2025 Annual Crypto Industry Report | CoinGecko

2025 Annual Crypto Industry Report
© 2025 CoinGecko
DeFi 38
DeFi Overview 39
Multchain DeFi TVL Market Share 40
DeFi Ecosystem Overview 41
Cross -Chain Bridge Liquidity 42
Solana 34
Solana Price & Trading Volume 35
Solana Proprietary AMMs 36
US Spot Solana ETFs Net Flows 37
NFTs 44
NFT Trading Volume across Top 12 Chains 45
NFT Marketplaces Trading Volume 46
NFT Lending 47
Market Landscape 9
Total Market Cap & Spot Market Overview 10
Crypto Dominance 11
Cryptocurrency Price Returns 12
Top Stablecoins Market Cap Overview 13
Bitcoin vs. Major Asset Classes Price Return 14
Crypto Market Cap & Bitcoin vs. S&P 500 15
Trending Categories in 2025 16
Notable Events 17
Notable Hacks 18
Crypto Acquisitions by DATCos 19
Prediction Markets Notional Volume 20
Crypto Mergers & Acquisitions 21
Protocol Revenue 22
Privacy Coins 23
Ethereum 29
Ethereum Price & Trading Volume 30
Transaction Count of Broader EVM Ecosystem 31
US Spot Ethereum ETFs Net Flows 32
Content
Bitcoin 24
Bitcoin Price & Trading Volume 25
Bitcoin Mining Hash Rate 26
US Spot Bitcoin ETFs Net Flows 27
Weng Dee
Market Analyst
Zhong
Head of Research
Shaun Lee
Market Analyst
Win Win
Market Analyst
1
Exchanges 48
Top 10 CEXes Trading Volume 49
Top 10 DEXes Trading Volume 50
DEXes Trading Volume Breakdown by Chain 51
Top 10 Perp CEXes Trading Volume 52
Top 10 Perp CEXes Open Interest 53
Top 10 Perp DEXes Trading Volume 54
Top 10 Perp DEXes Open Interest 55
Choon Khei
Market Analyst
Executive Summary 2

© 2026 CoinGecko
Executive
Summary

© 2025 CoinGecko
｜ Total Crypto Market Capitalization & Bitcoin
Total crypto market cap ended 2025 at $3.0T, down -10.4% YoY, the first down year since 2022
$0B
$50B
$100B
$150B
$200B
$250B
$300B
$350B
$400B
$450B
$500B
$0.0T
$0.5T
$1.0T
$1.5T
$2.0T
$2.5T
$3.0T
$3.5T
$4.0T
$4.5T
$5.0T
Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25
Total Volume Traded Total Market Cap Trump’s October 10 China tariff
announcement triggered a major market
crash, causing crypto to plummet from its
ATH peak of $4.4T.
October started strong for crypto and it hit a new all -time
high (ATH), before Trump’s October 10 announcement
triggered a major market crash, resulting in a historic $19B
in liquidations on the day. This correction almost entirely
erased the gains of the prior two quarters, ending the year
at $3.0T, a -10.4% YoY decline.
Bitcoin (BTC) followed the same
trajectory, hitting a new ATH of $124,774
on Oct 7, before the Q4 correction saw it
close the year at $87,520, -6.4% YoY.
Stats:
▪ Total crypto market cap declined by -23.7% ( -$946.0B)
in Q4, while BTC declined by -23.2% QoQ
▪ While prices declined, average daily trading volume in
Q4 grew to a yearly high of $161.8B (+4.4% QoQ)
MarketCap Trading Volume
Source: CoinGecko
3
$4.4T
$3.0T
$2.6T
$3.4T

© 2025 CoinGecko
｜ Bitcoin vs. Major Asset Classes Price Returns
Gold was the best performer in 2025; BTC was third worst, only ahead of Crude Oil and the USD
Gold dominated all other assets in 2025,
up +62.6%, benefitting from a perfect
storm of central bank accumulation,
geopolitical risk, and tariffs uncertainty
US equities were the second best performing asset class
in 2025, driven largely by the AI narrative. However the US
dollar weakened significantly in the intervening period,
Rate cuts, concerns over Federal Reserve independence,
and significant political uncertainty drove its decline vs
other major currencies.
BTC was up +33.4% YTD when it hit its
ATH on Oct 7, but closed the year at -
6.4%. Only Crude Oil ( -21%) and the US
dollar ( -10%) closed the year worse off.
Stats:
▪ NASDAQ and the S&P500 were both up +20.5% and
+16.6% respectively.
▪ Major currencies JPY (+1%), CNY (+4%), EUR (+7%), and
GBP (+13%) all appreciated against the dollar.
▪ Crude Oil ( -21%) suffered from a persistent global
supply surplus, fueled by record non -OPEC production
and OPEC+ shift toward defending market share.
Source: Google Finance; CoinGecko
4
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
80.0%
BTC CRUDE OIL GOLD TLT DXY EUR GBP
PriceReturns

© 2025 CoinGecko
｜ Crypto Acquisitions by DATCos and US Spot Crypto ETF Net Flows
DATCos spent $49.7B acquiring crypto, while US Crypto ETFs saw $31.9B net inflows in 2025
As at Jan 1, 2026, DATCos collectively
hold $134.0B worth of crypto, a +137.2%
YoY jump; DATCos now collectively hold
>5% of BTC and ETH’s total supply
After a record quarter in Q3, DATCos had to slow their
pace of acquisition in Q4 as the crypto crash also dragged
down their share prices. As most mNAV’s fall below 1.0,
DATCos have had to buyback their own shares instead.
US Spot BTC ETFs hit a total AUM of
$120.8B at the end of 2025, a +13.3% YoY
increase despite the price decline; ETH
ETFs hit $17.9B in AUM (+48.2% YoY)
It was the same story for US Spot Crypto ETFs. BTC ETFs
experienced their first quarter of net outflows since
inception, but still ended with +$21.3B in net inflows over
the full year. ETH ETFs had +$9.7B in net inflows.
Stats:
▪ Strategy (MSTR) still dominates all DATCos, with 44.4%
of all DATCo crypto holdings.
▪ BlackRock’s spot BTC (IBIT) and ETH (ETHA) ETFs lead
their respective segments with ~57% AUM share.
Source: Farside Investors ; CoinGecko
5
$2.7B $2.9B $3.3B $2.8B $3.2B $3.4B
$7.1B
$1.8B
$4.2B
$0.9B
$1.7B
$2.5B
$0.5B
$2.9B
$4.1B
$2.2B
1.3B
$0.7B
$2.7B $2.9B $3.3B
$2.8B
$3.3B
$4.0B
$10.1B
$6.9B
$7.9B
$1.2B
$1.9B
$2.7B
BTC ETH SOL WLFI TON Others
$5.4B
-$3.5B
-$1.2B
$3.0B
$5.8B $5.8B
$11.4B
$3.1B $3.8B $4.2B
-$4.4B
-$1.5B
BTC ETH SOL
Amount Spent by DATCos to Acquire Crypto (2025)
Net Flows into US Spot Crypto ETFs

