The research group Blockworks has published a ranking of the top five protocols in the decentralized finance (DeFi) sector as of December 13, 2023. The list includes the following protocols: Maker with a profit of $95.91 million, Lido — $55.79 million, PancakeSwap — $52.31 million, Convex Finance — $42.23 million, and GMX — $37.52 million.

Blockworks notes that the total value locked (TVL) has been the main indicator of success for DeFi protocols since 2019. However, some experts suggest using net yield as a more accurate indicator, which was the basis for this ranking.

The leader of the ranking is Maker, which has been investing in U.S. Treasury bonds since 2022, profiting from rising interest rates. SubDAO of the Spark protocol offered investors access to bill yields through a locked version of the DAI stablecoin.

Lido took advantage of Ethereum's transition to a proof-of-stake (PoS) mechanism in 2022, allowing users to stake ETH and receive tokenized ether (stETH), which became the 9th largest cryptocurrency. PancakeSwap, the second-largest decentralized exchange (DEX) by trading volume after Uniswap, launched its third platform version in March 2023, focusing on concentrated liquidity and a new gaming market.

Convex Finance, an asset management protocol, allows liquidity providers and stakers to lock Curve-issued tokens and earn income. Convex controls a significant portion of CRV tokens and Frax Share (FRAX) tokens. GMX, a perpetual swap exchange, offers traders high-leverage trades without the need for large capital amounts, becoming the largest protocol by TVL on the Arbitrum One network.