2026-01-02 00:26:15

The competitive landscape of decentralized finance in 2025 continues to heat up. From the fee revenue rankings, different DeFi protocols demonstrate differentiated business performance. This data covers the annual fee income of mainstream DEXs, lending protocols, and derivatives platforms. Interestingly, leading protocols still hold the majority of market share, but mid-tier projects are also competing for users through innovative mechanisms. From a data perspective, fee income directly reflects the transaction activity and user stickiness of protocols. Those that can continuously optimize user experience, reduce transaction costs, and improve liquidity efficiency are often able to stand out in fierce competition. The development trend of the DeFi ecosystem in 2025 is worth close attention—whether it’s the growth in trading volume, innovation in fee models, or the deepening of cross-chain aggregation.

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SigmaValidator

· 13h ago

Head eats meat, tail drinks soup, this routine is the same year after year --- To turn around in the mid-tier, true innovation is needed; otherwise, it's still a race to the bottom --- Revenue and expenses, honestly, depend on whose users have stronger stickiness --- Cross-chain aggregation deepening? Feels more like a gimmick than actual progress --- By 2025, it depends on who can truly reduce costs; only then will users buy in --- Another head monopoly? When will small projects get their turn to shine? --- Liquidity efficiency is indeed the key to widening the gap --- With such fierce competition in DeFi, small retail investors are always at a disadvantage --- Mid-tier projects are interesting, but how many will still be around next year?

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YieldWhisperer

· 13h ago

yeah so the fee revenue thing is cute but actually the math doesn't check out when you dig into tvl vs actual usage patterns... seen this exact vampire attack playbook before ngl

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MetaverseMortgage

· 13h ago

Head protocols are taking the meat, mid-tier protocols are drinking soup. When will this old script finally be broken? Can revenue and expenses explain everything? I don't think so; the real dark horse has yet to appear. Cross-chain aggregation definitely needs to be closely watched; it feels like it's just getting started. Another year has passed, and DeFi is still the same old faces competing over experience and costs. What about innovation?

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SandwichVictim

· 13h ago

Is the dominance at the top still so fierce? How can the mid-tier break the deadlock?

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