The Development Momentum of DeFi is Strong: 7 Charts Reveal the Current State of the Industry

Since 2025, the Decentralized Finance (DeFi) industry has shown a booming development trend. With the improvement of the regulatory environment and the continuous increase in adoption rates, DeFi is gradually becoming an important force in the financial sector. Let's take a closer look at the latest developments in DeFi through 7 key charts.

DEX Market Share Continues to Rise

Decentralized exchanges (DEX) are steadily eating away at the market share of centralized exchanges. Data shows that since June 2022, the market share of perpetual contract DEX in the derivatives market has increased 11 times, rising significantly from an initial 0.98%. This trend, although slow, is firm and highlights the growing preference of users for decentralized trading methods.

Emerging DEXs Rise to Prominence

In the DEX space, some emerging platforms are rising rapidly. Among them, a DEX platform that has been online for less than a year once had a daily trading volume that surpassed mainstream DEXs on Ethereum. With the upcoming launch of the platform's second version, its capital efficiency is expected to further improve, potentially allowing it to occupy a more significant position within the Ethereum ecosystem.

Yield-Generating Stablecoins Lead Capital Inflows

Recently, a new type of yield-generating stablecoin has surpassed traditional stablecoins like USDT and USDC in net inflow over a two-week period for the first time. This phenomenon indicates that crypto-native stablecoin solutions are challenging the centralized stablecoins that have long dominated the market. It is expected that in the coming months, emerging stablecoin projects including Resolv, Ethena, and Falcon Finance will continue to show exponential growth.

Analysis of Ethereum Spot ETF Performance

The Ethereum spot ETF recently experienced the largest single-day outflow on record after several weeks of continuous capital inflow. This may be due to some traditional financial institutions choosing to take profits. However, from a macro perspective, the past two months have still been the most outstanding period for the performance of the spot Ethereum ETF.

Comparison of Attention Between DeFi and AI

In the past year and more, artificial intelligence (AI) has been at the center of public attention. However, in the past few months, the focus on Decentralized Finance (DeFi) has more than doubled, while the popularity of meme coins has significantly decreased. This change indicates that the market is refocusing on the fundamental value of projects.

Impact of the Token Buyback Plan

In 2025, projects implementing token buyback plans performed particularly well. This trend reflects that the market is beginning to place greater emphasis on tokens with solid fundamentals. Protocols that are conducting token buybacks include multiple projects such as Hyperliquid, PumpFun, Maple, EtherFi, Kaito, and AAVE.

Changes in Exchange Bitcoin Reserves

Since the launch of the first batch of Bitcoin spot ETFs in the United States in February 2024, the Bitcoin reserves on exchanges have continued to decline. This phenomenon contrasts sharply with previous bull markets. In this cycle, the inflow of funds into Bitcoin ETFs and the purchasing demand from cryptocurrency reserve companies have had a significant positive impact on Bitcoin prices.

Through these charts, we can clearly see that the DeFi industry is undergoing a period of rapid development and transformation. From the growth of DEX market share to the rise of new stablecoins, and changes in investor behavior, these trends indicate that DeFi is developing towards a more mature and diversified direction.