DeFi protocols generated approximately $600 million in fees during September, marking a recovery from the 12-month low of $340 million recorded in March. This represents a 76% increase over six months, with established players like Uniswap, Aave, and Ethena leading fee generation.
The rebound in fee revenue coincides with a broader shift in how protocols are approaching tokenomics, moving away from the memeability and virality narratives that dominated late 2024 toward more traditional financial metrics.
The adoption of buyback programs can be seen as an effort by protocols to align with metrics familiar to traditional investors as institutional participation in crypto markets continues to grow.
Other projects, including Ethena, Ether.fi, and Maple, are piloting similar value-accrual mechanisms for their native tokens as buyback proposal passes among tokenholders, suggesting this trend is becoming more widespread across DeFi. This marks a contrast from the narratives prevalent at the end of 2024, when attention focused more on memes with viral marketing and community engagement rather than fundamental revenue generation.
While buybacks and revenue sharing draw functions similar to traditional finance, it remains important to distinguish crypto tokens from equity securities. Tokens serve various functions beyond value accrual, including governance rights, protocol access, and network utility. As more protocols adopt revenue-based tokenomics, the market may be entering a phase where fundamental metrics play a larger role in valuation compared to previous cycles.
This is an excerpt from The Block’s Data & Insights newsletter. Dig into the numbers making up the industry’s most thought-provoking trends.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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