DeFi revenue growth accelerates as Uniswap and Aave lead with stronger token frameworks

Key Points:

• September saw DeFi revenue growth nearly double to $600 million.

• Uniswap and Aave led the rebound with new governance and revenue plans.

• Ethena’s stablecoin engine joined top DeFi earners.

• Tokenholder value is back in focus across decentralized finance.

DeFi revenue growth hit a strong recovery in September, reaching about $600 million. That is nearly double the $340 million low seen in March. The increase was led by Uniswap, the leading decentralized exchange, and Aave, the major lending protocol. Together, they brought momentum back to the decentralized finance sector after months of slow activity.

These protocols are not only earning more, but they are also changing how value flows to tokenholders. Both are experimenting with new frameworks that link protocol activity to DeFi tokens’ performance. As I see it, this marks a key shift back toward fundamentals after several months of meme-driven speculation.

$UNI PRICE NOW

Uniswap prepares for the fee switch

Uniswap’s community has long debated the so-called “fee switch.” This feature would route part of the trading revenue directly to UNI tokenholders. Earlier this year, governance approved $165 million in new foundation funding, laying the groundwork for this next stage.

With Uniswap v4 and its coming rollout on Unichain, that switch could become a reality. This move may redefine how the project shares success with its community. Traders are watching closely because this connection between usage and ownership could reintroduce true economic incentives in decentralized finance.

For now, Uniswap remains the largest decentralized exchange, with volumes far ahead of its rivals. The renewed focus on tokenholder rewards shows that protocols are trying to make design matter again, not just trading hype.

Aave launches buybacks and reserves

Aave took another approach to linking growth and performance. Instead of introducing new fees, the Aave DAO created a system that channels extra revenue into regular buybacks and reserves. This process strengthens both the token and the protocol’s long-term balance sheet.

The change replaces one-time treasury tweaks with a steady mechanism that automatically reinvests surplus income. This means earnings can flow back into Aave and improve token stability while giving holders a clearer idea of value accrual.

This policy has already been activated, thanks to the rise in borrowing and lending activity through 2025. Traders see it as a signal that Aave’s fundamentals are back in focus, and not only its speculative use cases.

$AAVE PRICE NOW

Ethena’s yield-driven model gains traction

Ethena is the newest protocol joining this wave of DeFi revenue growth. Its synthetic dollar system, USDe and sUSDe, turns protocol fees into yield and distributes them directly to users. As total value locked increased, these earnings made Ethena one of the top revenue generators in decentralized finance.

Ethena’s model has gained visibility through integrations with Aave and Pendle, a yield trading application. These connections drive more usage into its stablecoin engine and keep fee flows active. Dashboards now place Ethena among the top three projects by distributable revenue, confirming its rise among established names.

While Ethena’s token, ENA, has yet to outperform the broader market, its consistent growth and transparent design have drawn long-term interest. Many traders are watching to see if its yield-based approach becomes a new standard for DeFi tokens.

DeFi tokens reconnect with fundamentals

After a long stretch dominated by meme coins and hype trades, the focus on DeFi tokens tied to real protocol activity is refreshing. Projects like Uniswap, Aave, and Ethena are setting examples that others may follow. They are reintroducing measurable earnings and governance-driven value back into the market.

The question now is whether this momentum holds as markets shift again. If trading volumes rotate away or if governance priorities dilute tokenholder rewards, revenue could flatten. But the renewed alignment between use and ownership gives traders a new framework to value decentralized finance projects beyond price action alone.

In my view, DeFi revenue growth this year signals maturity. Stronger token economics, more transparent governance, and direct holder rewards suggest a more sustainable model for decentralized finance ahead.