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2w ago

DeFi Fees Rebound to $600 Million as Uniswap, Aave and Ethena Rework Value Capture

Protocols are steering fees to tokenholders through buybacks, a pending Uniswap fee switch via Unichain or direct yield to tighten the link between usage and returns.

Uniswap, aave lead defi’s fee rebound to $600m as buybacks take center stage
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Overview

  • September protocol revenue reached about $600 million, nearly double March’s $340 million low, according to The Block Research.
  • Uniswap governance approved $165 million in new funding this year and laid groundwork for a v4 fee switch that would route a portion of trading fees to UNI holders via Unichain.
  • Aave activated a standing framework that channels surplus revenue into regular AAVE buybacks and its ecosystem reserve, replacing ad hoc treasury moves.
  • Ethena converts fees from its USDe and sUSDe stablecoin system directly into holder yield and has climbed revenue rankings with integrations through Aave and Pendle.
  • UNI, AAVE and ENA have tracked broader market performance so far, and analysts caution that distributions could ebb if trading volumes rotate or treasuries reprioritize.