Bombshell! Dark Horse Project Nous Research Soars with $55.2M Funding!
Nous Research Project Profile Nous Research is a decentralized AI research institute dedicated to integrating open-source AI models with blockchain technology. Its work involves developing high-performance language models, AI orchestration platforms, and a Solana-based decentralized AI protocol. By leveraging smart contracts, it enables on-chain autonomy for model training, inference, and incentives. The technical stack includes large language model optimization, multi-agent simulation, and d...
Understanding LayerFi (Layered Finance): The Inevitable Logic of On-Chain Finance Evolution
LayerFi (Layered Finance) is the inevitable choice for the maturation of on-chain finance. It employs a layered architecture to provide a centralized user experience while maintaining decentralized trust. Core Points * The essence of finance is balancing efficiency and trust. Traditional finance suffers from high friction costs due to excessive intermediaries, while blockchain replaces intermediaries with algorithms. However, pure DeFi faces challenges like poor user experience and high techn...
Early Investors Pocket 20× Gains—Will WLFI Moon or Peak at Launch?
The Trump-Backed Buzz World Liberty Financial (WLFI)—the crypto project personally endorsed by the Trump family—goes live on Sept 1, 2025. Pre-launch OTC desks are already quoting $0.319, a 20× pop from the seed round at $0.015. With 250 billion WLFI tokens sold and $550 million raised, the question is simple: will WLFI repeat the meme-coin moonshot or mark a “top-tick” moment?What Exactly Is WLFI? WLFI is pitched as a hybrid stable-coin issuer + DeFi hub:USD1 – a dollar-pegged stablecoin 1:1...
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Bombshell! Dark Horse Project Nous Research Soars with $55.2M Funding!
Nous Research Project Profile Nous Research is a decentralized AI research institute dedicated to integrating open-source AI models with blockchain technology. Its work involves developing high-performance language models, AI orchestration platforms, and a Solana-based decentralized AI protocol. By leveraging smart contracts, it enables on-chain autonomy for model training, inference, and incentives. The technical stack includes large language model optimization, multi-agent simulation, and d...
Understanding LayerFi (Layered Finance): The Inevitable Logic of On-Chain Finance Evolution
LayerFi (Layered Finance) is the inevitable choice for the maturation of on-chain finance. It employs a layered architecture to provide a centralized user experience while maintaining decentralized trust. Core Points * The essence of finance is balancing efficiency and trust. Traditional finance suffers from high friction costs due to excessive intermediaries, while blockchain replaces intermediaries with algorithms. However, pure DeFi faces challenges like poor user experience and high techn...
Early Investors Pocket 20× Gains—Will WLFI Moon or Peak at Launch?
The Trump-Backed Buzz World Liberty Financial (WLFI)—the crypto project personally endorsed by the Trump family—goes live on Sept 1, 2025. Pre-launch OTC desks are already quoting $0.319, a 20× pop from the seed round at $0.015. With 250 billion WLFI tokens sold and $550 million raised, the question is simple: will WLFI repeat the meme-coin moonshot or mark a “top-tick” moment?What Exactly Is WLFI? WLFI is pitched as a hybrid stable-coin issuer + DeFi hub:USD1 – a dollar-pegged stablecoin 1:1...
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Decentralized Finance (DeFi), often compared to Traditional Finance (TradFi), has grown into a massive and exponentially expanding sector within Web3. Its mission aligns closely with the crypto mantra of "banking the unbanked." The promise of global financial services without banks is a noble goal—one that underpins much of Web3's appeal. This article revisits DeFi's evolution over the past year from today's perspective.
Total Value Locked (TVL) Hits $94.6B: While DeFi's TVL is substantial, it represents just 3.3% of the total crypto market cap (~$2.8T), indicating significant growth potential. TVL has grown ~1.5x from $65.4B a year ago but remains proportionally stable (previously 3.5%).
Aave and Lido Dominate with $35.6B TVL: Together, they account for over 37% of DeFi TVL, primarily via staked ETH. Aave has overtaken Lido as the leader.
Stablecoin Market Cap at $236B: Stablecoins now make up 8.3% of the crypto market—more than double DeFi’s share—demonstrating strong product-market fit.
Ethereum remains the leader with 52% of DeFi TVL (down from 58.3% last year), hosting 1,320+ protocols.
Solana has surged to second place (8% TVL), though still 6x smaller than Ethereum. It boasts 4.3M active addresses vs. Ethereum’s 442K.
Bitcoin now has 58 DeFi protocols (up from 12) and holds 4% of DeFi TVL (~$3.8B), despite not being designed for smart contracts.
Tron, once second, has fallen to fourth behind Solana and BSC.
Aave dominates lending across EVM chains (Ethereum, Sonic, Avalanche, Arbitrum), while Morpho leads on Base.
Lido commands 43% of liquid staking TVL, followed by Eigen Layer (restaking) and Stargate (cross-chain).
DEXs like Uniswap, Curve, and PancakeSwap (each on 9+ EVM chains) generate the highest fees ($5.9M in 24hr).
Lending ($42B TVL): Aave holds 44% share.
Cross-Chain Bridges ($37B TVL): WBTC and Binance Bitcoin dominate.
Liquid Staking ($37B TVL): Lido leads, though its margin over lending/bridges has narrowed.
DEXs ($18B TVL): Uniswap tops fees, with 1,600+ protocols competing.
Ethereum Foundation’s treasury has halved in value over the past year.
Mantle holds the largest treasury but mostly in its native token.
Projects like Aave, ENS, and Lido also lead in treasury size but are heavily exposed to their own tokens’ volatility.
Lido’s stETH remains the yield favorite for ETH holders.
JitoSOL offers the highest yield among top assets (7.75% for staked SOL).
