According to the Yearn Finance quarterly report posted on GitHub on April 27, the platform earned $4.88 mln in the quarter, stating that it was the project's net EBITDA (earnings before interest and taxes). Yearn Finance earned more in the first three months of 2021 than in the six operating months of 2020, which amounted to $3.7 mln.
Revenues in March alone was $3.16 mln, which is almost in line with the operating six months of the previous year. However, not every month breaks records, and in January and February of this year, the DeFi protocol earned $528 thousand and $ 1.19 mln, respectively.
The report says the yVault product line is a leading source of revenue and remains important to Yearn. In the first quarter, 36 new yVaults were launched, including five new v2 vaults. The y3CRV vault, consisting of three stablecoins – USDT, USDC and DAI – was the most profitable, generating $1.1 mln in revenue in the quarter. A similar report for 2020 showed that two-thirds of the revenue at the time came from yUSD storage. At the time of writing, according to DappRadar, the Total Value Locked (TVL) in the Yearn ecosystem was over $3 bln.