© 2025 CoinGecko
｜ Total Stablecoin Market Cap Overview
Stablecoin market cap rose by +48.9% in 2025, ending the year above the $300B milestone
Source: CoinGecko
6
$0B
$50B
$100B
$150B
$200B
$250B
$300B
$350B
USDT USDC USDS USDE PYUSD Others
$187.1B
+$49.5B
$75.4B
+$31.4B
$9.2B
+$3.9B
$6.3B
+$0.4B
$3.6B
+$1.2B
Tether remains the dominant stablecoin
with 60.1% ($187.0B) of total stablecoin
market cap, followed by Circle’s USDC
(24.2%, $75.4B).
The most significant change within the Top 5 in Q4 was
the rapid deleveraging of Ethena’s USDe, which saw its
market cap plummet -57.3% ( -$8.4B). Its supply collapsed
from a peak of nearly $15B to $6.3B as a mid -October
depeg event on Binance eroded investor confidence in
high -yield looping strategies.
Paypal’s PYUSD has now become the 5 th
largest stablecoin, thanks to its
integration as an alternative payout
option for Youtube creators.
Stats:
▪ Total stablecoin market cap increase by -2.1% (+$6.3B)
in Q4, while USDT market cap rose by +7.1% (+$12.4B).
▪ The market cap of PYUSD surged +48.4% (+$1.2B) to
$3.6B in Q4, ahead of World Liberty’s USD1 stablecoin,
which ended 2025 with a market cap of $3.3B.
MarketCap
USDT: 66%
USDC: 21%
USDS: 3%
USDe : 3%
FDUSD: 1%
Others: 8%
$208.9B
USDT: 60%
USDC: 24%
USDS: 3%
USDe : 2%
PYUSD: 1%
Others: 9%
$304.6B
$311.0B
$263.3B
$237.4B

© 2025 CoinGecko
｜ Prediction Markets Notional Volume
Notional volume on Prediction Markets grew to $63.5B in 2025, a 4x increase from 2024
Source: Dune (@datadashboards)
7
Polymarket started the year strong with a
near -monopoly on the prediction market
space, but Kalshi has since taken a
narrow lead in Q4
Polymarket started the year with 85.6% market share in
Q1, but has since been overtaken by Kalshi in Q4. Kalshi
had 39.6% market share in Q4, followed by Polymarket
with 32.4%. YZi Labs -backed Opinion, built on BNB Chain,
emerged in Nov to challenge the Big Two, though current
volumes may also reflect airdrop farming activities.
While early Prediction Markets were
dominated by Politics, and Econs &
Finance, Sports is now by far the most
popular category.
Stats:
▪ Total notional volume on Prediction Markets grew by
302.7% from $15.8B in 2024 to $63.5B in 2025.
▪ Polymarket recorded $27.3B in notional volume in
2025, while Kalshi’s notional volume totaled $24.1B.
▪ Sports now make up >90% of notional volume on Kalshi.
$1B $1B $1B
$4B $3B $3B $3B $2B $1B $1B $1B $1B $1B $1B $2B
$4B $4B $5B
$1B
$1B $1B $1B $1B
$3B
$4B
$6B
$7B
$1B
$4B
$7B
$0.1B $0.2B $0.8B $0.9B $0.9B
$4.6B $4.7B
$3.5B $2.8B
$1.7B $1.9B $1.8B $2.0B $2.1B $2.0B $2.0B
$4.5B
$9.3B
$14.4B
$18.8B
Polymarket Kalshi Opinion Predict Limitless Myriad
0%
20%
40%
60%
80%
100%
Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25
Sports Politics & Elections Crypto
Econs & Finance Entertainment Others
0%
20%
40%
60%
80%
100%
Sports Politics Trump Crypto Culture Others
Prediction Markets Monthly Notional Volume (May 2024 – Dec 2025)
Polymarket Notional Volume by Category Kalshi Notional Volume by Category

© 2025 CoinGecko
｜ Top 10 Perp CEXes & DEXes Trading Volume
Top 10 Perp exchanges volume totaled $92.9T in 2025, +64.6% YoY despite the market decline
Source: CoinGecko
8
Bullish momentum in the crypto market
up to early -October drove historic
volumes for perp exchanges; Top 10 Perp
CEXes grew +47.4% to $86.2T, while Top
10 Perp DEXes leaped by >4x to $6.7T.
While volumes saw a decline in Q4, they still represent
26.3% of annual volume. Binance retained its lead with
$27.3T in trading volume, representing 29.4% of volume
share. However Perp CEXes are losing ground to DEXes
that are now just as cheap, performant, and growing
deeper in liquidity.
Strong growth in perp DEXes were driven
by emergence of new players; Hyperliquid
and Lighter are now amongst the Top 10
largest Perp exchanges overall.
Stats:
▪ Hyperliquid ($2.9T) and Lighter ($1.3T) now rank #7 and
#10 respectively amongst perp exchanges. Notably
Hyperliquid surpassed even Coinbase International.
▪ The picture is somewhat different in terms of open
interest (OI), which declined by -11.7%, largely on CEXes
(-20.8%) compared to DEXes (+229.6%).
$7.5T
$6.2T $6.1T $6.1T
$7.3T
$5.9T
$8.1T
$9.1T
$6.9T
$8.6T
$7.3T
$5.3T
$0.3T
$0.2T $0.2T $0.3T
$0.3T
$0.4T
$0.5T
$0.7T
$0.6T
$1.2T
$1.2T
$0.8T
$7.7T
$6.4T $6.3T $6.4T
$7.7T
$6.2T
$8.6T
$9.7T
$7.5T
$9.8T
$8.4T
$6.2T
Top 10 Perp CEXes Top 10 Perp DEXes
Trading Volume

