The revenue of most mainstream DeFi protocols on Solana, Ethereum, and BNB Chain fell by more than 50% month-on-month in March, reflecting an overall slowdown in on-chain activity and transaction volume. Solana protocol revenue totaled about $42 million, down 55% month-on-month; PancakeSwap revenue on the BNB chain was $21 million, down 54%; Ethereum chain protocols such as Ethena, Lido, and Aave combined revenue was $24.50 million, down more than 52%. The only contrarian growth was MakerDAO (now known as Sky), with revenue reaching $10 million in March, up 11% month-on-month. The performance of DeFi tokens has also been weak, with GMCI's GMDEFI index falling by 40% this year.
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