DeFi protocol revenues surged to $600 million in September 2025, marking a significant recovery from the $340 million low in March, driven primarily by Uniswap, Aave, and Ethena. This rebound signals a return of traders to projects with strong fundamentals and clear value flows.
Uniswap governance approved $165 million in new funding this year to bolster protocol development and laid the groundwork for the long-debated fee switch in its upcoming v4 release on Unichain. This mechanism will allocate a portion of trading fees to UNI holders, enhancing utility-driven token economics and reconnecting trading activity with tokenholder value.
Aave introduced a formalized framework that redirects surplus revenue into automated AAVE buybacks and the ecosystem reserve, replacing ad hoc treasury adjustments with a consistent accrual policy. This model, already activated amid fee growth, aims to tighten the link between usage and token performance, with recent integrations and increased borrowing activity contributing to its rising fee base.
Ethena climbed the revenue rankings by turning protocol fees into direct yield distributed to holders of USDe and sUSDe, supported by integrations with Aave and Pendle that funneled more activity into its ecosystem. Its stable yield structure positions it as a top earner in DeFi, automating fee distribution without relying on governance or buybacks.
While tokens like UNI, AAVE, and ENA have not yet outperformed the broader market, the emphasis on value-accrual models highlights a shift toward fundamentals in valuations, with market participants eyeing deeper integrations and capital efficiency in upcoming updates.
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