DeFi cumulative fee revenue reaches $25B

Cumulative fee revenue for decentralized finance (DeFi) protocols from the beginning of 2023 to May 2026 reached approximately $25 billion, Unfolded reported. According to data from Token Terminal, decentralized exchanges (DEXs) drove this growth, accounting for about half of the fee revenue. They were followed by platforms for liquid staking tokens (LSTs), lending, and derivatives. The report noted a particularly sharp increase in DeFi fee revenue between 2025 and 2026. Unfolded described DeFi's ability to generate real revenue and support cash flow-based valuation logic as a key achievement. However, the firm also pointed out that revenue sources are concentrated in specific areas, meaning overall diversification remains limited.