© 2026 CoinGecko
Market
Landscape

© 2025 CoinGecko
$0B
$50B
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$450B
$500B
$0.0T
$0.5T
$1.0T
$1.5T
$2.0T
$2.5T
$3.0T
$3.5T
$4.0T
$4.5T
$5.0T
Total Volume Traded Total Market Cap
Total Market Cap & Spot
Market Overview
Total crypto market cap declined by -23.7% ( -
$946.0B) in Q4 to end 2025 at $3.0T, down -
10.4% YoY; this is the first downturn year for
crypto since 2022
Source: CoinGecko
Uptober started strong with a push to a fresh all -time -high
total market cap of $4.4T , but this was short -lived as prices
tumbled until late -November, before staying rangebound till
year end. The decline was triggered by a historic $19B
liquidation event on October 10 following President Trump’s
announcement of 100% tariffs on China.
This correction almost entirely erased the gains of the prior
two quarters, resulting in a full -year decline of -10.4% .
Despite the bearish price action, average daily trading volume
in Q4 grew to a yearly high of $161.8B (+4.4% QoQ). However,
this was skewed by the historic Oct 10 liquidation event and
high volatility during the market downturn; volume declined
steadily once the market turned rangebound.
MarketCap Trading Volume
$4.4T
$2.6T
10
$3.4T $3.0T

© 2025 CoinGecko
Crypto Dominance
Amidst a broader market correction, bitcoin dominance saw a marginal recovery of
+0.5 p.p. in Q4, ending the year at 57.4%. This marked a reversal of Q3’s rotation into
ETH (-0.8 p.p.) and other major alts, with BNB (+0.4 p.p.) being an outlier.
Collectively, stablecoins were the primary beneficiaries of the Q4 drawdown.
Combined dominance for USDT (+1.9 p.p.) and USDC (+0.6 p.p.) surged as the
market sold off, while fresh capital continued to flow into stablecoins. By year-end,
USDT achieved 6.1% dominance, its highest level of the year.
‘Others’ saw the largest decline (-1.3 p.p), indicating that long-tail assets were
relatively more impacted by the sell-off than larger cap alts.
Risk -off sentiment led to rotation out of altcoins in Q4, with
stablecoins the largest beneficiaries; USDT and USDC combined
for 8.6% dominance, the highest level since November 2023
Source: CoinGecko
57.4%
+0.5 p.p.
3.9%
+0.4 p.p.
2.3%
-0.5 p.p.
11.7%
-0.8 p.p.
3.7%
-0.7 p.p.
12.4%
-1.3 p.p.
6.1%
+1.9 p.p.
2.5%
+0.6 p.p.
Others
Market
Share
11
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
BTC ETH USDT BNB XRP USDC SOL Others

© 2025 CoinGecko
Cryptocurrency
Price Returns
BTC plummeted -23.2% to close the year with a -6.4% decline , after failing to maintain
momentum after hitting a new all -time -high in early October. ETH suffered even more,
dropping -28.4% in Q4 to end the year down -11.1%
. SOL was the poorest performer
amongst the Top 5, sliding -40.3% in Q4 and ending 2025 with a -34.3% decline. In
contrast, BNB proved the most resilient, falling -14.4% in Q4 to end the year with a
+23.0% gain .
DeFi tokens similarly fared poorly overall , with LINK ( -42.8%), HYPE ( -43.8%), and AAVE
(-46.7%) seeing significant losses in Q4 . UNI ( -26.3%) fell the least in Q4 amongst the
Top 5 DeFi tokens, but was the worst performer for the year with a -57.5% decline.
Prediction market Rain Protocol (RAIN) surged +112.2% in Q4 after Nasdaq -listed
Enlivex Therapeutics announced a $212M treasury allocation to the token . This helped
it break into the Top 5 DeFi tokens, and ended 2025 with a +202.8% gain.
Performance was particularly weak in the meme sector , which saw a total wipeout of
Q3 gains across the board. The exception was MemeCore (M) which saw its +4012.2%
Q3 gain only partially retraced with a -34.3% decline in Q4.
AI tokens also lagged, with TAO ( -27.8%) , NEAR ( -42.4%) , and ICP ( -32.9%) sliding
double digits, and RENDER ( -61.5%) facing the largest loss. Story (IP) saw the biggest
decline of -80.5% in Q4, though it was the only one that ended 2025 in the green with
a +9.7% gain .
Source: CoinGecko
Crypto fell across the board in 2025 Q4, with altcoins
faring worse than majors as investors pivoted away from
high -beta speculative assets
12
*Data for RAIN, M, PUMP, and IP started from Sep 11, Jul 3, Jul 14, and Feb 13 respectively

© 2025 CoinGecko
$0B
$50B
$100B
$150B
$200B
$250B
$300B
$350B
USDT USDC USDS USDE PYUSD Others
Total Stablecoins Market
Cap Overview
The most significant change within the Top 5 in Q4 was the
rapid deleveraging of Ethena’s USDe, which saw its market cap
plummet -57.3% ( -$8.4B) . Its supply collapsed from a peak of
nearly $15B to $6.3B as a mid -October depeg event on Binance
eroded investor confidence in high -yield looping strategies.
PayPal’s PYUSD surged +48.4% (+$1.2B) to reach $3.6B,
replacing World Liberty Financial’s USD1 at #5 for the first time .
This was driven by the launch of creator payouts on YouTube
and a ~4.25% yield offering through the Spark Savings Vault.
USDG , the Paxos -issued stablecoin backed by a consortium
including Kraken and Robinhood, crossed the $1.5B mark
(+113.2%, QoQ) after achieving full MiCA compliance in the EU.
Other high -growth movers included RLUSD (+61.8%, +$488.2M)
and USDD (+76.9%, +$366.8M ), while FDUSD continued its
sharp decline, falling -52.2% ( -$562.9M) .
Total stablecoin market cap climbed +$6.3B
to end Q4 at a fresh high of $311.0B, +48.9%
(+$102.1B) YoY; PYUSD entered the Top 5 for
the first time
Source: CoinGecko
$187.1B
+$12.4B
$75.4B
+$2.0B
$9.2B
+$1.1B
$6.3B
-$8.4B
$3.6B
+$1.2B
Market Cap
13
USDT: 57%
USDC: 24%
USDe : 5%
USDS: 3%
USD1: 1%
Others: 10%
USDT: 60%
USDC: 24%
USDS: 3%
USDe : 2%
PYUSD: 1%
Others: 9%
$311.0B
$304.6B
USDT: 66%
USDC: 21%
USDS: 3%
USDe : 3%
FDUSD: 1%
Others: 8%
$208.9B
$263.3B
$237.4B

