DeFi's on-chain revenue reaches US$8 billion in 2025. More than half stable currency deposit income is lower than US bonds

According to researcher Vadym, DeFi will generate approximately US$8 billion in chain revenue in 2025. The largest source is AMM transaction fees, which are approximately US$4.2 billion, of which Uniswap, Meteora and Raydium account for 62%; loan interest ranks second, with approximately US$1.76 billion. Money markets such as Aave and Morpho contribute more than 60% of DeFi's total TVL, but about half of the loan demand is cyclical leverage operations.<br /> RWA contributes US$600 million to US$900 million, and U.S. Treasury bonds account for approximately 41% of the RWA market. Perpetual contract funding rates contribute approximately US$300 million, mainly from Ethena. It is worth noting that the return on more than half of the stablecoin deposits in the Ethereum ecosystem is lower than the US Treasury interest rate. Potential revenue sources such as insurance underwriting and on-chain options have not yet been fully developed. The analysis takes Sky (formerly MakerDAO) as an example and points out that about 70% of its revenue comes from off-chain assets, reflecting that TradFi revenue is accelerating its flow into DeFi through licensing channels.