Uniswap, Aave lead DeFi fee rebound to $600 million as protocols embrace buybacks and fundamentals
Quick Take While buybacks and revenue sharing draw functions similar to traditional finance, it remains important to distinguish crypto tokens from equity securities. The following is excerpted from The Block’s Data and Insights newsletter.
DeFi protocols generated approximately $600 million in fees during September, marking a recovery from the 12-month low of $340 million recorded in March. This represents a 76% increase over six months, with established players like Uniswap, Aave, and Ethena leading fee generation.
The rebound in fee revenue coincides with a broader shift in how protocols are approaching tokenomics, moving away from the memeability and virality narratives that dominated late 2024 toward more traditional financial metrics.
The adoption of buyback programs can be seen as an effort by protocols to align with metrics familiar to traditional investors as institutional participation in crypto markets continues to grow.
Other projects, including Ethena, Ether.fi, and Maple, are piloting similar value-accrual mechanisms for their native tokens as buyback proposal passes among tokenholders, suggesting this trend is becoming more widespread across DeFi. This marks a contrast from the narratives prevalent at the end of 2024, when attention focused more on memes with viral marketing and community engagement rather than fundamental revenue generation.
While buybacks and revenue sharing draw functions similar to traditional finance, it remains important to distinguish crypto tokens from equity securities. Tokens serve various functions beyond value accrual, including governance rights, protocol access, and network utility. As more protocols adopt revenue-based tokenomics, the market may be entering a phase where fundamental metrics play a larger role in valuation compared to previous cycles.
This is an excerpt from The Block's Data & Insights newsletter . Dig into the numbers making up the industry's most thought-provoking trends.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Institutional Interest Drives HBAR's Potential for a 50% Rally
- HBAR , Hedera's token, faces potential 50% surge as technical breakouts and institutional adoption align. - Price突破 $0.1373 support and triple-bottom pattern suggest $0.17–$0.19 targets with sustained volume. - Canary Capital's HBAR ETFs and Coinbase derivatives highlight growing institutional interest amid regulatory clarity. - Hedera's AI upgrades and partnerships with BitGo/LayerZero strengthen utility, while SEC guidance accelerates fund approvals.
Kazakhstan's Daring Shift: Swapping Gold's Security for the Unpredictable Promise of Cryptocurrency
- Kazakhstan's central bank plans to invest $300M in crypto using gold reserves to diversify its financial portfolio amid global inflation hedging trends. - Emerging economies like Bhutan and Turkey are leveraging blockchain for financial infrastructure upgrades and fiat currency alternatives amid economic instability. - Central banks in China, India, and Turkey are accumulating gold while exploring hybrid assets like gold-anchored crypto tokens to stabilize economies. - Despite regulatory delays and marke
GeeFi Brings Together 14 Blockchains to Address Crypto Ecosystem Fragmentation
- Tron's 60% fee cut boosts stablecoin dominance, driving USDT transfers and attracting developers via Ethereum-standard smart contracts. - GeeFi (GEE) emerges as a cross-chain solution, integrating 14 blockchains including Tron to address crypto fragmentation with its non-custodial wallet. - GeeFi's $250K+ presale and 55% APY staking rewards highlight its deflationary model, while VISA/Mastercard crypto card plans expand real-world utility. - Market volatility from Fed policies and inflation data undersco
India’s Policy Realignment and U.S. Trade Overhauls Poised to Boost Technology Shares by 2025
- U.S.-India trade reforms and strategic realignment are projected to boost Indian tech stocks by 2025, driven by rising global demand for domestic technology solutions. - India's merchandise exports grew 2.9% YoY in Q1-Q3 2025, supported by government credit guarantees and diversification into markets like UAE and Vietnam. - Kaynes Technology India Ltd reported 58.4% YoY revenue growth, reflecting strong demand for Indian software and IT services despite sector-wide economic uncertainties. - Strategic LPG
Trending news
MoreCrypto prices
More
