@unibet
The State of DeFi in 2025
> In 2025, DeFi moved further away from a cycle-defined speculative arena and closer to a durable financial system with recognisable primitives, maturing market structure, and increasingly institutional-grade infrastructure.
> Stablecoins became core financial infrastructure and value capture expanded, but concentration stayed structurally high.
> This report provides a comprehensive, data-led read on DeFi in 2025 and the forces shaping its next chapter.
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