April fared relatively well for memecoins, such as dogecoin (DOGE) and shiba inu (SHIB), but marked big losses for decentralized finance (DeFi) tokens, including aave (AAVE) and thorchain (RUNE), research by crypto exchange Kraken noted this week.

Considering bitcoin’s (BTC) 17% loss as a benchmark, the broader DeFi sector lost 34% on average, closely followed by tokens of layer 1, or base blockchains, at 33%. DeFi relies on smart contracts instead of third parties to provide financial services, such as trading, lending and borrowing, to users.

DeFi tokens have been the biggest losers on a yearly basis with over 71% in average drawdowns for investors. Ether (ETH), the native token of Ethereum over which most DeFi protocols are built, gained 3% in comparison.

DeFi-centric RUNE slumped 51%, the most in that sector, while the minimum loss was 22%. Among layer 1s, Solana’s SOL, Avalanche’s AVAX, and Near Protocol’s NEAR slumped at least 34% in the past month.

DeFi projects also saw a drop in revenues, which are earned each time a user conducts financial activity on the protocol with the protocol receiving a small cut of volumes as fees. The drop likely occurred as token prices fell and interest among investors took a hit.

Financial services platform SushiSwap saw a 29% drop in revenue, while those on DeFi exchange Balancer fell as much as 66%. Their corresponding tokens, SUSHI and BAL, have lost 45% and 18% over the past month, respectively, CoinGecko data shows.