Decentralized Finance发展势头强劲：7个关键指标解析

Since 2025, the Decentralized Finance (DeFi) sector has shown a booming development trend. The regulatory environment has shifted from a previously hostile stance to a more friendly atmosphere, and various indicators show that the adoption rate of DeFi continues to rise. Let's delve into the current state of DeFi through 7 key indicators.

1. The market share of decentralized exchanges is steadily increasing

In recent years, decentralized exchanges (DEX) have gradually been eating away at the market share of centralized exchanges. Data shows that in June 2022, the market share of perpetual contract DEX in the derivatives space was only 0.98%. Three years later, this figure has grown 11 times, reflecting the increasing status of DEX in the market.

2. Fluid Becomes the Fastest Growing DEX

The emerging DEX platform Fluid has shown impressive performance, surpassing the daily trading volume of major DEXs on Ethereum in less than a year since its launch. With the upcoming release of Fluid DEX V2, a significant improvement in capital efficiency is expected, further solidifying its leading position in the Ethereum ecosystem.

3. The Rise of Interest-Bearing Stablecoins

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

4. Ethereum Spot ETF Performs Well but Growth Slows

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

5. The attention on Decentralized Finance is approaching that of AI

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

6. Token Buyback Program in Favor

In 2025, projects with token buyback plans performed the most prominently. This trend indicates that the market is starting to pay more attention to the fundamentals of projects. Several protocols implementing token buybacks have excelled in their respective fields, showing investors' preference for projects with sustainable development models.

7. The Bitcoin reserves of exchanges continue to decline

Since the launch of the first Bitcoin spot ETF in the United States in February 2024, the Bitcoin reserves on exchanges have continued to decrease. This stands in stark contrast to the previous bull market situation. The inflow of funds into Bitcoin ETFs and the increase in institutional investors have had a significant positive impact on the price of Bitcoin.

These indicators together depict a positive development trend in the DeFi field, reflecting the market's growing confidence in decentralized finance solutions, as well as the accelerating integration of traditional finance and the crypto economy.