Bybit's report discusses significant shifts in decentralized finance, highlighting new drivers like real-world assets and decentralized exchanges.
Institutional Interest in DeFi
Regulatory changes stemming from the GENIUS Act and Circle's IPO have spurred institutional interest in DeFi lending and tokenized assets. Supported by the mainstreaming of stablecoins, the integration of DeFi with traditional finance has been driven by institutional interest. Total DeFi lending deposits reached $67.8 billion across platforms such as Aave, Morpho, and Maple Finance. RWA platforms like Securitize, Ondo Finance, and Franklin Templeton offer yield opportunities backed by US Treasuries.
DEXs Challenge Centralized Players
Hyperliquid leads perpetual futures trading with $1.27 trillion in year-to-date volume, demonstrating that DEXs can compete with centralized exchanges. This has encouraged hybrid platforms like Byreal, combining CEX liquidity with DeFi transparency.
Divergent Performance in DeFi Growth
While the RWA and DEX sectors are thriving, interest in AI-related DeFi (DeFAI) tokens is declining, and the growth of liquid staking remains constrained by token volatility.
The report illustrates DeFi's transition towards utility-focused applications and emphasizes the importance of institutional RWA adoption and emerging hybrid solutions to strengthen DeFi's position in the financial sector.