© 2025 CoinGecko
Bitcoin vs. Major Asset
Classes Price Returns
Gold (+62.6%) was the best performing asset in 2025 ,
followed by US equities; BTC ( -6.4%) was the third worst
performer, ahead of only Crude Oil and the US dollar
Source: Google Finance; CoinGecko ,
Gold dominated 2025, closing Q4 with a +11.4% gain to reach a
staggering +62.6% FY return . This record -breaking year was
driven by a historic perfect storm of central bank accumulation,
geopolitical risk, and uncertainty around tariffs .
The NASDAQ and S&P 500 both outperformed BTC ( -6.4%),
finishing the year at +20.5% and +16.6% respectively, driven
largely by the AI narrative.
The US Dollar Index (DXY) concluded 2025 with a significant -
10.0% annual decline . Rate cuts, concerns over Federal Reserve
independence, and significant political uncertainty drove its
decline vs other major currencies.
Crude Oil was the worst performer of the year, plunging -21.5% .
This extended decline reflected a persistent global supply
surplus, fueled by record non -OPEC production and a shift in
OPEC+ strategy toward defending market share.
PriceReturn
14
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
80.0%
BTC CRUDE OIL GOLD TLT DXY EUR GBP

© 2025 CoinGecko
0
1000
2000
3000
4000
5000
6000
7000
8000
$0.0T
$0.5T
$1.0T
$1.5T
$2.0T
$2.5T
$3.0T
$3.5T
$4.0T
$4.5T
$5.0T
Bitcoin Market Cap Total Market Cap S&P 500
Crypto Market Cap &
Bitcoin vs. S&P 500
Bitcoin’s correlation with the S&P 500
shifted from a neutral 0.00 in Q3 to a
negative -0.34 in Q4 . This decoupling
was triggered post the Oct 10 crash, as
crypto declined severely while US
equities remained relatively resilient.
Annual correlation between Bitcoin and
the S&P500 fell from 0.76 to 0.46 YoY.
The correlation between Bitcoin and
total crypto market cap tightened
significantly in Q4, returning to a perfect
1.00. This signals a retreat from the
altcoin -led growth seen in Q3.
Crypto saw a sharp volatility spike in
Q4 , with Bitcoin and total market cap
climbing to 41.2% and 44.8%,
respectively (from 29.2% and 35.6% in
Q3). This uptick reflected the magnitude
of this quarter’s decline. , Meanwhile the
S&P 500 volatility rose more modestly
to 12.7% (+3.3 p.p. QoQ) .
On an annual basis, however, Bitcoin’s
volatility continued its downward trend,
moderating from 52.6% to 41.6% YoY.
After moving in lockstep with the S&P500 in the first half of
the year, Bitcoin and the S&P 500 deviated course
significantly in Q4; despite a up and down year, BTC’s
volatility continued to moderate.
Source: CoinGecko , Google Finance
MarketCap S&P500
15

© 2025 CoinGecko
Trending Categories
in 2025
Meme Coins and AI led all categories for the second straight
year, with ”Made in USA” and “WLFI Portfolio” entering the
leaderboard in 2025 as Trump’s influence over crypto grows
Source: CoinGecko
16
Top 20 categories made up 67.7% of
user attention in 2025, compared to
78.7% in 2024. This shows that interest
has been more broadly spread out
across different categories this year.
Similar to 2024, meme and AI -related
categories dominated mindshare in
2025, emerging on top every quarter.
However, the interest in meme has
slowly declined throughout the year.
Meme related categories had 19.2% of
global investor interest in 2025, versus
30.7% in 2024. Meanwhile, AI did see a
slight increase to 17.7% in 2025 from
15.2% in 2024.
Despite a cooling meme coin market,
Solana remained the most popular
ecosystem in 2025, capturing 4.0%
mind share. It maintained a significant
lead over competing chains, including
Base, Ethereum, Sui, and BSC.
12.0%
9.4%
4.8%
4.8%
4.6%
4.4%
4.0%
2.7%
2.3%
2.1%
2.0%
2.0%
1.8%
1.7%
1.7%
1.7%
1.6%
1.5%
1.4%
1.4%
Meme Coins
Artificial Intelligence
Real World Assets (RWA)
AI Agents
Made in USA
Solana Meme Coins
Solana Ecosystem
Layer 1
Decentralized Finance (DeFi)
Base Ecosystem
DefAI
Ethereum Ecosystem
Smart Contract Platform
Sui Ecosystem
World Liberty Finance Portfolio
Stablecoins
Virtuals Protocol Ecosystem
AI Meme Coins
Base Meme Coins
Binance Smart Chain

© 2025 CoinGecko
26 Dec 2 3 12
3 17 25 26 30
23 30 Nov 8 18
13 18 19 24 24
Notable Events
Oct 5
Bitcoin reaches
new ATH of
$125,000
7
NYSE owner ICE,
announces $2B
investment into
Polymarket
10
Record market
crypto liquidation
event, over $19B
wiped out
17
Stripe raises
$500M for
upcoming
stablechain , Tempo
Coinbase acquires
influencer Cobie’s
Echo launchpad for
$375M
Kalshi goes on -
chain on Solana
through a
partnership with
Jupiter
US President
Donald Trump
pardons Binance
co -founder CZ
YZi Labs -backed
prediction market
Opinion launches
on BNB Chain
MegaETH ICO
concludes with over
$1.4B in ETH
commitments
US government
shutdown
concludes
Aave launches
savings app,
insuring deposits of
up to $1M.
Cloudflare’s global
outage results in
widespread
disruption of crypto
sites
dApp analytics
platform Dappradar
shuts down after 7
years of operation
Monad launches
MON token after
raising $269M on
Coinbase’s ICO
launchpad
Terraform Labs
founder Do Kwon is
sentenced to 15
years in prison
Coinbase
integrates Kalshi
and launches
prediction market
features
Uniswap’s fee
switch
”UNIfication ”
proposal passes
Aave’s
controversial brand
asset governance
proposal fails to
pass
Perp DEX Lighter
airdrops and
launches LIT token
OpenSea CEO
announces delay of
upcoming SEA
token to Q1 2026
17 18 21 22 23
17
Polymarket returns
to the US market
after being
previously banned
Tech giant Naver
merges with Upbit ,
the largest South
Korean crypto
exchange
Privacy coin Zcash
surges to ATHs,
jumping tenfold in
five weeks
Kalshi raises $1B in
funding at a total
valuation of $11B
US SEC approves
form filings for
Solana Spot ETFs
Crypto wallet
Exodus acquires
payments
infrastructure firm
W3C for $175M
Ethereum
completes Fusaka
network upgrade

