DeFi on-chain revenue in 2025 reaches $8 billion, with more than half of stablecoin deposits earning less than U.S. Treasuries.

ZkProver · 2026-03-30T02:16:04+00:00

Researcher Vadym's analysis indicates that by 2025, DeFi on-chain revenue will reach $8 billion, primarily from AMM trading fees and lending interest. Among them, Uniswap, Meteora, and Raydium account for most of the fees. RWA and perpetual contracts also contribute certain revenue, but stablecoin yields are generally below U.S. Treasury bond rates, and on-chain potential earnings have not yet been fully developed.

ZkProver

2026-03-30 02:16:04

Abstract generation in progress

According to a ChainCatcher message analyzed by researcher Vadym, DeFi is expected to generate approximately $8 billion in on-chain revenue by 2025. The largest source will be AMM trading fees, around $4.2 billion, with Uniswap, Meteora, and Raydium accounting for 62%; lending interest comes in second at approximately $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 is due to cyclical leverage operations.

RWA will contribute $600 million to $900 million, with U.S. Treasuries making up about 41% of the RWA market. Perpetual contract funding rates will contribute around $300 million, mainly from Ethena. It is worth noting that over half of the stablecoin deposit yields in the Ethereum ecosystem are lower than U.S. Treasury rates. Potential revenue sources such as insurance underwriting and on-chain options remain underdeveloped. Taking Sky (formerly MakerDAO) as an example, it is pointed out that about 70% of its income comes from off-chain assets, reflecting that TradFi revenue is accelerating into DeFi through licensed channels.

UNI1,47%

RAY-0,38%

AAVE0,04%

MORPHO-4,05%

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