Decentralized finance (DeFi) protocols have already earned over $20 million more this month than in January, making February the biggest month ever for DeFi revenue generation.
According to data compiled by The Block, in February, DeFi protocols have generated $171.5 million in DeFi revenue — a 14.4% increase compared with January’s $149.9 million. At the time of writing, Uniswap accounted for 43.6% of that revenue, while 20.9% went to SushiSwap and 15.9% to Compound.
The Block Research found that all DeFi protocols except Balancer had record monthly revenues. Most of the revenue went to lenders, liquidity providers, or others on the supply side. The next largest portion went to protocol owners, including developers and others who hold tokens.
Finally, participants in protocol referral programs also received a small slice of the total DeFi revenue. Currently, only a few protocols — including Kyber Network, Aave and the DEX aggregator 1inc — have referral programs. But more protocols are expected to add referral programs in the future