In 2025, the decentralized finance (DeFi) ecosystem is undergoing a profound adjustment. The previous phase, which focused on infrastructure development, liquidity mining, and governance tokens, is beginning to transition towards "sustainable economic entities and value capture mechanisms." This article analyzes this evolutionary trend and its implications for the industry from three aspects: infrastructure upgrades, the evolution of innovative models, and regulatory and security risks.
Firstly, from the perspective of infrastructure, multiple protocols are enhancing cross-chain, low-fee, and high-speed transaction capabilities. For example, Injective Protocol recently launched a new layer compatible with EVM (Ethereum Virtual Machine), supporting the simultaneous operation of WASM and EVM environments, with block times reaching sub-second levels and extremely low fees, thereby lowering the barriers to on-chain development and usage. This reflects that DeFi is no longer limited to a single public chain but is seeking scalable development under a multi-chain and multi-virtual machine architecture. At the same time, institutional-level platforms have also received significant financing support, such as Lighter, which raised approximately $68 million led by Founders Fund and Ribbit Capital to build high-performance decentralized trading infrastructure. This indicates that DeFi infrastructure is moving from an "experimental stage" to a systematic stage that can serve large institutions and mainstream markets.
Secondly, from the perspective of economic models, the value logic of DeFi protocols is evolving. Early DeFi projects primarily relied on inflationary token issuance to exchange for user and trading volume growth through liquidity mining; however, protocols represented by Uniswap are now exploring a path of "deflationary mechanisms + cash flow distribution." Its "Unification" proposal emphasizes achieving value return through fee income and token burn mechanisms, promoting governance tokens to transition into roles with sustainable income capabilities, akin to "protocol equity." This means that DeFi protocols are gradually breaking away from the logic of "growth through incentive stacking" and beginning to focus on real usage rates and cash flow. Aligning the interests of users, liquidity providers, and protocols has become a core issue, and the key to value capture is no longer new capital inflow but the continuous income generated from the use of the protocol itself.
At the same time, regulatory and security risks remain key uncertainties hanging over DeFi. In terms of security, analysis institutions point out that the total locked value in DeFi is close to $150 billion, but the security audits and infrastructure of some protocols are still weak, making them vulnerable to hacking and smart contract vulnerabilities. On the regulatory front, the U.S. Securities and Exchange Commission (SEC) and the Treasury Department are exploring a "safe harbor" framework for DeFi applications, attempting to distinguish between purely protocol-level tools and centralized intermediaries to avoid regulatory errors that apply "traditional financial standards to blockchain protocols." If this progress can be implemented, it will lay the foundation for the institutional development of DeFi in the U.S. and globally.
In summary, the development of the DeFi ecosystem is showing three major trends:
Accelerated multi-chain and modularization of infrastructure. Protocols are no longer limited to a single Layer 1 but are embracing Layer 2, multi-virtual machine architectures, and cross-chain compatibility to improve efficiency, reduce costs, and expand asset pools and user coverage.
The protocol economy is gradually shifting from a subsidy model to a sustainable profit model. DeFi is transitioning from "token incentives" to "cash flow-driven," emphasizing long-term stable economic logic such as fee income, deflationary mechanisms, and governance dividends.
Institutionalization, compliance, and risk management are becoming new thresholds. Large capital is flowing into infrastructure and clearing projects, regulatory requirements and security standards are being raised simultaneously, and protocols must embed transparency and compliance mechanisms in their design to gain mainstream market trust.
For industry participants, three points should be noted: First, project teams need to optimize the sustainability of protocols, reduce reliance on inflationary tokens, and shift focus to "real usage + continuous income"; second, developers and ecosystem builders should prioritize multi-chain and cross-chain capabilities to reduce single-chain risks and liquidity fragmentation issues; finally, investors should adjust their expectations, shifting from chasing high APY (annual percentage yield) liquidity mining to focusing on the actual profitability, governance structure, and security of protocols.
Overall, DeFi is entering a new stage of "mature infrastructure + value generation + institutionalization." In the future, those who can strike a balance between compliance, security, efficiency, and profitability may become the winners in the new round of competition. For the entire cryptocurrency industry, this transformation marks a crucial step from "financial experimentation" to "building a new financial system."
Related: Sygnum: Despite the October crash, 61% of institutions plan to increase their cryptocurrency exposure.
Original article: “The DeFi Ecosystem Reborn: From Infrastructure to Value Capture Transformation”
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