By 2025, DeFi on-chain earnings will reach 8 billion dollars, with over half of stablecoin deposit yields lower than U.S. Treasury bonds

According to researcher Vadym's analysis, DeFi is expected to generate approximately $8 billion in on-chain revenue by 2025. The largest source is AMM trading fees, accounting for about $4.2 billion, with Uniswap, Meteora, and Raydium making up 62%; lending interest is the second largest source, around $1.76 billion, with money markets like Aave and Morpho contributing over 60% of DeFi's total TVL, although about half of the lending demand is due to cyclical leverage operations.

RWA contributes $600 million to $900 million, with U.S. Treasury bonds making up about 41% of the RWA market. Perpetual contract funding rates contribute about $300 million, mainly from Ethena. It is noteworthy that more than half of the stablecoin deposit yields in the Ethereum ecosystem are below U.S. Treasury bond rates. Potential sources of revenue such as insurance underwriting and on-chain options have yet to be fully developed. Analyzing Sky (formerly MakerDAO) as an example, it is pointed out that about 70% of its revenue comes from off-chain assets, reflecting that TradFi revenue is accelerating into DeFi through licensed channels.