DeFi on-chain revenue in 2025 reaches $8 billion, with more than half of stablecoin deposits earning less than U.S. Treasuries.

ZkProver · 2026-03-29T02:05:55+00:00

Researcher Vadym's analysis indicates that by 2025, DeFi on-chain revenue will reach $8 billion, primarily from AMM trading fees and lending interest. Among them, Uniswap, Meteora, and Raydium account for most of the fees. RWA and perpetual contracts also contribute certain revenue, but stablecoin yields are generally below U.S. Treasury bond rates, and on-chain potential earnings have not yet been fully developed.

ZkProver

2026-03-29 02:05:55

Abstract generation in progress

ChainCatcher news reports that, according to researcher Vadym’s analysis, DeFi will generate approximately $8 billion in on-chain revenue by 2025. The largest source will be AMM trading fees, around $4.2 billion, with Uniswap, Meteora, and Raydium accounting for 62%; lending interest follows closely with about $1.76 billion, with money markets like Aave and Morpho contributing over 60% of DeFi’s total TVL, though about half of the lending demand is for cyclical leverage operations.

RWA contributes $600 million to $900 million, with U.S. Treasury bonds making up about 41% of the RWA market. Perpetual contract funding rates contribute approximately $300 million, primarily from Ethena. Notably, more than half of the stablecoin deposit yields in the Ethereum ecosystem are below U.S. Treasury rates. Potential revenue sources like insurance underwriting and on-chain options remain underdeveloped. An analysis using Sky (formerly MakerDAO) as an example indicates that about 70% of its income comes from off-chain assets, reflecting that TradFi returns are accelerating into DeFi through licensed channels.

UNI0.92%

RAY1.58%

AAVE0.51%

MORPHO-0.81%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

1 Likes