (HYPE) $ 35.76
  • wrapped-stethWrapped stETH (WSTETH) $ 3,273.87
  • chainlinkChainlink (LINK) $ 17.08
  • avalanche-2Avalanche (AVAX) $ 25.76
  • stellarStellar (XLM) $ 0.309308
  • shiba-inuShiba Inu (SHIB) $ 0.000016
  • bitcoin-cashBitcoin Cash (BCH) $ 452.45
  • hedera-hashgraphHedera (HBAR) $ 0.208038
  • leo-tokenLEO Token (LEO) $ 8.87
  • the-open-networkToncoin (TON) $ 3.21
  • polkadotPolkadot (DOT) $ 5.10
  • litecoinLitecoin (LTC) $ 102.09
  • wethWETH (WETH) $ 2,721.50
  • moneroMonero (XMR) $ 387.68
  • usdsUSDS (USDS) $ 0.999775
  • pepePepe (PEPE) $ 0.000016
  • bitget-tokenBitget Token (BGB) $ 5.67
  • wrapped-eethWrapped eETH (WEETH) $ 2,902.48
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
  • pi-networkPi Network (PI) $ 0.809105
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 111,154.00
  • whitebitWhiteBIT Coin (WBT) $ 31.76
  • bittensorBittensor (TAO) $ 470.59
  • uniswapUniswap (UNI) $ 6.70
  • aaveAave (AAVE) $ 261.37
  • nearNEAR Protocol (NEAR) $ 3.14
  • aptosAptos (APT) $ 5.96
  • daiDai (DAI) $ 0.999491
  • jito-staked-solJito Staked SOL (JITOSOL) $ 222.34
  • ondo-financeOndo (ONDO) $ 1.05
  • okbOKB (OKB) $ 53.12
  • kaspaKaspa (KAS) $ 0.118372
  • internet-computerInternet Computer (ICP) $ 5.80
  • ethereum-classicEthereum Classic (ETC) $ 20.02
  • crypto-com-chainCronos (CRO) $ 0.101714
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • official-trumpOfficial Trump (TRUMP) $ 14.47
  • tokenize-xchangeTokenize Xchange (TKX) $ 36.07
  • render-tokenRender (RENDER) $ 5.32
  • vechainVeChain (VET) $ 0.031286
  • gatechain-tokenGate (GT) $ 21.99
  • mantleMantle (MNT) $ 0.772887
  • ethenaEthena (ENA) $ 0.442744
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.17
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.935904
  • cosmosCosmos Hub (ATOM) $ 5.32
  • worldcoin-wldWorldcoin (WLD) $ 1.57
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.256288
  • susdssUSDS (SUSDS) $ 1.05
  • arbitrumArbitrum (ARB) $ 0.442289
  • usd1-wlfiUSD1 (USD1) $ 0.999847
  • algorandAlgorand (ALGO) $ 0.246699
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 110,663.00
  • filecoinFilecoin (FIL) $ 3.13
  • celestiaCelestia (TIA) $ 2.93
  • fasttokenFasttoken (FTN) $ 4.41
  • bonkBonk (BONK) $ 0.000024
  • jupiter-exchange-solanaJupiter (JUP) $ 0.620094
  • sonic-3Sonic (prev. FTM) (S) $ 0.539768
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 4.76
  • binance-peg-wethBinance-Peg WETH (WETH) $ 2,716.70
  • fartcoinFartcoin (FARTCOIN) $ 1.61
  • binance-staked-solBinance Staked SOL (BNSOL) $ 195.36
  • first-digital-usdFirst Digital USD (FDUSD) $ 1.00
  • blockstackStacks (STX) $ 1.01
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 2,841.92
  • kucoin-sharesKuCoin (KCS) $ 11.58
  • injective-protocolInjective (INJ) $ 14.73
  • optimismOptimism (OP) $ 0.836912
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 2.21
  • dogwifcoindogwifhat (WIF) $ 1.35
  • immutable-xImmutable (IMX) $ 0.732430
  • story-2Story (IP) $ 4.80
  • sei-networkSei (SEI) $ 0.251217
  • nexoNEXO (NEXO) $ 1.29
  • flare-networksFlare (FLR) $ 0.019634
  • rocket-pool-ethRocket Pool ETH (RETH) $ 3,091.53
  • the-graphThe Graph (GRT) $ 0.123663
  • eosEOS (EOS) $ 0.778048
  • usdt0USDT0 (USDT0) $ 1.00
  • xdce-crowd-saleXDC Network (XDC) $ 0.073180
  • curve-dao-tokenCurve DAO (CRV) $ 0.846058
  • makerMaker (MKR) $ 1,796.00
  • flokiFLOKI (FLOKI) $ 0.000116
  • solv-btcSolv Protocol BTC (SOLVBTC) $ 111,186.00
  • raydiumRaydium (RAY) $ 3.51
  • msolMarinade Staked SOL (MSOL) $ 239.34
  • theta-tokenTheta Network (THETA) $ 1.00
  • mantle-staked-etherMantle Staked Ether (METH) $ 2,899.73
  • galaGALA (GALA) $ 0.021756
  • jasmycoinJasmyCoin (JASMY) $ 0.019654
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 204.98
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.014880
  • lido-daoLido DAO (LDO) $ 1.01
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 111,294.00
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 0.999778
