Broker Bernstein noted in a research report that the recovery of the crypto market will be broad-based, with decentralized finance (DeFi) leading the charge. Of the top ten protocols for revenue generation, six are DeFi applications: Uniswap, Aave, Maker, GMX, Synthetix and Sushi.

The report says that this time the returns are real and with regulatory clarity, global asset managers may consider creating DeFi ETFs and active DeFi funds.

Uniswap is the largest decentralized spot exchange and its annual revenues could exceed $1 billion.