Delphi Digital 2025 DeFi Outlook Summary: From Consumer Applications to Yield-Generating Stablecoins, 8 Key Trends and Notable Projects to Watch
The revenue-sharing stablecoin creates a new model - "Stablecoin Distribution as a Service."Author: DeFi Warhol
Compiled by: Deep Tide TechFlow
While everyone is immersed in the festive atmosphere, I decided to take this time to do some research.
@Delphi_Digital recently released the research report "DeFi Outlook 2025," summarizing 8 key trends and recommended projects to watch:
1. Consumer DeFi
Although DeFi has developed rapidly in recent years, it has not yet fully realized its potential and goals—namely, to completely replace traditional banking, provide services to ordinary users, and guide them into the Web3 world.
Crypto payment cards are revolutionizing DeFi by combining self-custody spending, DeFi yields, and fiat on/off ramps, providing users with a more convenient financial experience.
Recommended protocols to watch:
@coinbase
@holyheld
@gnosispay
@argentHQ
@MoonwellDeFi
@Fuse_network
2. Revenue-Sharing Stablecoins
Stablecoins are one of the most revenue-generating areas in the crypto space, but currently, the profits are mainly concentrated in the hands of the issuers.
The core idea of revenue-sharing stablecoins is to allow the applications that distribute them (such as decentralized exchanges, centralized exchanges, wallets, etc.) to also benefit from them, creating a new model—"Stablecoin Distribution as a Service."
These stablecoins not only have advantages similar to $USDT (such as cross-application composability and network effects) but also provide additional revenue incentives for distributors, attracting more applications to integrate.
Recommended protocols to watch:
@withAUSD
@Paxos
@m0foundation
3. Fat Wallets Theory
The "Fat Wallets" theory suggests that as blockchain protocols and applications become more streamlined, the development space for two key resources—distribution channels and order flow—will further expand.
Wallets, as the core front end for users to interact with the blockchain, can effectively convert these resources into revenue sources.
Recommended protocols to watch:
@infinex_app
@OneBalance_io
@ParticleNtwrk
@Ctrl_Wallet
4. DEX Market Share
Although several subfields of DeFi have achieved significant upgrades in 2024, changes in decentralized exchanges (DEX) have been relatively limited.
Spot DEX trading volume is expected to grow to 20-22% of centralized exchange (CEX) spot trading volume in the future, showcasing the potential of DeFi.
5. Solver-Based Protocols
Compared to standard AMMs (Automated Market Makers), DEXs that are deeply integrated with solver protocols perform better.
Solver-based and seeker-driven DeFi has already captured a significant share of trading volume and will continue to expand its influence in the future.
Recommended protocols to watch:
@SorellaLabs
@CoWSwap
@Uniswap
@ArrakisFinance
@HyperliquidX
6. Prediction Markets
During the 2024 U.S. elections, prediction markets performed strongly, with user numbers and trading volumes reaching new highs, but they failed to maintain long-term stability.
Today, these markets are transforming from traditional speculative platforms into innovative financial products and information discovery tools.
Recommended protocols to watch:
@trylimitless
@Truemarketsorg
@Polymarket
7. Starknet Ecosystem Rebound
The development trajectory of Starknet is similar to the early stages of Solana. Although Solana's technological advancements were overlooked due to negative sentiment, it ultimately achieved a strong rebound.
Starknet faces a similar situation: its promising technology is undervalued due to controversy but is gradually moving towards the mainstream market.
