According to data from Token Terminal, in December 2024, the five major DeFi protocols generated $158 million, with four of them setting historical monthly revenue records.
Among them, Ethena led with a revenue of $56.9 million in December, setting a historical high. Additionally, this amount accounted for nearly 25% of its total revenue of $230.8 million last year.
Sky (formerly Maker) also set a historical high for monthly revenue, generating nearly $40 million last month, which is 13% of its $304 million in 2024. The new revenue record is less than $1 million off the previous record set in January 2022.
On Base, the DEX Aerodrome generated about $38 million in December, also setting a historical high, exceeding the previous high by more than $5 million, which is equivalent to 15.6% of the protocol's revenue of $243.6 million in 2024.

From November to December last year, Aave's revenue surged over $3 million to reach $13.6 million. This monthly revenue set a historical high, equating to 16.7% of last year's total revenue of $81.4 million.
Lido is the only DeFi application among these that did not set a historical high for monthly revenue, with December revenue at $9.6 million, which is 9.3% of the protocol's revenue of $103.6 million in 2024.