$LDO $MKR $CAKE$
The most profitable decentralized finance (DeFi) leaders in 2023 include Maker ($95.91 million in revenue), Lido ($55.79 million), PancakeSwap ($52.31 million), Convex Finance ($42.23 million), and GMX ($37.52 million). ).
The main characteristics of these top five DeFi protocols in 2023 are as follows:
1. Maker ($95.91 million): The Maker protocol has done well by purchasing US government bonds and benefiting from rising interest rates. Its Spark initiative, developed by Rune Christensen, provides investors with access to US Treasury bill yields through a special version of the DAI stablecoin.
2.Lido ($55.79 million): Leveraging Ethereum's move to Proof-of-Stake, Lido allows users to invest their Ethereum in exchange for tokenized stakes (stETH), which generate staking revenue and can be used as collateral.
3.PancakeSwap ($52.31 million): As the second-largest decentralized exchange (DEX) behind Uniswap, PancakeSwap focuses on creating concentrated liquidity by allowing fund providers to efficiently manage their assets to increase the likelihood of them being used in trading.
4.Convex Finance ($42.23 million): Convex Finance is an asset management platform that allows users to lock Curve tokens and earn income. It controls a significant share of the Curve and Frax tokens frozen in the vote.
5.GMX ($37.52 million): GMX is a perpetual swaps trading platform offering DeFi traders the ability to trade with high leverage, making it the largest protocol by total value locked (TVL) on Arbitrum.
These protocols demonstrate the diversity and innovation in the DeFi space, reflecting the dynamic development of the sector in 2023.
