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Analysis: Aave and MakerDAO will perform well in 2024, and DeFi protocol revenue will return to 2021 highs driven by new platforms
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2025-01-06 02:01 5,143
Golden Finance reports that various DeFi protocols generated significant revenue in 2024, with revenue data for many mature protocols close to their 2021 highs, while newer platforms established themselves as key contributors. Pump.fun is the most eye-catching highlight of the Solana ecosystem this year. In 2024, Pump.fun generated $313 million in fees, averaging $31 million per month, with an average monthly growth rate of nearly 77%. Starting with just $5 million in fees in January, Jito grew at an average monthly rate of 79%, reaching total fees of $603 million by the end of the year. Meanwhile, Ethena went from just $1.7 million in fees in January 2024 to Ethena collecting more than $267 million in fees by the end of the year. Notably, more than 54% of Ethena's full-year revenue was generated in the last three months, and that number grew at an average monthly rate of 150% during that period. MakerDAO, on the other hand, far surpasses its all-time high revenue figures of $12.8 million in May 2021 and $32.6 million in April 2024. At the time of writing, MakerDAO generated nearly $40 million in revenue in December, a 38% increase from the previous month. It also incurred more than $313 million in charges for the full year, a 176% increase from 2023. Despite the revenue growth, the MKR token is down 10% this year. For Aave, 2024 marked a recovery with near-all-time revenue, with revenue reaching $60.9 million in December, close to its October 2021 peak of $65.39 million. For the full year, Aave's total fee revenue was $389 million, averaging $32.4 million per month, with monthly growth steady at 14%. This represents a 244% increase in annual revenue compared to 2023. Against this backdrop, the Aave token has surged more than 200% this year.
Keywords: Bitcoin
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