Decentralized Finance (DeFi) generated approximately $8 billion in on-chain revenue in 2025, with Automated Market Maker (AMM) trading fees being the largest contributor at $4.2 billion. Uniswap, Meteora, and Raydium accounted for 62% of these fees. Lending interest ranked second, generating $1.76 billion, with Aave and Morpho leading, despite half of the demand stemming from circular leverage operations. Real World Assets (RWA) added between $600 million and $900 million, with U.S. Treasuries making up 41% of the RWA market. Perpetual contract funding rates contributed $300 million, mainly from Ethena. However, over half of stablecoin deposits in the Ethereum ecosystem underperformed U.S. Treasury yields. The report highlights that traditional finance yields are increasingly entering DeFi through licensed channels, as seen with Sky (formerly MakerDAO), where 70% of revenue comes from off-chain assets.
DeFi 2025 On-Chain Revenue Hits $8 Billion, AMM Fees Lead
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