Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Dapps generate $164M revenue in October amid adoption

Dapps generate $164M revenue in October amid adoption

GrafaGrafa2024/11/08 04:00
By:Liezl Gambe

Decentralised applications (dApps) recorded $164 million in revenue in October, indicating increased adoption, as highlighted by a Binance Research report.

The report noted that 12 of the 15 highest-earning protocols were dApps, driven by activity from trading bots and decentralised exchanges (DEXs).

Solana-based dApps, such as the memecoin launchpad Pump.fun and the trading bot Photon, collectively generated $29 million.

Additional trading bots, including Trojan, BONKbot, Maestro, and Banana Gun (CRYPTO:BANANA), contributed a combined $67 million, representing approximately 41% of total dApp revenue for the month.

Uniswap (CRYPTO:UNI) recorded $16 million in revenue, with PancakeSwap (CRYPTO:CAKE) and Aerodrome (CRYPTO:AERO) earning $10 million and $9 million, respectively.

The combined fees collected by DEXs and trading bots exceeded $100 million, indicating user interest in trading-centric dApps.

Other notable contributors included money market platforms like Aave and Sky (previously Maker), which captured $26 million in fees.

Liquid staking protocol Lido also made the list, earning $7 million in revenue.

The report also discussed funding distribution within the blockchain industry.

Data from Rootdata indicated that infrastructure projects, including layer-1 and layer-2 blockchains, received more than $1.2 billion in funding between December 2019 and October 2024.

This amount surpasses the combined funding allocated to DeFi, tooling, and gaming applications.

While the report recognised the importance of infrastructure investments, it noted that “new applications seeking product-market fit are fundamental to attracting new users and supporting the blockchain sector.”

0

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.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Gaming tokens hit in Trump tariffs fallout after Deadrop shutdown

Price data shows most gaming tokens have had a rough week

Blockworks2025/02/05 00:33

Tech stocks lead US rebound, but still lag behind global names

We’re about a third of the way into earnings season and results have been fairly solid

Blockworks2025/02/05 00:33

Understanding the Significance of ETH/BTC Ratio Approaching a Critical Level

Decoding Market Signals: Unfavorable Trends and Technical Indicators Highlight Potential Downside Risk as 77% of ETH/BTC Trading Days Prove Unprofitable

Coineagle2025/02/04 23:44