DeFi on-chain revenue reaches $8 billion in 2025, with AMM trading fees contributing over half.

Gate News reports that on March 26, researcher Vadym analyzed that DeFi will generate approximately $8 billion in on-chain revenue by 2025. Among these, AMM trading fees are the largest source of income, totaling about $4.2 billion, with Uniswap, Meteora, and Raydium accounting for a combined 62%. Lending interest ranks second, at around $1.76 billion, with money markets like Aave and Morpho contributing over 60% of the total DeFi TVL, but about half of the lending demand involves circular leverage operations. RWA (Real-World Assets) contribute between $600 million and $900 million, with U.S. Treasuries making up about 41% of the RWA market. Perpetual contract funding fees contribute roughly $300 million, mainly from Ethena. Data shows that over half of stablecoin deposits in the Ethereum ecosystem earn less than U.S. Treasury yields, and potential revenue sources like insurance underwriting and on-chain options remain underdeveloped. Taking Sky (formerly MakerDAO) as an example, about 70% of its income comes from off-chain assets, reflecting how traditional finance (TradFi) earnings are accelerating into DeFi through licensed channels.