The Development Momentum of DeFi is Strong: Seven Charts Interpreting the Industry Status

Since 2025, the Decentralized Finance (DeFi) industry has witnessed rapid growth. With the improvement of the regulatory environment and the continuous increase in user adoption, DeFi is becoming an important force in the cryptocurrency field. Let's delve into the latest developments of DeFi through seven charts.

Market share of Decentralized Exchanges continues to rise

Data shows that decentralized exchanges (DEX) are gradually eating into the market share of centralized exchanges. Since June 2022, the share of perpetual contract DEX in the derivatives market has grown 11 times, rising from less than 1% to the current double-digit level. This trend, while slow, is very evident, indicating that decentralized trading is gaining recognition from an increasing number of users.

Emerging DEXs Rise

In the competitive landscape of DEX, an emerging platform called Fluid has stood out remarkably. Reports indicate that Fluid surpassed the daily trading volume of established DEXs on Ethereum within less than a year of its launch. With the upcoming release of its V2 version, its capital efficiency is expected to improve further, and it is likely to occupy a more important position within the Ethereum ecosystem in the future.

The Rise of Yield-Generating Stablecoins

Recently, a yield-bearing stablecoin called USDe has surpassed USDT and USDC in net inflow over the past two weeks. This marks the beginning of crypto-native stablecoin solutions challenging the dominance of traditional stablecoins. It is expected that similar innovative stablecoin projects will experience exponential growth in the coming months.

Ethereum Spot ETF Performs Well but Growth Slows

The Ethereum spot ETF has continuously refreshed single-day capital inflow records in the weeks following its launch, but recently saw the largest single-day capital outflow on record. This may be due to some traditional financial institutions choosing to take profits. Nevertheless, overall, the past two months have still been the best period for the performance of the spot Ethereum ETF.

Decentralized Finance关注度逼近AI

Over the past year, artificial intelligence (AI) has been at the center of public attention. However, this situation is changing. In recent months, the attention on Decentralized Finance (DeFi) has more than doubled, while the popularity of meme coins has significantly decreased. This indicates that the market is refocusing on the fundamentals of projects.

Token Buyback Plan Becomes a Highlight

In 2025, projects with token buyback plans performed particularly well. This reflects that the market has begun to place more emphasis on the fundamentals and value creation ability of projects. Several projects in various DeFi subcategories have launched token buyback plans, demonstrating the overall healthy development of the industry.

The Exchange's Bitcoin Reserves Continue to Decline

Since the launch of the first Bitcoin spot ETF in the United States in February 2024, the Bitcoin reserves of exchanges have been continuously decreasing. This stands in stark contrast to the previous bull market. The inflow of funds into Bitcoin ETFs and the increase in institutional investors have had a positive impact on Bitcoin prices.

Overall, these data charts reflect that the DeFi industry is in a stage of vigorous development. The increase in decentralized trading, innovative stablecoins, and institutional investment has brought new growth momentum to the industry. As fundamentals become the focus of market attention again, DeFi is expected to continue to maintain strong development momentum in the future.