DeFi 2025 On-chain Yields Hit $8 Billion, Over Half of Stablecoin Deposit Yields Below US Treasuries

According to Mars Finance, researcher Vadym’s analysis indicates that DeFi will generate approximately $8 billion in on-chain revenue in 2025. The largest source is AMM trading fees, about $4.2 billion, with Uniswap, Meteora, and Raydium accounting for 62%. Lending interest ranks second, around $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 involves circular leverage operations. RWA (Real-World Assets) contribute $600 million to $900 million, with U.S. Treasuries making up about 41% of the RWA market. Perpetual contract funding rates contribute roughly $300 million, mainly from Ethena. Notably, in the Ethereum ecosystem, over half of stablecoin deposit yields are lower than U.S. Treasury yields. Potential revenue sources such as insurance underwriting and on-chain options remain underdeveloped. Analyzing Sky (formerly MakerDAO) as an example, it is noted that about 70% of its income comes from off-chain assets, reflecting that traditional finance (TradFi) earnings are accelerating into DeFi through licensed channels.