Onchain Value: Stablecoins Now Drive Over ⅓ of DeFi Revenue – Keyrock
Stablecoins have become the financial backbone of DeFi, playing a central role not just in transferring value, but in powering leverage loops, yield strategies, and protocol revenues. This report maps their growing economic impact across leading DeFi protocols and chains. Stablecoin-driven revenue is rebounding sharply—from a low of 4.7% in June 2024 to 30.8% year-to-date—underscoring their resurgence in bull markets, not just bearish ones. Lending protocols remain the dominant recipients of this revenue (15%), though DEXes are narrowing the gap (11%).
Ethereum (25%) and its Layer 2s (23%) capture a significantly higher share of stablecoin revenues compared to Solana (13%), reaffirming their leadership in DeFi liquidity flows. While previous research has focused on stablecoin adoption and transfer volume, this study zeroes in on value capture: who actually earns revenue from stablecoin use and how much.
By analyzing activity across DEXes, lending markets, and key chains, the report reveals how stablecoins are evolving as both infrastructure and economic engines of DeFi. For investors, developers, and issuers alike, understanding stablecoins’ role in protocol-level monetization offers critical insight into the mechanics of onchain finance and the emerging business models driving it.
