DeFi 2025 on-chain yields will reach $8 billion, with more than half of stablecoin deposits earning less than US Treasury yields.

金色财经_

2026-03-26 04:42:07

Abstract generation in progress

Golden Finance reports that on March 26, researcher Vadym analyzed that DeFi generated approximately $8 billion in on-chain revenue in 2025. The largest source was AMM trading fees, about $4.2 billion, with Uniswap, Meteora, and Raydium accounting for 62%. Lending interest ranked second, around $1.76 billion, with money markets like Aave and Morpho contributing over 60% of DeFi’s total TVL, though only about half of the lending demand involves circular leverage operations.
RWA contributed $600 million to $900 million, with U.S. Treasuries making up about 41% of the RWA market. Perpetual contract funding fees contributed roughly $300 million, mainly from Ethena. Notably, in the Ethereum ecosystem, over half of stablecoin deposit yields are lower than U.S. Treasury rates. Potential revenue sources such as insurance underwriting and on-chain options remain underdeveloped. Analyzing Sky (formerly MakerDAO) as an example, it shows that about 70% of its income comes from off-chain assets, reflecting that traditional finance (TradFi) earnings are accelerating into DeFi through licensed channels.

UNI-0,19%

MET3,79%

RAY-3,07%

AAVE-3,63%

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