The decentralized application (DApp) ecosystem continues to thrive, with a variety of platforms showing impressive growth across multiple metrics such as market capitalization, total value locked (TVL), fees, and monthly revenue.
An analysis of key DApps reveals significant developments, particularly in terms of fees generated and the revenue accrued over the past month. Below is a breakdown of the latest performance data for leading platforms, providing insight into the current state of decentralized finance (DeFi).
KEY METRICS ON POPULAR #DAPPS #Sky $SKY #Aerodrome $AERO #LidoFinance $LDO #Uniswap $UNI #Aave $AAVE #PancakeSwap $CAKE #Ethena $ENA #Curve $CRV #GMX $GMX pic.twitter.com/yQK3cEeguV
— PHOENIX – Crypto News & Analytics (@pnxgrp) September 17, 2024
According to Phoenix, among the top DApps, Sky (SKY) emerges as the leader, boasting a monthly revenue of $16.37 million, a direct reflection of its market capitalization of $1.42 billion and TVL of $3.84 billion. With significant fees of $16.38 million in the same period, Sky’s strong revenue position highlights its pivotal role in the DeFi space, outperforming others in revenue generation. The platform’s extensive reach and use make it a force within the DApp ecosystem.
Aerodrome and Ethena Stand Out in Growth
Another notable performer is Aerodrome (AERO), which, despite a more modest market cap of $410.79 million, recorded impressive revenue of $13.54 million for the month. Its TVL stands at $730.96 million, showing its appeal within the decentralized finance sector, especially as it continues to gain traction.
Ethena (ENA), a relatively newer player, also stands out with a high revenue of $50.16 million and a TVL of $2.61 billion. Ethena’s fee structure, amassing $50.16 million in fees, places it second only to Lido Finance in the fee category, positioning it as one of the most promising platforms to watch in the coming months.
Lido Finance (LDO) maintains a stronghold in the market with an impressive $22.45 billion TVL, the highest among all the DApps listed. It also recorded substantial fees of $64.15 million, which directly translates to a monthly revenue of $6.41 million. Lido’s dominance in TVL underscores its critical position within the staking and DeFi ecosystems, where its liquid staking solutions remain widely popular.
Two of the more established names in decentralized finance, Uniswap (UNI) and Aave (AAVE), continue to hold their ground. Uniswap’s market capitalization of $6.40 billion and TVL of $5.51 billion indicate its ongoing relevance, while the platform’s revenue stands at $5.15 million. Aave, with its focus on lending, boasts a $10.47 billion TVL and a monthly revenue of $4.81 million, maintaining a steady trajectory in both fees and revenue streams.
PancakeSwap (CAKE), one of the largest decentralized exchanges (DEX) on the Binance Smart Chain, recorded $4.15 million in revenue, with a TVL of $1.47 billion. Curve (CRV), known for its stablecoin swapping mechanism, generated $2.05 million in revenue, while GMX (GMX), with a more niche user base, achieved a revenue of $1.21 million, rounding out the competitive mix of popular decentralized applications.