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 2,852.33
  • paypal-usdPayPal USD (PYUSD) $ 0.999399
  • iotaIOTA (IOTA) $ 0.235617
  • clbtcclBTC (CLBTC) $ 111,525.00
  • wbnbWrapped BNB (WBNB) $ 688.59
  • coredaoorgCore (CORE) $ 0.850790
  • the-sandboxThe Sandbox (SAND) $ 0.345868
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 2,843.84
  • pyth-networkPyth Network (PYTH) $ 0.145802
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 1.00
  • spx6900SPX6900 (SPX) $ 0.892336
  • based-brettBrett (BRETT) $ 0.083861
  • pancakeswap-tokenPancakeSwap (CAKE) $ 2.55
  • tether-goldTether Gold (XAUT) $ 3,307.33
  • ethereum-name-serviceEthereum Name Service (ENS) $ 24.28
  • zcashZcash (ZEC) $ 49.57
  • pax-goldPAX Gold (PAXG) $ 3,310.33
  • bitcoin-svBitcoin SV (BSV) $ 39.63
  • heliumHelium (HNT) $ 4.28
  • walrus-2Walrus (WAL) $ 0.584190
  • thorchainTHORChain (RUNE) $ 2.16
  • pendlePendle (PENDLE) $ 4.66
  • bittorrentBitTorrent (BTT) $ 0.00000077
  • jito-governance-tokenJito (JTO) $ 2.20
  • kaiaKaia (KAIA) $ 0.123929
  • dexeDeXe (DEXE) $ 12.62
  • solv-protocol-solvbtc-bbnSolv Protocol Staked BTC (XSOLVBTC) $ 110,265.00
  • flowFlow (FLOW) $ 0.444352
  • tezosTezos (XTZ) $ 0.671819
  • grassGrass (GRASS) $ 2.46
  • chain-2Onyxcoin (XCN) $ 0.020132
  • usdx-money-usdxStables Labs USDX (USDX) $ 0.999313
  • decentralandDecentraland (MANA) $ 0.348215
  • binance-peg-dogecoinBinance-Peg Dogecoin (DOGE) $ 0.250167
  • usual-usdUsual USD (USD0) $ 0.997812
  • polyhedra-networkPolyhedra Network (ZKJ) $ 2.06
  • ousgOUSG (OUSG) $ 111.15
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 2,720.93
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.10
  • super-oethSuper OETH (SUPEROETH) $ 2,716.07
  • aerodrome-financeAerodrome Finance (AERO) $ 0.705103
  • popcatPopcat (POPCAT) $ 0.586740
  • apecoinApeCoin (APE) $ 0.714984
  • elrond-erd-2MultiversX (EGLD) $ 20.18
  • starknetStarknet (STRK) $ 0.182641
  • reserve-rights-tokenReserve Rights (RSR) $ 0.009806
  • ketKet (KET) $ 0.560547
  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 111,130.00
  • dydx-chaindYdX (DYDX) $ 0.721052
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 2,892.39
  • cgeth-hashkey-cloudcgETH Hashkey Cloud (CGETH.HASH) $ 2,787.54
  • aioz-networkAIOZ Network (AIOZ) $ 0.474218
  • sonic-bridged-usdc-e-sonicSonic Bridged USDC.e (Sonic) (USDC.E) $ 0.999754
  • mog-coinMog Coin (MOG) $ 0.000001
  • dog-go-to-the-moon-runeDog (Bitcoin) (DOG) $ 0.005475
  • arweaveArweave (AR) $ 8.16
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 2,721.50
  • axie-infinityAxie Infinity (AXS) $ 3.20
  • kaitoKAITO (KAITO) $ 2.12
  • movementMovement (MOVE) $ 0.199568
  • wormholeWormhole (W) $ 0.110576
  • conflux-tokenConflux (CFX) $ 0.099828
  • tbtctBTC (TBTC) $ 110,807.00
  • deepDeepBook (DEEP) $ 0.200978
  • neoNEO (NEO) $ 7.13
  • eigenlayerEigenlayer (EIGEN) $ 1.66
  • true-usdTrueUSD (TUSD) $ 0.998650
  • roninRonin (RON) $ 0.749889
  • telcoinTelcoin (TEL) $ 0.005300
  • kavaKava (KAVA) $ 0.448535
  • pumpbtcpumpBTC (PUMPBTC) $ 108,865.00
  • ecasheCash (XEC) $ 0.000024
  • morphoMorpho (MORPHO) $ 1.73
  • aethirAethir (ATH) $ 0.051769
  • akash-networkAkash Network (AKT) $ 1.73
  • ether-fiEther.fi (ETHFI) $ 1.43
  • chilizChiliz (CHZ) $ 0.047885
  • bridged-usdc-polygon-pos-bridgeBridged USDC (Polygon PoS Bridge) (USDC.E) $ 0.999796
  • beldexBeldex (BDX) $ 0.062872
  • saros-financeSaros (SAROS) $ 0.170881
  • beam-2Beam (BEAM) $ 0.008546
  • plumePlume (PLUME) $ 0.183203
  • apenftAPENFT (NFT) $ 0.00000045
  • wrapped-hypeWrapped HYPE (WHYPE) $ 35.88
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 2,721.29
  • syrupusdcSyrupUSDC (SYRUPUSDC) $ 1.10
  • mimblewimblecoinMimbleWimbleCoin (MWC) $ 38.21
  • mantra-daoMANTRA (OM) $ 0.432816
  • turboTurbo (TURBO) $ 0.006022
  • syrupMaple Finance (SYRUP) $ 0.385191

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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