Bybit has released its latest decentralized finance (DeFi) report, showing that real-world assets (RWA) and decentralized exchanges (DEXs) are now the key drivers of DeFi growth, even as broader market activity cools.
The report signals a shift from the speculative boom of 2020 toward more practical, institutionally-driven use cases.
According to the report, total deposits in DeFi lending platforms have surged to $67.8 billion, reflecting growing institutional interest. This uptick is tied to increased regulatory clarity from initiatives like the GENIUS Act and Circle’s IPO, which have helped normalize the use of stablecoins and tokenized assets within traditional finance.
Platforms such as Aave, Morpho, and Maple Finance are attracting capital from institutions seeking yield through tokenized U.S. Treasuries, often facilitated by RWA providers like Ondo Finance, Franklin Templeton, and Securitize.
Decentralized exchanges are also gaining ground. Hyperliquid has recorded over $1.27 trillion in trading volume so far this year in perpetual futures, rivaling the activity seen on centralized exchanges. The momentum is pushing hybrid models like Byreal, which combine centralized liquidity with decentralized infrastructure, blurring the lines between traditional and on-chain trading.
While RWA and DEXs show strong performance, other segments of the DeFi space are struggling. Interest in AI-themed DeFi tokens has declined, and the growth of liquid staking remains limited due to ongoing price volatility in staking tokens.
The findings reflect a broader maturation of DeFi, where real-world use cases and institutional-grade infrastructure are replacing speculative narratives. As hybrid platforms and tokenized assets continue to attract capital, DeFi is positioning itself as a viable alternative to traditional financial systems, offering transparency, performance, and expanding regulatory alignment.
In addition to this, Bybit has also launched a new promotional campaign aimed at expanding its retail user base. The “P2P Super Deal,” which begins today and runs through September 23, 2025, offers enticing discounts and the opportunity to win premium rewards, including the latest Apple Watch Series 10.
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