© 2025 CoinGecko 18
Notable Hacks Major crypto hacks drained over $2.38B in 2025, led by Bybit’s record
breaking $1.5B theft, accounting for nearly two -thirds of total losses
Phemex $85M
• Phemex, a Singapore -
based crypto exchange
was drained for $85M
following unauthorized
access to its hot wallets
Jan 23 Feb 21 Feb 24 Apr 1
Bybit $1.5B
• The largest crypto hack to
date, the $1.5B theft is
attributed to North Korean
state -backed Lazarus
Group
Infini $49M
• Attackers exploited admin
privileges and drained the
smart contracts of Infini, a
Hong Kong -based
stablecoin neobank
Apr 20 May 22
UPCX $70M
• Unauthorized access to
UPCX’s payment platform
smart contract led to the
loss of 18.4M UPC tokens
Bitget $100M
• A trading exploit involving
lesser - known gaming
token VOXEL led to $100M
in losses
Cetus $223M
• Sui DEX suffered
widespread losses after
its liquidity pools were
drained through a smart
contract exploit
Nobitex $90M
• Nobitex, an Iranian crypto
exchange was hacked.
Predatory Sparrow, an
Israel linked hacking group
claimed responsibility
Jun 18 Jul 9 Aug 14 Nov 3
GMX $42M
• Perp DEX GMX had its
legacy V1 vaults drained,
although its hacker
eventually returned the
funds in exchange for a
$5M bounty.
BtcTurk $48M
• Turkish crypto exchange
BtcTurk suffered losses
after an attacker gained
access to the CEX’s
private keys
Nov 27 Dec 1
Balancer $128M
• A rounding -error bug in
the DeFi protocol’s V2
composable stable pools
led to over $128M in
losses, causing a mini -
contagion that affected
other DeFi protocols.
Upbit $36M
• Shortly after the
announcement of the Naver
Upbit merger, Upbit was
hacked allegedly by Lazarus
Group, the same group that
hacked Bybit
Yearn Finance $9M
• DeFi protocol Yearn
Finance suffered a $9M
exploit affecting its yETH
liquid staking pool token

© 2025 CoinGecko
Crypto Acquisitions
by DATCos
DATCos spent at least $49.7B* in 2025 to acquire crypto , with
~50.0% of funds deployed in Q3; Only $5.8B was deployed in Q4,
the lowest quarter in the year, as market crashed post -October
Source: CoinGecko ; total number is understated as some public companies do not report the cost of acquisition
Amount Spent by DATCos to Acquire Crypto* (2025) Top 10 DATCos by Crypto Holdings (as at Jan 1, 2026)
As at Jan 1, 2026, DATCos collectively held $134.0B worth of
crypto. This is a +137.2% jump from $56.5B on Jan 1, 2025 .
The pace of acquisition slowed significantly in Q4 as the crypto
market crash also dragged down the shareprices of DATCos . With
many DATCos’ mNAV falling below 1.0, DATCos have had to deploy
funds to buyback their shares instead to shore up prices.
As at end -2025, DATCos collectively hold >1M BTC and >6M ETH,
both >5% of their respective total supply. 19
# DATCo Crypto Value
1 Strategy BTC $59.5B
2 Bitmine Immersion ETH, BTC $12.1B
3 MARA Holdings BTC $6.4B
4 XXI BTC $5.1B
5 Bitcoin Standard Treasury Co BTC $3.5B
6 SharpLink ETH $3.4B
7 Metaplanet BTC $3.1B
8 Bullish BTC, ETH $2.9B
9 Galaxy Digital BTC, SOL, ETH $2.3B
10 Coinbase Global BTC, ETH $2.2B
$2.7B $2.9B
$3.3B
$2.8B
$3.2B $3.4B
$7.1B
$1.8B
$4.2B
$0.9B
$1.7B
$2.5B
$0.5B
$2.9B
$4.1B
$2.2B
1.3B
$0.7B
$2.7B
$2.9B
$3.3B
$2.8B
$3.3B
$4.0B
$10.1B
$6.9B
$7.9B
$1.2B
$1.9B
$2.7B
BTC ETH SOL WLFI TON Others

© 2025 CoinGecko
Prediction Markets
Notional Volume
Notional volume on Prediction Markets
grew from $15.8B in 2024 to $63.5B in
2025, a +302.7% increase.
Polymarket started the year with 85.6%
market share in Q1, but has since been
overtaken by Kalshi in Q4 . Kalshi had
39.6% market share in Q4, followed by
Polymarket with 32.4%.
YZi Labs -backed Opinion, built on BNB
Chain, emerged in Nov to challenge the
Big Two, though current volumes may
also reflect airdrop farming activities.
While early Prediction Markets were
dominated by Politics, and Econs &
Finance, Sports is now by far the most
popular category, notably making up
>90% of notional volume on Kalshi.
With tradfi and sports betting firms on
the way, the competition is just heating
up within this nascent sector.
Prediction Markets took off in the second half of 2024 thanks to
the US Presidential Elections; 2025 notional volume totaled
$63.5B, with Polymarket having a slight lead over Kalshi in total
national volume, though that lead has flipped in 2025 Q4
Source: Dune (@datadashboards)
20
1B 1B 1B
4B 3B 3B 3B 2B 1B 1B 1B 1B 1B 1B 2B
4B 4B 5B
$1B
$1B $1B $1B $1B
$3B
$4B
$6B
$7B
$1B
$4B
$7B
$0.1B $0.2B $0.8B $0.9B $0.9B
$4.6B $4.7B
$3.5B $2.8B
$1.7B $1.9B $1.8B $2.0B $2.1B $2.0B $2.0B
$4.5B
$9.3B
$14.4B
$18.8B
May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25
Polymarket Kalshi Opinion Predict Limitless Myriad
0%
20%
40%
60%
80%
100%
Sports Politics & Elections Crypto Econs & Finance Entertainment Others
0%
20%
40%
60%
80%
100%
Sports Politics Trump Crypto Culture Others
Prediction Markets Monthly Notional Volume (May 2024 – Dec 2025)
Polymarket Notional Volume by Category Kalshi Notional Volume by Category

