How much annual fees do the top 10 DeFi dApps generate on average?

Author: Liam 'Akiba' Wright, Cryptoslate; Compiler: Deng Tong, Golden Finance

Based on the past With 24 hours of activity, the total annual fees generated by the top 10 DeFi dApps through DefiLlama will reach $4.8 billion. Over the past day, $13.15 million was generated in fees across staking, DEXs, lending, and wallets.

However, total revenue in the past day was only $2.78 million, accounting for 21% of total expenses.

Lido tops the list in terms of fee generation, while Curve remains first in terms of revenue, closely followed by Maker and Lido Followed by. Two examples of the largest disparity between fees and revenue are Aave and Raydium, which generated more than $1 million in fees in the past day. Still, earnings were $172,860 and $124,524, respectively.

It is worth noting that while Uniswap ranks second in terms of fee generation, DefiLlama reports $0 in revenue because Uniswap facilitates fee collection. Nonetheless, it does not retain these fees as revenue from the agreement. Instead, these fees increase the value of the liquidity token, paying all liquidity providers proportionally to their share of the pool.

There have been discussions and proposals within the Uniswap community regarding the implementation of a “protocol fee” that could be initiated through UNI governance. This fee will allow the Uniswap protocol to earn revenue by charging a percentage of swap fees that would otherwise go to liquidity providers.

The first step of this community opinion survey is the "temperature check", and the pass rate is 55 million to 144, which means that the upgrade has not yet been implemented. Therefore, Uniswap will not record this as revenue.

The total market capitalization of the DeFi market is currently $101 billion, and the industry is up 5% in the past day. DefiLlama data shows that DeFi market capitalization recovery has not yet reached its peak in 2021. However, volume has risen to the same level, showing a more consistent trend. After approaching $5 billion in deal volume at the beginning of the year, deals of around $10 billion have become commonplace in the past month.

DeFi trading volume and TVL (Source: DefiLlama)