DeFi Revenue Plummets: Market Sentiment Shifts Amidst On-Chain Activity Decline

The decentralized finance (DeFi) sector experienced a significant revenue drop in March 2025, with most major protocols reporting over 50% decline in revenue. This decline reflects reduced on-chain activity, decreased trading volumes, and lower user engagement across DeFi platforms. 2025’s DeFi market is showing signs of uncertainty as revenues have slumped to levels not seen since early 2023.