TechFlow news, on September 2, according to The Block, the total fees generated by decentralized finance (DeFi) protocols in August 2024 amounted to $288 million, a 24.4% decline from July and the lowest level since February. Lido led with fee revenue of $76.18 million, followed by Uniswap, Jito, and PancakeSwap.
Independent market researcher Nick Ruck attributed the decline in sustainable yields from DeFi protocols and traders shifting toward meme coins as the main reasons. During the same period, total DeFi income dropped 19.7% to $59.53 million. Additionally, Bitcoin miner revenue continued to decline in August, totaling $851 million, down 10.5% month-on-month.
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