Total commissions of the leading DeFi platforms declined 24.4% in August, down to $288 million.
This is driven by a shift of traders toward memecoins, affecting the market.
In August, the DeFi protocols fee accumulation dropped 24% from July. DeFi protocol’s total amount of fee, excluding the base layers is $288 million. This has recorded the lowest since February. In February, the total was $265.18 million. Uniswap led the list with protocol fees of over $85.44 million. August’s fees were lower than July’s $381.45 million and even lower than March’s $494.14 million.
In August, Lido topped the list with $76.18 million followed by Uniswap ($49.6 million), Jito ($31.98 million), and PancakeSwap ($27.34 million). Lido has been decreasing from March with $115.28 million in fees. Since then, it has recorded a lower accumulation comparatively. The fees of Lido in the past 24 hours is $1.97M leading the protocol ranking by exceeding the other.
Nick Ruck, a well-known market researcher has stated that the lower fees this month are due to the lower return from DeFi protocols. As APRs from liquid restacking tokens have fallen, more traders are moving their money into memecoins, which is affecting the DeFi market.
Defi Protocol Threshold Proposes Merger of Bitcoin Wrappers
Threshold, a Bitcoin DeFi protocol, has proposed merging its own BTC wrapper token, tBTC, into Wrapped Bitcoin (WBTC) according to a proposal in Threshold’s governance forum. This move aims to protect WBTC amid concerns over an upcoming change in the control of the BTC wrapper.
WBTC, the leading Bitcoin wrapper, boasts a market capitalization of approximately $6 billion. These wrappers are ERC-20 tokens backed by BTC.
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