Author: The DeFi Investor
Compiled by: Tim, PANews
2025 has been a very friendly year for DeFi so far.
Our regulatory environment has shifted from a hostile stance taken by the SEC under Gary Gensler to a more crypto-friendly situation today. And by almost all indicators, the adoption rate of DeFi is continuously increasing.
So I think it's time to take a closer look at the 7 charts related to the current state of DeFi.
The trading volume from decentralized exchanges to centralized exchanges is repeatedly hitting new highs.
Source: The Block
Although the process is slow, the trend is clear: decentralized exchanges are continuously eating into the market share of centralized exchanges.
In June 2022, the market share of perpetual DEX in the derivatives sector was only 0.98%. Three years later, this figure has grown 11 times.
Fluid is the fastest-growing DEX
Source: DeFiLlama
Reportedly, Fluid surpassed the leading DEX Uniswap on Ethereum in daily trading volume in less than a year since its launch.
Fluid DEX V2 is about to launch, and I would not be surprised if Fluid ultimately wins the DEX battle on Ethereum.
In terms of capital efficiency, V2 is expected to be far superior to the V1 version.
Interest-bearing stablecoins topped the inflow ranking for the first time
Source: Artemis
Recently, the stablecoin USDe under Ethena surpassed USDT and USDC in two-week net inflow for the first time.
Why is this change so important?
USDT and USDC have long led the market in the stablecoin sector, while now crypto-native solutions are continuously emerging to challenge their dominance.
My prediction is that Resolv, Ethena, and Falcon Finance will continue to grow exponentially in the coming months.
Spot Ethereum ETFs are performing well, but the momentum is slowing down.
Source: Coinglass
After weeks of continuously refreshing the historical single-day inflow record, Ethereum spot ETFs recently recorded the largest single-day outflow on record.
The reason may be that some traditional financial giants have taken profits.
However, if we look at it from a macro perspective, the past two months have been the best-performing phase for spot Ethereum ETFs so far.
DeFi is approaching AI's share of mind
Source: Kaito
For more than a year, AI has maintained a leading position in share of mind.
However, this situation is changing; in the past few months, DeFi's attention has more than doubled. Meanwhile, the attention on Meme coins has significantly decreased.
Fundamentals have become important again.
Projects with token buyback plans are performing the best in 2025
Source: Dexu AI
This marks the market's preference for fundamentally strong tokens. The protocol subcategories that conduct token buybacks include projects like Hyperliquid, PumpFun, Maple, EtherFi, Kaito, AAVE, and others.
The BTC reserves on exchanges continue to decline
Source: Crypto Quant
Since February 2024 (shortly after the first Bitcoin spot ETFs were launched in the US), the BTC reserves on exchanges have continued to decline, which is in stark contrast to the previous bull market.
During this period, the inflow of funds into Bitcoin ETFs and the purchasing demand generated by crypto asset reserve companies had a huge positive impact on BTC prices.
In summary, the above is all the data charts to be presented in this issue.
