At least four decentralized finance (DeFi) protocols, including Zora and Blast, experienced negative revenue in March 2026. According to NS3.AI, data from DeFiLlama indicates that despite previous funding rounds of $20 million for Blast and $60 million for Zora, these protocols have yet to achieve sustainable fee-based revenue.
Since the beginning of 2026, venture funding exceeding $2 billion has shifted focus towards stablecoin infrastructure, custody solutions, and the tokenization of real-world assets, moving away from traditional DeFi protocols. This trend highlights a changing landscape in the DeFi sector, where investment priorities are evolving to address emerging opportunities and challenges.