Author: DeFi Warhol

Compiled by: Deep Tide TechFlow

While everyone is immersed in the festive atmosphere, I decided to take this time to do some research.

@Delphi_Digital recently released a research report (2025 DeFi Outlook) summarizing 8 key trends and recommended projects to watch:

1. Consumer DeFi

Despite the rapid development of DeFi in recent years, it has not yet fully realized its potential and goals — to completely replace traditional banking, serve ordinary users, and guide them into the Web3 world.

Crypto payment cards are revolutionizing DeFi, combining self-custodial spending, DeFi yields, and fiat on/off ramps to provide users with a more convenient financial experience.

Recommended protocols to follow:

  • @coinbase

  • @holyheld

  • @gnosispay

  • @argentHQ

  • @MoonwellDeFi

  • @Fuse_network

2. Revenue-Sharing Stablecoins

Stablecoins are one of the most lucrative areas in the crypto space, but currently, the earnings are predominantly concentrated in the hands of the issuers.

The core idea of revenue-sharing stablecoins is to allow the applications that distribute them (such as decentralized exchanges, centralized exchanges, wallets, etc.) to also benefit, creating a new model — 'Stablecoin Distribution as a Service'.

This stablecoin not only has advantages similar to $USDT (such as cross-application composability and network effects) but also provides additional revenue incentives for distributors, attracting more applications to integrate.

Recommended protocols to follow:

  • @withAUSD

  • @Paxos

  • @m0foundation

3. Fat Wallet Theory

The 'Fat Wallet' theory suggests that as blockchain protocols and applications become more streamlined, the development space for the two key resources of distribution channels and order flow will further expand.

Wallets, as the core front-end for user interaction with the blockchain, can effectively convert these resources into sources of income.

Recommended protocols to follow:

  • @infinex_app

  • @OneBalance_io

  • @ParticleNtwrk

  • @Ctrl_Wallet

4. Market Share of Decentralized Exchanges (DEX)

Although several subfields of DeFi have achieved significant upgrades in 2024, changes in decentralized exchanges (DEX) have been relatively limited.

It is expected that the trading volume of spot DEX will grow to 20-22% of the trading volume of centralized exchanges (CEX), showcasing the potential of DeFi.

5. Solver-Based Protocols

Compared to standard AMMs (Automated Market Makers), DEXs that are deeply integrated with solver protocols perform better.

Solver and seeker-driven DeFi has already captured a significant share of trading volume and will continue to expand its influence in the future.

Recommended protocols to follow:

  • @SorellaLabs

  • @CoWSwap

  • @Uniswap

  • @ArrakisFinance

  • @HyperliquidX

6. Prediction Market

During the 2024 US elections, prediction markets performed strongly, with user numbers and trading volume hitting new highs, but failed to maintain long-term stability.

Today, these markets are transforming from traditional speculative platforms into innovative financial products and information discovery tools.

Recommended protocols to follow:

  • @trylimitless

  • @Truemarketsorg

  • @Polymarket

7. Starknet ecosystem rebound

The development trajectory of Starknet is similar to the early stages of Solana. Although the technological advancements of Solana were overlooked due to negative sentiment, it ultimately achieved a strong rebound.

Starknet is also facing a similar situation: its prospective technology is undervalued due to controversy but is gradually moving towards the mainstream market.

Recommended protocols to follow:

  • @EkuboProtocol

  • @vesuxyz

  • @avnu_fi

  • @RealmsEternum