Monthly DeFi Protocol Fees Dropped 24% in August

Decentralized finance (DeFi) protocol fees fell by 24.4% in August, totaling $288 million, according to data from The Block's dashboard. This marks the lowest point since February.

Lido Leads in Fee Generation

Lido led the fee generation with $76.18 million, followed by other major protocols like Uniswap, Jito, and PancakeSwap. The drop in fees is attributed to the declining sustainable yield on DeFi protocols, with more traders shifting towards memecoins.

Decline in DeFi Revenue

August also saw a 19.7% drop in total DeFi revenue, down to $59.53 million from July's $74.15 million. This decline mirrors the broader trend of reduced activity and innovation within the DeFi space.

Bitcoin Mining Revenues Also Down

Bitcoin mining revenues also fell in August, recording $851.36 million in total revenue, a 10.5% decrease from July. The decline was driven by market volatility and a lack of upward catalysts from the crypto sector. Read more at The Block.