7 charts reveal the current state of DeFi: Fluid leads the DEX battle, USDe rewrites the stablecoin landscape.

Author: The Decentralized Finance Investor

Compiled by: Tim, PANews

The year 2025 has been very friendly to DeFi.

Our regulatory environment has shifted from the hostile stance taken by the SEC under Gary Gensler to a more crypto-friendly situation today. And by almost all measures, the adoption rate of Decentralized Finance is continuously increasing.

So I think it's time to take a close look at the 7 charts related to the current state of Decentralized Finance.

The trading volume from decentralized exchanges to centralized exchanges is constantly hitting new highs.

Source: The Block

Despite the slow progress, the trend is clear: decentralized exchanges are continuously eating into the market share of centralized exchanges.

In June 2022, the market share of perpetual DEX in the derivatives sector was only 0.98%. Three years later, this figure has grown 11 times.

Fluid is the fastest growing DEX.

Source: Decentralized FinanceLlama

According to reports, Fluid surpassed the daily trading volume of Uniswap, the leading DEX on Ethereum, in less than a year since its launch.

Fluid DEX V2 is about to launch, and I wouldn't be surprised at all if Fluid ultimately wins the DEX battle on Ethereum.

In terms of capital efficiency, V2 is expected to be much higher than the V1 version.

Interest-earning stablecoins top the inflow chart for the first time.

Source: Artemis

Recently, Ethena's stablecoin USDe has surpassed the two major mainstream stablecoins USDT and USDC in net inflow over the past two weeks.

Why is this change so important?

USDT and USDC have long led the market in the stablecoin space, but now crypto-native solutions are continuously emerging, challenging their dominance.

My prediction is that Resolv, Ethena, and Falcon Finance will continue to grow exponentially in the coming months.

The spot Ethereum ETF has performed well, but the momentum is slowing down.

Source: Coinglass

After several weeks of continuously setting new historical highs for daily inflow of funds, the Ethereum spot ETF recently recorded the largest single-day outflow of funds on record.

The reason may be that some traditional financial giants have taken profits.

However, if we look at it from a macro perspective, the past two months have been the best period for spot Ethereum ETFs so far.

Decentralized Finance is approaching the mind share of AI.

Source: Kaito

For more than a year, AI has been leading in mind share.

But this situation is changing, as the attention on Decentralized Finance has more than doubled in the past few months. At the same time, the attention on Meme coins has significantly decreased.

Fundamentals are becoming important again.

The projects with token buyback plans will perform the best in 2025.

Source: Dexu AI

This marks the beginning of the market favoring fundamentally solid tokens. The subcategories of protocols conducting token buybacks include projects like Hyperliquid, PumpFun, Maple, EtherFi, Kaito, AAVE, and others.

The exchange's BTC reserves continue to decline.

Source: Crypto Quant

Since February 2024 (shortly after the launch of the first Bitcoin spot ETF in the United States), the BTC reserves on exchanges have continued to decrease, which is in stark contrast to the previous bull market.

During this period, the inflow of funds into Bitcoin ETFs and the purchasing demand generated by crypto asset reserve companies had a significant positive impact on the price of BTC.

In summary, the above is all the data charts to be presented in this issue.