Analysis of the Current Development Status of the DeFi Industry: Interpretation of Seven Key Indicators

Since 2025, the Decentralized Finance (DeFi) industry has entered a golden period of rapid development. The regulatory environment has shifted from a previously hostile attitude to a more friendly stance, and various indicators show that the adoption rate of DeFi continues to rise. Let us delve into the current state of development in the DeFi industry through seven important data charts.

1. The market share of decentralized exchanges continues to grow

Decentralized exchanges are gradually eating into the market share of centralized exchanges. Data shows that in June 2022, the share of perpetual contract DEX in the derivatives market was only 0.98%. Three years later, this figure has grown by 11 times. Although the process is slow, this trend is already very clear.

2. Fluid becomes the fastest growing DEX

According to statistics from a certain data platform, Fluid has experienced rapid growth since its launch, once surpassing the daily trading volume of a well-known DEX in less than a year. With the upcoming launch of Fluid DEX V2, its advantages in capital efficiency may further expand, and it is expected to occupy a more prominent position in the Ethereum ecosystem.

3. Yield-bearing stablecoins lead the inflow rankings for the first time

Data from a certain data platform shows that in recent weeks, the stablecoin USDe launched by Ethena has surpassed the net inflow of two major mainstream stablecoins 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 in the coming months, projects such as Resolv, Ethena, and Falcon Finance will continue to exhibit rapid growth.

4. The spot Ethereum ETF performs well but the growth momentum is slowing down

The Ethereum spot ETF has recently experienced the largest single-day outflow on record after several weeks of setting single-day inflow records. This may be due to some traditional financial institutions choosing to take profits. However, overall, the past two months have still been the best-performing phase for the spot Ethereum ETF to date.

5. The attention on Decentralized Finance approaches that of AI

In 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 DeFi has more than doubled, while the attention on Meme coins has significantly decreased during the same period. This indicates that the market is refocusing on the fundamentals of projects.

6. Projects with token buyback plans perform excellently

In 2025, projects with token buyback programs performed particularly well. This indicates that the market is beginning to favor tokens with solid fundamentals. The protocols conducting token buybacks cover multiple subcategories, including projects such as Hyperliquid, PumpFun, Maple, EtherFi, Kaito, and AAVE.

7. The reserve amount of Bitcoin in exchanges continues to decline

Since the launch of the first Bitcoin spot ETF in the United States in February 2024, the Bitcoin reserves of exchanges have shown a continuous downward trend. This contrasts sharply with the previous bull market. In this cycle, the inflow of funds into Bitcoin ETFs and the purchasing demand from crypto asset reserve companies have had a significant positive impact on Bitcoin prices.

Through the above seven indicators, we can clearly see the development trend of the Decentralized Finance industry. The growth of the market share of decentralized exchanges, the rise of emerging stablecoins, the performance of ETFs, and the market's focus on fundamentals all indicate that the Decentralized Finance industry is entering a more mature and robust development stage.