© 2025 CoinGecko
# Acquirer Acquiree Deal Size Date Description
1 $10B Nov 2025
Naver, the “Google of Korea”, acquires
Dunamu, parent company of Upbit, the
largest crypto exchange in Korea
2 $2.9B May 2025
Coinbase acquires Deribit, the world’s
largest crypto options exchange
3 $1.5B May 2025
Kraken acquires leading US retail futures
trading platform NinjaTrader
4 $1.25B Apr 2025
Ripple acquires prime brokerage firm
Hidden Road
5 $375M Oct 2025
Coinbase acquires Echo, the pre -eminent
ICO / token fundraising platform
6 $350M Sep 2025
Solowin, a HK -regulated global financial
services firm, merges with AlloyX, a HK -
based stablecoin infrastructure company
7 $262M Nov 2025
Bridgepoint, global PE investor acquires
ht.digital, a crypto audit & assurance firm
8 $200M Aug 2025
Ripple acquires Rail, a stablecoin
infrastructure company
21
Crypto Mergers &
Acquisitions
Crypto M&A hit $18.6B in 2025, with Naver’s acquisition of Upbit’s
parent company, Dunamu , the headline deal worth $10B; all four
of the largest deals involved brokers & exchanges
The eight largest crypto M&A deals
totaled $16.8B, making up >90% of
disclosed deal size.
The four largest deals involved brokers
and exchanges , while another two of the
Top 8 involved stablecoin companies.
The Naver / Dunamu deal is by far the
largest in crypto history. Prior to 2025
the largest deal was Stripe’s acquisition
of Bridge for $1.1B.
Coinbase, Kraken and Ripple were the
most active crypto acquirers in 2025,
snapping up a number of companies to
rapidly expand their core offerings. This
includes TradFi trading capabilities.
Outside of M&A, the largest private
fundraising rounds involved Prediction
Markets (Polymarket, Kalshi), crypto
exchanges (Binance, Kraken), and
payment protocols (Ripple, Tempo).
Top 8 Largest Crypto Mergers & Acquisitions Deals in 2025
Source: Architect Partners ; CoinGecko Research

© 2025 CoinGecko
Tether accounted for 41.9% of all
revenue among 168 revenue generating
protocols. It made ~$5.2B throughout
2025.
Among the top 10 protocols, stablecoin
issuers dominated the landscape, with
just four entities generating 65.7%
($8.3B) of total revenue in 2025 . The
remaining six protocols in the Top 10
were all trading protocols.
Revenue derived from trading protocols
was highly dependent on market
conditions. For example, Phantom
generated $95.2M in revenue in January
at the peak of the Solana meme coin
frenzy. However, its revenue dipped to
$8.6M in December as interest in meme
coins dried up.
If blockchains were included, Tron
would be the second highest in terms of
revenue generated with $3.5B in 2025.
Tron’s high network usage stems from it
being the preferred chain for USDT
transactions.
Source: TokenTerminal , DeFiLlama
*Data excludes revenue from blockchains
Protocol Revenue* Tether generated $5.2B in revenue in 2025, representing the bulk
of revenue generated by crypto protocols ; trading protocols
performed well in Q1, but revenue fell when the market turned
Revenue
22
$2.9B
$3.3B $3.5B $3.0B
$386M $392M $435M $421M $446M $432M $447M $478M $451M $451M $445M $442M
$152M $164M
$190M $192M
$202M $188M $202M
$211M $222M $230M $209M $217M
$91M
$128M
$98M $105M
$90M $61M
$116B $62B
$95B
$461M
$199M
$107M $112M
$123M
$91M
$144M
$142M
$137M $129M
$80M
$63M
$0M
$200M
$400M
$600M
$800M
$1,000M
$1,200M
$1,400M
$1,600M
Tether Circle Hyperliquid pump.fun Ethena Axiom Trade Sky PancakeSwap Phantom Aerodrome Others

© 2025 CoinGecko
-100%
100%
300%
500%
700%
900%
1100%
ZEC XMR CC NIGHT BDX XTZ DASH STRK H DCR
Privacy Coins
Amongst the Top 10 privacy-related tokens by
market cap, Zcash (ZEC) was the undisputed
winner – skyrocketing +817.6%. It benefitted
from a number of bullish catalysts, such as its
‘halving’ in November, a $28 million purchase by
Winklevoss–backed DATCo Cypherpunk
Technologies, and endorsement from Naval
Ravikant, who called the token “insurance
against Bitcoin.”
Humanity Protocol (H) was the next top -
performer, climbing +338.1% as it became
known as the “ethical alternative” to
Worldcoin for biometric sovereignty.
NIGHT (+124.7%) and XMR (+124.0%) recorded
similar gains, highlighting that the momentum
favored both privacy ‘money’ (e.g. ZEC, XMR) as
well as ‘infrastructure’ (e.g. H, NIGHT).
However, sector -wide interest did not
translate to price performance for all
projects . Tezos (XTZ, -61.5%), Starknet (STRK,
-83.1%) and most beyond the Top 10 were
essentially ignored and lagged significantly
along with the rest of the market.
Privacy emerged as a dominant narrative during late -Q3, particularly
after Naval tweeted “Zcash is insurance against Bitcoin”; capital
was highly selective with performance concentrated in a few
standout winners like ZEC (+817.6%) and H (+338.1%)
Source: CoinGecko
PriceReturn
23
818%
338%
125%
124%
29%
23%
10%
10%
-61%
-83%

© 2026 CoinGecko
Bitcoin
BTC

© 2025 CoinGecko
$0B
$50B
$100B
$150B
$200B
$250B
$300B
$350B
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
Volume Price
Bitcoin Price &
Trading Volume
Bitcoin’s price trajectory started strong in Q4, peaking at a
historic all -time -high of $124,774 on October 7.
However, the October 10 market crash triggered a broad
retreat from risk assets, with BTC falling by -10.0% in 24 hours.
Since then, BTC slipped below the $100k level on November 13,
and hasn’t recovered since.
The ensuing correction wiped out Q2 and Q3 gains, with BTC
falling -23.2% in Q4 to end the year down -6.4% .
Amidst the market volatility, trading activity surged to its
highest levels of the year. Average daily trading volume
climbed to $63.1B in Q4, a massive +53.5% QoQ increase .
Source: CoinGecko
BTCPrice Trading Volume
$76,329
25
ATH
$124,774
$87,520
Bitcoin established a new all -time -high of
$124,774 in early October, before a
significant Q4 correction ( -23.2%) saw the
asset close the year at $87,520, a -6.4% full -
year decline
$93,508

