Maker and Lido Take Top Spots in 2023 DeFi Protocol Revenue Rankings
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Foreign media Blockworks listed the top five DeFi protocols with the highest revenue in 2023 according to DeFiLlama data. As total value locked (TVL) becomes increasingly criticized, perhaps revenue is the key indicator to measure the viability of a protocol?
Note: Data as of December 13th.
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Is Protocol Revenue Equal to Token Price Increase?
According to CoinMarketCap, the top two projects, MKR and LDO, have seen a correlation between their annual price increase and their protocol revenue rankings. However, GMX, CVX, and CAKE have not performed as well, especially CAKE, as the change in its token economic model has not immediately brought benefits to its price.
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