Decentralized finance yield aggregator Yearn has released its financial report for the first quarter revealing some impressive earnings for the period.
According to the Yearn Finance quarterly report, published on GitHub on April 27, the platform had earnings of $4.88 million for the quarter.
Declaring that these were earnings before interest, taxes, depreciation, and amortization, or EBITDA, Yearn Finance has made more in the first three months of 2021 than it did in its six operational months in 2020, which totaled $3.7 million.
Earnings for March alone totaled $3.16 million which alone was almost as much as its operational six months for the previous year. Not every month broke records, however, and in January and February this year, the DeFi protocol earned $528K and $1.19 million respectively.
The report stated that the yVault product line is the leading revenue generator and remains critical to Yearn’s core business. Vaults employ strategies to automate the best yield farming opportunities available by staking on other protocols.