2026 DeFi Outlook
2025 saw DeFi maturing with increased institutional involvement, RWA tokenization, and evolving trading dynamics, laying the groundwork for future growth.Summary
2025 marked a year of maturation for DeFi, characterized by growing institutional inflows, the rise of Real World Asset (RWA) tokenization, and shifts in trading dynamics. Onchain credit expansion resumed, with Aave solidifying its position and challengers like Morpho and Maple gaining ground. Tokenized RWAs, particularly US Treasuries, experienced significant growth, driven by BlackRock’s BUIDL and increasing institutional adoption. Perpetual DEXs saw record volumes, with new entrants like Lighter and Aster challenging Hyperliquid’s dominance. Prediction markets remained relevant, boosted by the US election and partnerships like Kalshi’s with Robinhood. While spot trading activity was mixed, with a shift from Solana to BNB Chain, the year highlighted the systemic risks inherent in DeFi’s composability, as demonstrated by the Stream Finance incident. Looking ahead, DeFi is poised for steady expansion, but sustained growth depends on favorable macro conditions and robust risk management.
(Source：The Block)