DeFi on-chain yields will reach 800 million dollars in 2025, with over half of stablecoin deposit yields lower than US Treasury bonds.

According to ChainCatcher, research analyst Vadym believes DeFi will generate approximately 800 million US dollars in on-chain revenue in 2025. The largest source is AMM trading fees, estimated at 420 million US dollars, with Uniswap, Meteora, and Raydium accounting for 62% of this total. Lending interest ranks second, at about 176 million US dollars, with Aave, Morpho and other money markets contributing more than 60% of DeFi's total TVL. However, roughly half of the lending demand comes from cyclical leveraged operations.