Hoje continuamos a analisar o relatório abrangente de Messari de 2025 e hoje analisamos o conteúdo DEFI!
Capítulo DEFI - Trocas e Negociações Descentralizadas
O volume de negociação de DEX aumentou quase dobrou em 2024 em comparação com 2023, mas representa apenas 10% do volume de negociação de CEX.
De janeiro a novembro de 2024, o volume total de negociações de DEX à vista aumentou 171% ano a ano e, em novembro, o volume de negociações atingiu um máximo mensal de aproximadamente US$ 375 bilhões.
O aumento nas negociações no Sol impulsionou o crescimento do RAY, com o Raydium agora líder de mercado em participação de volume à vista em cerca de 30%. Outros Solana DEXs, como Whirlpool da Orca, Lifinity e Meteora, também aumentaram sua participação no mercado.
In the derivatives DEX, from January to November 2024, the total trading volume of derivatives DEX increased by 328% year-on-year. In March, following the approval of spot ETFs, Bitcoin reached an all-time high in trading volume at approximately $316 billion.
Prediction Markets
Polymarket trading surged, with Polymarket operating a central limit order book (CLOB) for prediction shares on Polygon, becoming a major destination for election-related betting in 2024, with monthly trading volumes exceeding $2 billion in October and November. Polymarket has not issued tokens yet, so there will definitely be an airdrop later.
Trading Bots (Cash-Catching Beast Telegram Bot - Maestro Potential Analysis, Recent Rise of Meme Ponke & GOAT Analysis & 5 PumpFun Sniping Bots Sharing)
We've discussed trading bots extensively before (here, the main mention is telegram BOTs like Trojan, Bonkbot, and Maestro)
Trading bots facilitated an average daily trading volume of over $180 million, with Trojan alone collecting over $100 million in lifetime fees within 340 days.
RWA
Since the beginning of 2023, the total value locked (TVL) has increased from $2 billion to $9 billion. This growth was initially driven by MakerDAO's allocation to U.S. treasuries and further expanded by major financial institutions like BlackRock and Franklin Templeton launching tokenized treasury products. Today, treasuries account for 35% of the entire tokenized market. (From this perspective, our village has fallen behind again)
This section mainly discusses the issues and expectations regarding the growth of RWA:
1. Although future interest rate cuts may reduce the momentum of treasury conversion, the market is vast, and even a small portion will grow significantly.
2. Another significant opportunity is to position tokenized treasuries as the default collateral for trading venues, replacing stablecoins. Platforms like Bybit have already integrated yield-generating collateral, showcasing the potential of this model. If this adoption extends to both centralized and decentralized trading platforms, the current approximately $2.9 billion in stablecoins used as collateral may shift to tokenized treasuries.
3. As the attractiveness of tokenized treasuries wanes, some protocols may explore higher yield products, such as tokenized private credit. (Leading RWA in Credit - CFG Potential Analysis)
By extending its utility beyond the treasury and bridging the gap between traditional finance and cryptocurrencies, these protocols can play a key role in shaping the future of on-chain finance. Whether through idle capital, exchange collateral, or yield output, risk assets have the potential to sustain growth and achieve on-chain asset diversification, even as macroeconomic conditions change.
Yield Strategy Category
Points Market (Airdrop & Points Trading Market WhalesMarket - Another Hundred Times Project of the Sol Ecosystem?)
In 2024, the points market led by Whales Market gained attention in the cryptocurrency field. The points aim to help protocols track and reward user activities, later evolving into speculative assets for over-the-counter trading. The whale market built on Solana facilitated this trading, allowing users to monetize points and pre-airdrop allocations. Early adoption drove growth, but activity sharply declined after the Jupiter airdrop in January.
Yield Trading (Downstream Bull Market Hundred Times DeFi Series - Pendle)
In 2024, Pendle becomes an important platform for interest rate derivatives, primarily benefiting from the EigenLayer re-staking points program, where the collaboration between ether.fi and Kelp DAO led to a rapid growth in Pendle's TVL.
Countering MEV
Intent-based systems are a promising approach that can not only mitigate MEV but also enhance liquidity acquisition and simplify user experience.
Protocols like CoW Swap and UniswapX have introduced intent-centric MEV auctions, where market makers (or settlement agents) bid for the right to execute user trades. These systems turn MEV opportunities into competitive markets, redistributing value from validators and searchers back to users and LPs while ensuring a more balanced distribution of trading profits. By abstracting trading paths, intent-based designs can not only improve execution but also protect users from exploitative practices like sandwich attacks. This approach can optimize pricing, reduce MEV extraction, and create a more user-friendly trading environment.
In addition to MEV mitigation, intent-based systems offer other advantages. By aggregating on-chain and off-chain liquidity, they can improve global liquidity access, optimize cross-chain interactions, and simplify user workflows.
2025 Outlook
Platforms like Flashbots' SUAVE and Anoma are expected to launch decentralized intent markets where user intents can be broadcast to solver networks. These markets aim to establish open, permissionless auctions to facilitate competitive MEV mitigation.
Cross-Chain Interoperability
For cross-chain interoperability, chain abstraction is a key framework, although there are still issues with liquidity and user experience.
However, it is also mentioned that the current focus remains on improving usability and liquidity aggregation, rather than achieving complete abstraction of user preferences. Messaging protocols and solver networks will continue to play a foundational role, but as bridging becomes less centralized and messaging commoditized, their roles will change. At the same time, front-end applications and solvers will become key value drivers, leveraging seamless experiences and execution efficiency to attract users.
While the long-term vision of chain abstraction is to eliminate the complexities of chain and application selection, incremental progress may be achieved in the coming years. True abstraction will require broader token deployment and greater diversity in application design—milestones that still need further realization.
By combining application discovery and intent execution through a graph-based structure, Wayfinder utilizes AI agents to simplify multi-chain interactions. These agents represent users in identifying and navigating the best paths for tasks such as token swaps or bridging, demonstrating how intuitive systems can begin to bridge the gap between the current landscape and the vision of complete abstraction. Such protocols emphasize the incremental yet critical steps being taken to transform multi-chain experiences, reducing friction and enhancing user accessibility.
In summary, the DEFI sector is still growing, and in the long term, it can be viewed positively. The focus is on the RWA sector, with an increasing number of treasury-related projects, and the U.S. is once again leading. When will our village catch up? Also, projects in the points market and yield market deserve attention. Finally, for DEFI optimization, look at intent trading and projects focusing on cross-chain interoperability, which are key paths for whether future DEX can surpass CEX.