Sky Lending’s SUSDS is the low-risk stablecoin choice (4.5% yield, $2.5B TVL).
Stablecoins: Tether and Circle lead, earning $5.8B and $1.6B annually, respectively.
Ethereum Gas: Fees have plummeted, falling out of the top 15 in the last 30 days.
Solana: Jito, Raydium, and Pump.fun saw explosive fee growth, fueled by memecoin activity.
Bitcoin: Fees dropped 50% YoY, sliding to 14th place.
Market Cap: $235B (up from $136B last year).
Dominance: USDT (62%) and USDC (26%) hold 88% combined.
Risers: Ethena’s USDe (now #3 with 2% share) and Sky’s USDS (displacing DAI in some segments).
TradFi Entry: BlackRock’s BUIDL fund signals institutional interest.
DeFi Funding: $113B raised across 6,129 rounds, peaking in 2021–2022. Recent monthly totals exceed $3.5B.
Notable Failures: FTX ($900M raised) and Celsius ($750M) top the list of high-profile collapses.
Hacks: $11.2B lost, with cross-chain bridges accounting for 25%. The 2025 ByBit hack ($1.4B) and 2022 Ronin attack ($624M) were orchestrated by North Korea’s Lazarus Group.
DeFi is still Ethereum-centric, but Solana’s rapid growth and Bitcoin’s unexpected DeFi strides are reshaping the landscape. Tron, while lagging, remains a stablecoin hub. With Ethereum’s L2s expanding, Solana gaining ground, and even Bitcoin joining the fray, DeFi’s next phase promises deeper diversification—and fiercer competition.
Data sources: DeFiLlama, on-chain analytics
Decentralized Finance (DeFi), often compared to Traditional Finance (TradFi), has grown into a massive and exponentially expanding sector within Web3. Its mission aligns closely with the crypto mantra of "banking the unbanked." The promise of global financial services without banks is a noble goal—one that underpins much of Web3's appeal. This article revisits DeFi's evolution over the past year from today's perspective.
Total Value Locked (TVL) Hits $94.6B: While DeFi's TVL is substantial, it represents just 3.3% of the total crypto market cap (~$2.8T), indicating significant growth potential. TVL has grown ~1.5x from $65.4B a year ago but remains proportionally stable (previously 3.5%).
Aave and Lido Dominate with $35.6B TVL: Together, they account for over 37% of DeFi TVL, primarily via staked ETH. Aave has overtaken Lido as the leader.
Stablecoin Market Cap at $236B: Stablecoins now make up 8.3% of the crypto market—more than double DeFi’s share—demonstrating strong product-market fit.
Ethereum remains the leader with 52% of DeFi TVL (down from 58.3% last year), hosting 1,320+ protocols.
Solana has surged to second place (8% TVL), though still 6x smaller than Ethereum. It boasts 4.3M active addresses vs. Ethereum’s 442K.
Bitcoin now has 58 DeFi protocols (up from 12) and holds 4% of DeFi TVL (~$3.8B), despite not being designed for smart contracts.
Tron, once second, has fallen to fourth behind Solana and BSC.
Aave dominates lending across EVM chains (Ethereum, Sonic, Avalanche, Arbitrum), while Morpho leads on Base.
Lido commands 43% of liquid staking TVL, followed by Eigen Layer (restaking) and Stargate (cross-chain).
DEXs like Uniswap, Curve, and PancakeSwap (each on 9+ EVM chains) generate the highest fees ($5.9M in 24hr).
Lending ($42B TVL): Aave holds 44% share.
Cross-Chain Bridges ($37B TVL): WBTC and Binance Bitcoin dominate.
Liquid Staking ($37B TVL): Lido leads, though its margin over lending/bridges has narrowed.
DEXs ($18B TVL): Uniswap tops fees, with 1,600+ protocols competing.
Ethereum Foundation’s treasury has halved in value over the past year.
Mantle holds the largest treasury but mostly in its native token.
Projects like Aave, ENS, and Lido also lead in treasury size but are heavily exposed to their own tokens’ volatility.
Lido’s stETH remains the yield favorite for ETH holders.
JitoSOL offers the highest yield among top assets (7.75% for staked SOL).
Sky Lending’s SUSDS is the low-risk stablecoin choice (4.5% yield, $2.5B TVL).
Stablecoins: Tether and Circle lead, earning $5.8B and $1.6B annually, respectively.
Ethereum Gas: Fees have plummeted, falling out of the top 15 in the last 30 days.
Solana: Jito, Raydium, and Pump.fun saw explosive fee growth, fueled by memecoin activity.
Bitcoin: Fees dropped 50% YoY, sliding to 14th place.
Market Cap: $235B (up from $136B last year).
Dominance: USDT (62%) and USDC (26%) hold 88% combined.
Risers: Ethena’s USDe (now #3 with 2% share) and Sky’s USDS (displacing DAI in some segments).
TradFi Entry: BlackRock’s BUIDL fund signals institutional interest.
DeFi Funding: $113B raised across 6,129 rounds, peaking in 2021–2022. Recent monthly totals exceed $3.5B.
Notable Failures: FTX ($900M raised) and Celsius ($750M) top the list of high-profile collapses.
Hacks: $11.2B lost, with cross-chain bridges accounting for 25%. The 2025 ByBit hack ($1.4B) and 2022 Ronin attack ($624M) were orchestrated by North Korea’s Lazarus Group.
DeFi is still Ethereum-centric, but Solana’s rapid growth and Bitcoin’s unexpected DeFi strides are reshaping the landscape. Tron, while lagging, remains a stablecoin hub. With Ethereum’s L2s expanding, Solana gaining ground, and even Bitcoin joining the fray, DeFi’s next phase promises deeper diversification—and fiercer competition.
Data sources: DeFiLlama, on-chain analytics
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