Various DeFi protocols generated significant revenue in 2024, with many mature protocols' revenue data approaching their 2021 peaks, while newer platforms established themselves as key contributors.
The Solana ecosystem's Pump.fun was the standout highlight this year, generating $313 million in fees in 2024, averaging $31 million per month, with an average monthly growth rate of nearly 77%. Jito also experienced explosive revenue growth, starting from just $5 million in fees in January and growing at an average monthly rate of 79%, reaching a total of $603 million in fees by the end of the year.
Meanwhile, Ethena's fees grew from just $1.7 million in January 2024 to over $267 million by the end of the year. Notably, over 54% of Ethena's annual revenue was generated in the last three months, during which this figure grew at an average monthly rate of 150%.
On the other hand, MakerDAO far exceeded its historical 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 December, a 38% increase from the previous month. It also generated over $313 million in fees for the year, a 176% increase from 2023. Despite the revenue growth, the MKR token fell by 10% this year.
For Aave, 2024 marked a recovery close to historical peak revenue, with December revenue reaching $60.9 million, approaching its peak of $65.39 million in October 2021. For the year, Aave's total fee revenue was $389 million, averaging $32.4 million per month, with a stable monthly growth rate of 14%. This represents a 244% increase in annual revenue compared to 2023. Against this backdrop, the Aave token soared over 200% this year.