DeFi Platforms See Profits Amid FTX Collapse and CEX Exodus

On-chain data turned positive for DEXs and an increase in protocol revenue, even as markets corrected due to l insolvency of FTX.

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A week after the FTX and Alameda mayhem fallout, there are some on-chain data points that are interesting to watch. Despite record amounts of Bitcoin (BTC) and Ether (ETH) leaving exchanges, not all decentralized applications (DApps) and protocols have seen growth, primarily due to reliance on FTX and Alameda .

DeFi revenue highlights positive revenue for some protocols

According to Token Terminal's revenue rankings, in the past seven days, three protocols have generated revenue of over $1 million. Ethereum led the chain's revenue with over $8.5 million in total, a sign of strong post-merger fundamentals.

OpenSea was far behind Ethereum, earning $1.5 million, while nine DeFi protocols and platforms brought in over $100,000.

Earning Ranking. Source: Token Terminal

Decentralized perpetual exchanges see increased trading volume

Combined with the migration of centralized exchanges (CEX), the