jakiro
Source: DeFi Investor; Compilation: AIMan@Bitchain Vision
So far, 2025 has been a great year for DeFi.
We have moved from hostile SEC under Gary Gensler to a crypto-friendly regulatory environment.And, from almost all indicators, DeFi adoption is booming.
So, I think it’s a good time to take a closer look at some charts that can show the current market conditions and the trends in the industry.
The following seven charts reveal the current status of DeFi:
1. The transaction volume from DEX to CEX continues to hit record highs
Source: The Block
DEX is slowly but steadily snatching market share from CEX.
In June 2022, the perpetual contract DEX had a market share of only 0.98% in the derivatives field.Three years later, that number has increased 11 times.
2. Fluid is the fastest growing DEX
Source: DeFiLlama
Fluid DEX’s daily trading volume on Ethereum has briefly surpassed Uniswap, less than a year after it went online.
With Fluid DEX V2 coming soon, I wouldn’t be surprised if Fluid eventually wins the DEX war on Ethereum.
In terms of funding efficiency, the DEX V2 is expected to be more efficient than the V1.
3. Earning stablecoins lead capital inflows for the first time
Source: Artemis
A few days ago, Ethena’s stablecoin USDe surpassed USDT and USDC for the first time in two weeks of net traffic.What’s the point of this?
Because USDT and USDC have long been leading the way in stablecoins adoption.Now, crypto-native solutions are finally starting to challenge their dominance.
I predict that Resolv, Ethena and Falcon Finance will continue to grow exponentially in the coming months.
4. Spot ETH ETFs performed well but are slowing down
Source: Coinglass
Spot Ethereum ETF has recently hit its largest single-day outflow ever after weeks of hitting new highs inflows.
The reason may be that some TradFi giant whales have already made a profit.
However, if we look at it overall, the past two months have been the best performance of spot Ethereum ETF so far.
5. DeFi will soon surpass AI in terms of mental share
Source: Kaito
AI has been leading the way for more than a year.
However, this is starting to change.DeFi has more than tripled in the past few months.Meanwhile, Meme’s attention has dropped sharply.
The fundamentals are starting to become important again.
6. Agreements with repo programs perform best in 2025
Source: Dexu AI
This shows that the market is starting to reward tokens with solid fundamentals.
The protocol subcategories for token repurchases include Hyperliquid, Pump Fun, Maple, EtherFi, Kaito, AAVE and other projects.
7. BTC exchange reserves continue to decline
Source: Crypto Quant
BTC exchange reserves have been declining since February 2024 (shortly after the launch of the first spot Bitcoin ETF in the United States).
In the past bull markets, the opposite usually happened.
However, during this cycle, the purchasing pressure generated by BTC ETFs and cryptocurrency capital companies has had a huge positive impact on BTC prices.
That being said, these are all the charts I want to show in this newsletter.
Overall, I’m very excited about the current market situation.
As you can see above, fundamentals are becoming more and more important.I’m glad to see more and more projects starting to buy back their own tokens.
Hopefully prices in the coming months reflect all recent progress.