© 2025 CoinGecko
0M
200M
400M
600M
800M
1000M
1200M
1400M
Bitcoin Mining Hashrate
Following a significant +35.1% expansion in Q3, Bitcoin mining
hashrate cooled significantly in Q4, declining -14.0% QoQ .
Despite the quarterly drop, the network reached a new all -time -
high of 1.3 Zettahash on October 24 , before the plummeting BTC
price and rising network difficulty compressed miner margins.
Notable industry developments:
• Core Scientific and CoreWeave officially terminated their $9B
merger agreement on October 30 after the deal failed to receive
necessary shareholder approval
• Russia banned cryptocurrency mining in 10 regions from
January 2026 until 2031 to address severe power shortages
• CleanSpark achieved record 2025 revenue of $766M , more than
double of the year prior. It also acquired a Texas site with 285
MW of power to launch an AI data center
• Hut 8 signed a 15 -year, $7 billion lease agreement with
Fluidstack to provide GPU -backed data center space for AI firm
Anthropic , signaling a massive acceleration in the pivot to AI
Source: Blockchain.com, Google Finance
Hashrate (TH/s)
ATH
1305M TH/s
26
764M
TH/s
Bitcoin mining hashrate saw a sharp -14.0%
contraction in Q4 , the first decline in 2025, as
a much lower BTC price suppressed mining
profitability and forced older hardware offline
980M
TH/s

© 2025 CoinGecko
-$1,500M
-$1,000M
-$500M
$0M
$500M
$1,000M
$1,500M
IBIT FBTC BITB ARKB BTCO EZBC
BRRR HODL BTCW GBTC BTC Total Net Flows
US Spot Bitcoin
ETFs Net Flows
US Spot BTC ETFs experienced its first ever quarter of net outflows
in 2025 Q4 ( -$1.1B), but closed out 2025 with +$21.3B in net inflows ;
total AUM fell to $120.8B by end -Q4 , -19.4% QoQ but +13.3% YoY
Source: Farside Investors ; The Block
$69.6B
-20.0%
$15.5B
-24.0%
$4.8B
+4.3%
$17.8B
-20.7%
$5.3B
-15.9%
Others
$7.8B
-13.7%
US Spot Bitcoin ETFs Daily Net Flows (2025) Total AUM (December 31, 2025)
The outflows were not evenly distributed across ETFs.
BlackRock’s IBIT, Grayscale’s BTC, Invesco Galaxy’s BTCO, and
WisdomTree’s BTCW saw net inflows in 2025 Q4 . IBIT garnered
the largest net inflows (+$1.1B),
Meanwhile Grayscale’s GBTC experienced the largest net
outflows ( -$1.1B), followed by ArkInvest’s ARKB ( -$637.6M).
Relative market share by AUM has remained similar through
out the year, with IBIT the clear leader with 57.6% share ,
followed by Fidelity’s FBTC (14.7%) and GBTC (12.8%).
GBTC
27

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Now tracking:
23
Assets
200+
Entities
35
Countries

Ethereum
© 2026 CoinGecko
ETH

© 2025 CoinGecko
Ethereum Price &
Trading Volume
ETH closed the year at $2,967, marking a 28.4% decrease
since the start of Q4. ETH’s decline coincides with
institutional acquisition of ETH slowing down this quarter, as
record spot ETF net inflows in Q3 turned to net outflows in
Q4. Except Bitmine Immersion (BMNR), other ETH DATCos
also significantly slowed their ETH acquisitions.
After declining for most of October and November, ETH saw a
slight bounce from $2,799 to $3,195 in early December, likely
driven by the successful completion of the Fusaka network
upgrade . Unfortunately, this successful upgrade did not
ignite a broader ETH rally like Pectra did in May.
Since the change in leadership at the Ethereum Foundation in
April, there has been greater urgency at upgrades focusing
on mainnet performance. There are two major upgrades
scheduled for 2026 – Glamsterdam and Hogota.
ETH retraced to $2,967 after achieving a
record high price of $4,946 in Q3;
Unfortunately it is down -11.1% YoY
Source: CoinGecko
30
ETH Price Trading Volume
$0B
$20B
$40B
$60B
$80B
$100B
$120B
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
$5,000
$5,500
Total Volume Price
$4,144
$1,805
$2,502
$2,967
ATH
$4,946
Fusaka
upgrade
Pectra
upgrade
$3,337
$1,471

© 2025 CoinGecko
Transaction count in the EVM space
grew throughout 2025, with average
daily transactions nearly doubling from
32.9M in Q1 to 62.6M in Q4, a 90.3%
increase.
Ethereum ranked 9 th with 524M total
transactions in 2025. This reflects
Ethereum’s role as a settlement layer,
while Layer 2s handle the bulk of
common transactions.
The recently launched L1 Monad shows
promising numbers, recording 55.2M
transactions in December 2025 ,
putting it alongside Worldchain.
Continued growth would likely see
Monad breaking into the top 10.
Despite trading volume on DEXes
declining, Onchain transaction count in
Q4 still increased, suggesting a shift
away from DEX trading towards other
activities such as Prediction Markets.
Source: Etherscan
Transaction Count of
Broader EVM Ecosystem
Transactions on the EVM ecosystem grew 90.3% in 2025,
from 32.9M to 62.6M; BSC, Base and Tron maintained
their dominance throughout the year
Transaction
Count
31
0M
10M
20M
30M
40M
50M
60M
70M
80M
BSC Base Tron Polygon Arbitrum opbnb Sei Worldchain Ethereum Optimism Others
32.9M
62.6M
35.4M
51.0M
56.8M

© 2025 CoinGecko
-$600M
-$400M
-$200M
$0M
$200M
$400M
$600M
$800M
$1,000M
$1,200M
ETHA FETH ETHW TETH ETHV QETH EZET ETHE ETH Total Net Flows
US Spot Ethereum
ETFs Net Flows
After it’s strongest quarter, US Spot ETH ETFs recorded -$1.5B
in net outflows in 2025 Q4, closing the year at +$9.7B in net
inflows; total AUM is now at $17.9B , -34.5% QoQ but +48.2 YoY
Source: Farside Investors ; Bloomberg
$10.3B
-34.6%
$2.2B
-30.4%
$338.8M
-31.7%
$2.6B
-41.1%
$2.2B
-29.0%
Others
$286.8M
-35.1%
US Spot Ethereum ETFs Daily Net Flows (2025) Total AUM (December 30, 2025)
After a record setting +$9.6B of net inflows in 2025 Q3, US
Spot ETH ETFs experienced -$1.5B in net outflows in Q4, the
single highest quarter of net outflows for the sector.
All ETH ETFs saw net outflows except Grayscale’s ETH
(+$13.4M). BlackRock’s ETHA ( -$871.9M) and ETHE ( -$498.1M)
experienced the largest net outflows.
Despite the net outflows and decline in ETH’s price, this has
still been a strong year for ETH ETFs, growing +48.2% YoY.
ETHA retains a resounding lead with 57.4% in AUM , followed by
ETHE (14.6%), Fidelity’s FETH (12.3%) and ETH (12.3%).
32
ETHE
ETH

