DeFi On-Chain Yields Reach $8 Billion in 2025, AMM Fees Contribute Over Half

UNI2.58%
MET-6.30%
RAY0.94%
AAVE6.21%
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 approximately 41% of the RWA market. Perpetual contract funding rates contribute about $300 million, mainly from Ethena. Data shows that over half of stablecoin deposits in the Ethereum ecosystem earn yields below U.S. Treasury rates, 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 that traditional finance (TradFi) earnings are accelerating into DeFi through licensed channels.
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