The top five DeFi protocols will generate revenue of $158 million in December 2024

According to Token Terminal's data, in December 2024, the top five DeFi protocols generated a total revenue of $158 million, with four of them setting new monthly revenue records. Ethena was the leader, with a monthly revenue of $56.9 million, setting a new historical high. In addition, this amount accounted for nearly 25% of its total revenue of $230.8 million in the previous year.

Sky (formerly known as Maker) also set a new historical high in monthly revenue, generating nearly $40 million in revenue last month, accounting for 13% of its $304 million revenue in 2024. The new revenue record was less than $1 million away from the previous record set in January 2022.

DEX Aerodrome on Base received approximately $38 million in revenue in December, also setting a new historical high, exceeding the previous high by more than $5 million, equivalent to 15.6% of the protocol's $243.6 million revenue in 2024.

Between November and December last year, Aave's revenue surged by more than $3 million, reaching $13.6 million. This monthly revenue set a new historical high, equivalent to 16.7% of the total revenue of $81.4 million last year.

Lido was the only DeFi application among these with monthly revenue that did not set a new historical high, with a revenue of $9.6 million in December, equivalent to 9.3% of the protocol's $103.6 million revenue in 2024.