Bybit , the world's second-largest cryptocurrency exchange by trading volume, released a new report on decentralized finance (DeFi) that highlights significant changes in the sector, with real-world assets (RWA) and decentralized exchanges (DEXs) as new drivers. Unlike the excitement of 2020's "DeFi Summer," today's market is driven by institutional clients and utility-oriented applications.

• DeFi in the institutional space: Regulatory clarity resulting from events such as the GENIUS Act and Circle's IPO has increased institutional interest in DeFi lending and tokenized assets. Supported by the proliferation of stablecoins, institutional interest has driven DeFi's integration into traditional finance. Total DeFi lending deposits reached $67.8 billion across platforms such as Aave, Morpho, and Maple Finance. RWA platforms such as Securitize, Ondo Finance, and Franklin Templeton enable yield opportunities backed by U.S. Treasury securities, bridging the gap between crypto and mainstream investments.
• DEXs are challenging centralized players: Hyperliquid leads the perpetual futures market with $1.27 trillion in annual volume, demonstrating that DEXs can compete with CEXs. This has encouraged hybrid platforms like Byreal, which combine CEX liquidity with DeFi transparency.
• Inconsistent performance:  While the RWA and DEX sectors are flourishing, interest in AI-related DeFi tokens (DeFAI) is declining and the growth of liquid stakes is limited by token volatility.