According to The Block, most mainstream DeFi protocols on Solana, ETH, 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 around $42 million, a 55% decrease; PancakeSwap on the BNB chain generated $21 million in revenue, down 54%; protocols on the ETH chain such as Ethena, Lido, and Aave had a combined revenue of $24.5 million, a drop of over 52%. The only protocol bucking the trend was MakerDAO (now called Sky), with March revenue reaching $10 million, an 11% increase. DeFi tokens also showed weakness, with the GMCI's GMDEFI index falling 40% year-to-date.
DeFi revenues generally halved in March, with only MakerDAO achieving growth
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