Catenaa, Thursday, October 16, 2025- Decentralized finance protocols generated roughly $600 million in fees during September, signaling a recovery from March’s 12-month low of $340 million.
The increase reflects a 76% gain over six months, led by DeFi heavyweights Uniswap, Aave, and Ethena.
The rebound coincides with a shift in tokenomics strategies, as protocols move away from meme-driven and viral marketing narratives toward traditional financial metrics.
Several platforms, including Ethena, Ether.fi, and Maple, are adopting buyback programs and revenue-sharing mechanisms, allowing tokenholders to participate in value accrual and governance decisions.
The move mirrors strategies in traditional finance while retaining the unique utility and governance functions of crypto tokens.
Analysts say this transition signals an evolving DeFi landscape where fundamentals, such as fee generation and capital efficiency, are gaining importance over hype-based valuation.
The adoption of buyback mechanisms is also attracting institutional interest, providing investors with clearer benchmarks for assessing protocol performance.
Despite parallels with conventional finance, experts caution that crypto tokens differ fundamentally from equity securities, serving multiple roles including protocol access, governance, and network utility.
Market observers view the trend toward revenue-based tokenomics as a sign that DeFi is maturing, prioritizing sustainable fee generation and community-driven governance over speculative appeal.
