Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has released its latest report on the decentralized finance (DeFi) ecosystem. The report outlines a major shift in the sector, with real-world assets (RWA) and decentralized exchanges (DEXs) emerging as the primary growth drivers in 2025. Unlike the speculative DeFi Summer of 2020, the current wave is fueled by institutional adoption, regulatory clarity, and utility-focused innovations.
Key Highlights from the Report
Institutional Momentum in DeFi
The report notes that events such as the GENIUS Act and Circle’s IPO have provided much-needed regulatory clarity, leading to a surge in institutional interest in DeFi. The integration of tokenized assets and DeFi lending platforms like Aave, Morpho, and Maple Finance has driven the sector’s growth.
According to Bybit and CoinGecko, total DeFi lending deposits reached $67.8 billion, as traditional financial institutions increasingly explore yield opportunities via RWA platforms such as Securitize, Ondo Finance, and Franklin Templeton—all of which are offering products backed by U.S. Treasuries.
DEXs Rival Centralized Exchanges
Decentralized exchanges have begun to challenge the dominance of centralized counterparts. Platforms like Hyperliquid, which reported a staggering $1.27 trillion in YTD perpetual futures trading volume, demonstrate that DEXs can offer both scalability and transparency.
This momentum has also given rise to hybrid exchanges such as Byreal, which combine CEX-level liquidity with DeFi transparency, appealing to a broader audience of traders and investors.
Sector Divergence and Future Trends
While RWA and DEX segments are on the rise, the report highlights a dip in investor enthusiasm for AI-related DeFi tokens (DeFAI) and notes that liquid staking growth remains limited due to token volatility.
The DeFi sector is maturing into a robust, on-chain financial infrastructure, blending the performance and accessibility of centralized finance (CeFi) with the transparency and trustlessness of DeFi. The emergence of real-world utility applications marks a pivotal evolution for the decentralized finance space.