On April 6, according to The Block, most mainstream DeFi protocols on Solana, Ethereum, and BNB Chain saw a decline of over 50% in monthly revenue in March, reflecting an overall slowdown in on-chain activity and trading volume. Solana protocols had a total revenue of approximately $42 million, a 55% decrease; PancakeSwap on the BNB chain generated $21 million in revenue, down 54%; protocols on the Ethereum chain such as Ethena, Lido, and Aave had a combined revenue of $24.5 million, a drop of over 52%.
The only protocol growing against the trend was MakerDAO (now called Sky), with March revenue reaching $10 million, an 11% increase. DeFi tokens also showed weak performance, with the GMCI's GMDEFI index falling 40% year-to-date.
