Seven Major Trends in the DeFi Field: Data Chart Analysis

From 2025 to now, the Decentralized Finance ( DeFi ) sector has developed rapidly. The regulatory environment has shifted from a previously hostile attitude to a more friendly one, and the adoption rate of DeFi continues to rise. Let us delve into the current state of DeFi through 7 key charts.

1. The market share of decentralized exchanges continues to rise

Decentralized exchanges ( DEX ) are gradually eating into the market share of centralized exchanges. Data shows that the market share of perpetual contract DEX in the derivatives market has increased 11 times from 0.98% in June 2022 to its current level. Although this trend is slow, it is evident, indicating that decentralized trading is gaining more recognition.

2. Fluid Becomes the Fastest Growing DEX

A certain DEX platform has been online for less than a year, and its daily trading volume once surpassed that of the leading DEX on Ethereum. The platform is set to launch its V2 version, which is expected to significantly improve capital efficiency. It would not be surprising if this platform eventually emerges victorious in the Ethereum ecosystem.

3. Yield-Generating Stablecoins Lead Capital Inflows for the First Time

Recently, a new type of interest-bearing stablecoin has surpassed USDT and USDC in net inflows for the first time in two weeks. This change is significant, indicating that crypto-native solutions are challenging the dominance of traditional stablecoins. It is expected that several emerging stablecoin projects will experience exponential growth in the coming months.

4. Growth of Ethereum Spot ETF Slows Down

After several weeks of setting new highs for single-day fund inflows, the Ethereum spot ETF recently experienced the largest single-day fund outflow on record. 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 best period for the Ethereum spot ETF.

5. The attention on DeFi approaches that of AI

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

6. Token Buyback Program Becomes a Highlight

In 2025, projects that implemented token buyback programs performed exceptionally well. This reflects that the market is beginning to favor tokens with solid fundamentals. Several subcategories of DeFi protocols have launched buyback programs, including well-known projects in the fields of liquidity provision, lending, and more.

7. 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 continued to decline. This contrasts sharply with the situation during the previous bull market. In this cycle, the inflow of funds into Bitcoin ETFs and the demand from institutional investors have had a significant positive impact on Bitcoin prices.

These data charts together depict the latest development trends in the DeFi field, reflecting that the market is gradually maturing, with fundamentals and innovation once again becoming the focus of attention.