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Traders Shifting Interest From Defi To Memecoin as Monthly DeFi Protocol Fees Dropped By 24%

CryptoExpert by CryptoExpert
September 2, 2024
in Finance
0
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Author: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Sep 2, 2024 16:20

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August hit decentralized finance (DeFi) hard, with fees dropping by 24.4% from July, the largest fall since February. DeFi protocols, not including base layers, collected $288.38 million in fees for the month. Lido topped the list with $76.18 million, followed by Uniswap, Jito, and PancakeSwap. According to market researcher Nick Ruck, the drop in fees is due to lower returns from DeFi protocols. As APRs from liquid restaking tokens have fallen, more traders are moving their money into memecoins, which is hurting the DeFi market.

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