Decentralized Finance (DeFi)
TVL share of top blockchains

Source: DeFiLlamaAs of March 31, 2025
In March 2025, DeFi total value locked (TVL) declined by 1.5% month-on-month, influenced by regulatory uncertainty surrounding the IRS’s now-overturned DeFi Broker Rule. Originally, the rule sought to classify DeFi platform operators as brokers, imposing stringent reporting obligations that threatened innovation and user privacy. However, a March 4 Senate resolution, backed by both Congress and the Trump administration, successfully repealed the rule using the Congressional Review Act, preventing the IRS from implementing a similar rule without explicit legislative approval. This legislative win was a major boost for the DeFi sector’s autonomy and growth potential.
Despite this DeFi contraction, the stablecoin market continued its upward trajectory, growing 4.4% in March, buoyed by regulatory progress on the U.S. GENIUS Act, which introduces rigorous standards for stablecoin issuers, including 1:1 reserve backing.
USDC notably outpaced USDT in growth, expanding its market share from 20% to 25.7%, and remained the only major stablecoin compliant with new EU regulations. Among the major DeFi ecosystems, BNB Chain was the only one to record TVL growth, driven by active memecoin trading on PancakeSwap and incentivized token swaps, all reinforcing its position as a hub of DeFi activity.
Non-Fungible Tokens (NFTs)
Monthly NFT trading volume

Source: CryptoSlam As of March 31, 2025
In March 2025, the NFT market experienced a significant decline, with total sales volume dropping 12.4% across the top 10 chains. Buyer activity also slumped, hitting its lowest point since October 2023 amid broader macroeconomic uncertainty.
Ethereum-based NFTs were hit hardest, with sales plummeting 59.3% – only Crypto Punks managed to buck the trend among top collections. Bored Ape Yacht Club and Pudgy Penguins both saw sales fall by over 50%.
In contrast, Panini’s America NFTs surged 259.2%, marking its rise as a top 10 NFT chain. Leveraging its decades-long legacy in collectibles, Panini's blockchain-based offerings are gaining traction for their authenticity and exclusivity.
Despite the broader market pullback, major partnerships hint at sustained interest in NFT applications. Azuki launched a physical-backed NFT with renowned toy designer Michael Lau, while The Sandbox collaborated with Jurassic World to bring dinosaurs into the metaverse. Meanwhile, EGGRYPTO partnered with anime series Eparida on limited-edition character NFTs, and Sony’s Soneium platform joined forces with LINE to build Web3 mini-apps, signaling ongoing innovation and brand engagement within the space.
Upcoming Events and Token Unlocks
To help users stay updated on the latest Web3 news, the Binance Research team has summarized notable events and token unlocks for the month to come. Keep an eye on these upcoming developments in the blockchain space.
Notable Events in April 2025

Source: Cryptoevents, Binance Research
Largest token unlocks in US$ terms

Source: CryptoRank, Binance Research
Binance Research
The Binance Research team is committed to delivering objective, independent, and comprehensive analyses of the crypto space. We publish insightful takes on Web3 topics, including but not limited to the crypto ecosystem, blockchain applications, and the latest market developments.
This article is only a snapshot of the full report, which contains further analyses of the most important charts from the past month. The full report also dives into the resumption of BTC long-term holders accumulation, the evolution of DEX landscape, major shifts in the wallet landscape, and the apparent end of the memecoin supercycle.
Read the full version of this Binance Research report here.
Further Reading
Binance Research: Key Trends in Crypto – March 2025
Binance Research: Key Trends in Crypto – February 2025
Binance Research: Key Trends in Crypto – January