Decentralized finance projects Lido and Aave generated more fees in the last 24 hours than top blockchain networks like Bitcoin, Ethereum, and Solana.According to DeFillama data, Lido accrued $2.34 million, while Aave amassed $1.85 million during this period. In contrast, Ethereum, Bitcoin, and Solana secured $1.84 million, $1.34 million, and $1.17 million, respectively, in fees.Market observers explained that the fee surge reflects crypto users’ willingness to engage with these platforms over traditional blockchain networks.The Bank for International Settlement (BIS) explained that crypto investors use DeFi lending pools like Aave to seek yield.BIS stated:“This effect is particularly strong for retail users and has been reinforced by the ‘low-for-long’ interest rate environment in advanced economies.”Given its substantial adoption, Aave Labs, the entity behind the DeFi lending platform, recently unveiled a strategic roadmap 2030 that introduces several key initiatives, including launching Aave V4, a new visual identity, and expanded DeFi functionalities.Meanwhile, Marc Zeller, founder of the Aave Chan Initiative, recently suggested that the protocol is gearing up to implement a fee switch to stimulate engagement and investment in its ecosystem.This feature essentially allows platforms to activate or deactivate certain user fees. In the case of Aave, it could lead to the redistribution of fees generated from transactions to platform participants, especially Aave holders and stakers.DeFiLlama data shows that Aave is the largest lending protocol, with over $10 billion worth of assets locked.Lido’s dominanceLido is a decentralized autonomous organization (DAO) that offers a liquid staking solution for several proof-of-stake blockchain networks, like Ethereum.The protocol lets users pool and stake their assets on these blockchain networks to earn up to 3% APR rewards. Lido accounts for around 28.5% of staked Ethereum, making it the largest DeFi protocol. According to DeFillama data, its total value locked is approximately $28 billion.Meanwhile, Lido’s market dominance is under heavy competition from the novel restaking concept led by EigenLayer.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change. Essential crypto updates and analyses. Straight to your inbox, every day.Section 423 of the Intelligence Authorization Act could limit transactions for major DeFi protocols and stablecoins if they facilitate prohibited transactions.Aave’s record $115 million annualized revenue has sparked discussions about a fee-switch proposal.Aave’s planned blockchain network could be launched as early as next year.Lens Network launches on zkSync to distrupt onchain social media with scalable, secure infrastructure and user-centric features.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
