Ethereum is the market leader in terms of revenue generation in the cryptocurrency industry, and this is true even during periods of low activity.
The second-largest network, with just under $160 million in revenue in the last 30 days, is followed by Uniswap with $104 million and PancakeSwap with $45.21 million.
While Ethereum is the apparent winner, blockchain income has dropped 14.50 percent in the last seven days and 84.34 percent in the last 30 days.
This downturn is essentially the tale of the whole crypto market, as volume has dwindled after prices plummeted by 50% to 75% during the current sell-off. Retail has taken a breather while the market swings downward, while institutions remain on the sidelines.
Despite this, a few projects are nonetheless able to grow during these periods. One of them is Axie Infinity, whose token AXS has risen 300 percent in the last week.
According to TokenTerminal, the project continues to develop, with a volume of $14.27 million, up 41% in 7 days and 285.85 percent in 30 days.
It also dominates the non-fungible token (NFT) market, with over 15,000 traders generating $13.71 million in volume. According to Dapp Radar, Axie Infinity’s sales, volume, and traders are all increasing.
Protocol for Ethereum’s sidechain Polygon is another one, with gains of nearly 18 percent and 305.95 percent in the last week and month, respectively. Polygon has just over $8 billion in TVL and generates $359.33k in income, which has been steadily increasing since May.
Synthetix, on the other hand, saw a 24 percent gain in income in the last week, with Nexus Mutual being the other.
When it comes to lending protocols, MakerDAO, the first decentralized protocol, is the most profitable in the DeFi sector. It is the second largest protocol, after BSC-based PancakeSwap, in terms of cumulative protocol income over the last 365 days, at $57.1 million. Compound and Aave, on the other hand, had $24.4 million and $7.6 million, respectively.
However, Aave leads in terms of monthly users, with a market share of 57.5 percent in June, followed by Compound (23.9 percent) and Maker (18.6%). Aave has gained in popularity since a year ago, when it had 10.4 percent of the market share, COMP had 42.7 percent, and Maker had 46.9 percent.
While Compound continues to lead in terms of total outstanding amount, Aave has been gaining traction with over $3 million and under $1 million, respectively, while Maker’s total borrow amount is over a million dollars.
Overall, the number of users in the DeFi sector, like the overall crypto market, has dropped to September levels, with only a few thousand new accounts being established daily, down from as many as 40k in mid-May. In an interview, Nic Carter, a founding partner at Castle Island Venture, remarked,