Delphi Digital's 2025 DeFi Outlook Summary: From Consumer-Grade Applications to Revenue-Sharing Stablecoins, 8 Key Trends and Projects to Watch
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Delphi Digital's 2025 DeFi Outlook Summary: From Consumer-Grade Applications to Revenue-Sharing Stablecoins, 8 Key Trends and Projects to Watch
Yield-sharing stablecoins create a new model—"stablecoin distribution as a service."
Navigating Web3 tides with focused insightsAuthor: DeFi Warhol
Translation: TechFlow
While everyone is immersed in the holiday atmosphere, I decided to use this time to do some research.
@Delphi_Digital recently released its "DeFi Outlook 2025" report, summarizing eight key trends and recommended projects to watch:
1. Consumer DeFi
Despite rapid growth in recent years, DeFi has yet to fully realize its potential and original goal—replacing traditional banking entirely, serving everyday users, and acting as a gateway into Web3.
Crypto payment cards are revolutionizing DeFi by combining self-custodial spending, DeFi yields, and fiat on/off ramps, offering users a more seamless financial experience.
Recommended protocols:
2. Revenue-Sharing Stablecoins
Stablecoins represent one of the most monetizable areas in crypto, but currently, revenue is largely captured by issuers alone.
The core idea behind revenue-sharing stablecoins is enabling applications that distribute them—such as decentralized exchanges, centralized exchanges, and wallets—to also benefit, creating a new model: “stablecoin distribution-as-a-service.”
These stablecoins retain advantages similar to $USDT—like cross-app composability and network effects—while providing additional yield incentives to distributors, encouraging broader integration.
Recommended protocols:
3. Fat Wallets
The “Fat Wallet” thesis suggests that as blockchain protocols and apps become leaner, there will be greater opportunity to capture value through two critical resources: distribution and order flow.
Wallets, as the primary frontend for user interaction with blockchains, are well-positioned to effectively convert these resources into revenue streams.
Recommended protocols:
4. DEX Market Share
Although many DeFi sub-sectors saw significant upgrades in 2024, decentralized exchanges (DEXs) experienced relatively limited changes.
Spot DEX trading volume is expected to grow to 20–22% of centralized exchange (CEX) spot volume, showcasing DeFi’s long-term potential.
5. Solver-Based Protocols
DEXs deeply integrated with solver protocols have outperformed standard AMMs (automated market makers).
Solver- and searcher-driven DeFi has already captured a meaningful share of trading volume and is poised to expand its influence further.
Recommended protocols:
6. Prediction Markets
Prediction markets performed strongly during the 2024 U.S. election, reaching record highs in both user count and trading volume—but failed to sustain momentum afterward.
Today, these markets are evolving from traditional speculative platforms into innovative financial products and tools for information discovery.
Recommended protocols:
7. Starknet Ecosystem Rebound
Starknet’s development trajectory resembles Solana’s early days. While Solana’s technological progress was initially overlooked due to negative sentiment, it eventually made a strong comeback.
Starknet faces a similar situation: its promising technology is undervalued amid controversy, but it’s gradually moving toward mainstream adoption.
Recommended protocols:
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