In August, DeFi protocols saw a 24.4% drop in monthly fees, marking the lowest point since February, with total fees at $288.38 million. Leading the charge was Lido with $76.18 million, followed by Uniswap, Jito, and PancakeSwap. DeFi revenue also fell by 19.7%, reaching $59.53 million, the lowest since February. The decline is attributed to a lack of significant innovations and reduced yields from DeFi strategies, as traders shift interest to memecoins. Source: The Block