DeFi Revenues Tumble in March Amid Declining On-Chain Activity Across Major Blockchains

The decentralized finance (DeFi) ecosystem witnessed a steep drop in protocol revenues during March, as on-chain activity and trading volumes slowed across the board. The decline reflects broader market headwinds that have impacted user engagement and transaction volumes throughout 2025.

According to the latest data, most major DeFi platforms reported significant month-over-month declines in revenue — defined as fees accrued to the protocol itself or its token holders, excluding payouts to liquidity providers or supply-side participants.

Solana-based protocols, including Pump.fun, Jito, and Raydium, collectively generated approximately $42 million in March revenue. While that may seem substantial, it marks a sharp 55% decline from February and a striking 75% drop from their peak in January.

BNB Chain’s flagship platform, PancakeSwap, also faced a challenging month, bringing in just $21 million — a 54% drop compared to the previous month.

Ethereum-based DeFi mainstays such as Ethena, Lido, Aave, Curve, Compound, and Sushi echoed the downward trend. Combined, these protocols earned only $24.5 million in March, representing a decline of over 52% month-over-month and more than 65% from January highs.

In a rare contrast, MakerDAO — now operating under the name Sky — emerged as a notable exception. It generated $10 million in March, marking an 11% revenue increase from the prior month, making it the only protocol among the eleven observed to report positive growth.

Analysts suggest that this revenue contraction across the DeFi space stems from a noticeable drop in on-chain user activity, reduced speculative trading, and general market uncertainty. These conditions have also impacted DeFi token valuations. The GMCI DeFi Index (GMDEFI) — a broad benchmark tracking major DeFi assets like Uniswap, Aave, Jupiter, Maker, and PancakeSwap — has fallen 40% year-to-date.

This downturn, while significant, is not uncommon in the fast-moving DeFi sector, where market cycles, user sentiment, and macroeconomic trends can quickly shift performance dynamics. For now, the data paints a cautious picture of DeFi’s momentum as the industry navigates a more subdued phase in 2025.