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Solana
© 2026 CoinGecko
SOL

© 2025 CoinGecko
$0B
$5B
$10B
$15B
$20B
$25B
$30B
$35B
$0
$50
$100
$150
$200
$250
$300
Trading Volume Price
SOL faced a challenging quarter,
pulling back sharply from quarterly
highs of $247.56 to $124.52, -50.0%
QoQ and -34.7% YoY
Source: CoinGecko
SOL rebounded sharply in early -October in line with the
broader market, riding the BTC wave, but also subsequently
came plunging down during the October 10 crash.
The highly -anticipated US spot SOL ETFs was approved in
mid -October. However trading only began in November, after
the US government shutdown delayed the approval process .
Despite consistent inflows into the ETFs, SOL trended down
for the rest of the quarter, a steady decline in price and
trading volume.
The end of the memecoin craze portended the crash in SOL
price , as it closed out the year at $124.52, -34.7% YoY
compared to $189.45 on Jan 1, 2025.
SOL Price
Trading
Volume
Solana Price & Trading Volume
35
Spot ETF
Approvals
ATH
$293
$208
$124
$248
$189

© 2025 CoinGecko
Source: Defillama
Solana Proprietary
AMMs
Proprietary AMMs emerged as the backbone of Solana’s
liquidity in 2025, processing a total of $543.6B in transactions
in comparison to $671.4B processed by traditional Solana DEXes
Trading
Volume
36
$87.6B
$163.8B $125.8B $166.4B
$30B
$10B
$5B $5B $5B
$40B
$25B
$14B $15B
$26B
$11B $13B
$7B $10B $11B
$9B
$6B $21B
$24B
$36B
$30B
$32B
$9B
$13B
$8B $4B
$3B
$5B
$7B
$5B
$6B
$6B
$7B
$7B
$7B
$5B
$3B
$4B
$4B
$0B
$10B
$20B
$30B
$40B
$50B
$60B
$70B
$80B
$90B
Lifinity SolFi HumidiFi ZeroFi Tessera Obric BisonFi Aquifier GoonFi AlphaQ
Proprietary AMMs are professionally
operated on -chain market makers
which relies on aggregators such as
Jupiter to route trades to their
privately run liquidity pools. Analogous
to dark pools in tradfi , they boast
greater capital efficiency as opposed
to the traditional public DEXes.
Prop AMMs now account for 44.7% of
onchain volume on Solana, processing
$543.6B in trades compared to
$671.4B by traditional DEXes.
While Lifinity and SolFi used to be
leaders amongst Prop AMMs, HumidiFi
overtook and dominated the market in
H2, with Lifinity eventually exiting the
space in November.
This transition away from traditional
DEX models remain a Solana -centric
phenomenon . However, the rise of new
performance -focused EVM chains
such as Monad and MegaETH, could
provide opportunites for Prop AMMs to
expand beyond Solana.

© 2025 CoinGecko
US Spot Solana
ETFs Net Flows
2025 Q4 saw a positive debut for US Spot SOL ETFs, which
posted net inflows of $866.5M during the quarter; total AUM
closed out the year at $948.9M
Source: Farside Investors ; The Block
BSOL
$640.4M
FSOL
$113.3M
TSOL
$6.1M
GSOL
$160.4M
VSOL
$23.4M
US Spot Solana ETFs Daily Net Flows (October 28 – December 31, 2025) Total AUM (December 31, 2025)
While US Spot SOL ETFs only came to market in Q4, they were
not the first US -listed Solana ETPs. Rex -Osprey introduced
their Solana + Staking ETF in July.
Bitwise’s BSOL leads all other US Spot SOL ETFs by inflows
and AUM , garnering $625.2M in net inflows and $640.4M in
AUM by year end, giving them 67.5% market share.
At <$1B total AUM, these ETFs are still significantly smaller
than their ETH ($17.9B) or BTC ($120.8B) counterparts . 37
-$10M
$0M
$10M
$20M
$30M
$40M
$50M
$60M
$70M
$80M
28-Oct 04-Nov 11-Nov 18-Nov 25-Nov 02-Dec 09-Dec 16-Dec 23-Dec 30-Dec
BSOL VSOL FSOL TSOL SOEZ GSOL SOLC Total
Others
SOEZ, SOLC
$5.3M

DeFi
© 2026 CoinGecko

© 2025 CoinGecko
2.50%
3.00%
3.50%
4.00%
4.50%
5.00%
$0B
$20B
$40B
$60B
$80B
$100B
$120B
$140B
$160B
$180B
Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26
Total DeFi Market Cap DeFi Share of Market (DeFi/Global Market Cap)
In line with the overall crypto market, the DeFi
market cap has fallen drastically since the
events of October , ending the year lower at
barely >$100B and a market share of 3.31%
Source: CoinGecko
Total DeFi Market Cap and DeFi Share of Overall Market (2025)
Market Cap
% of
Market
$100.9B
3.31%
Although it seemed that the DeFi sector would end the year on
a high note after Q3, its resurgence was quickly cut short.
Trump’s threats of additional tariffs on China in early October
marked the start of the segment’s pullback throughout 2025
Q4, with its market cap plunging by -37.2% from $160.7B at the
start of October to $100.9B at end -December .
Liquid staking tokens suffered more than the rest, losing 29.9%
of its market cap in Q4 thanks to the falling price of ETH , as the
underlying asset fell by -28.4% in the past quarter. Stablecoin
governance tokens such as ENA and XPL recorded significant
drawdowns, with the latter plummeting by -84.2%. DeFi
governance tokens such as HYPE, LINK and AAVE also suffered
a similar fate.
As of the end of 2025, DeFi has erased all its market share
increase from Q3 and more, with its dominance falling from
4.02% back to 3.31% in 2025 Q4 , lower than its initial market
share of 3.49% at the start of the year.
DeFi Overview
39
4.02%
$160.7B
$118.8B
3.49%

© 2025 CoinGecko
$0B
$20B
$40B
$60B
$80B
$100B
$120B
$140B
$160B
$180B
$200B
Ethereum Solana Bitcoin BSC Base Tron Plasma Arbitrum HyperEVM Avalanche Others
Multichain DeFi TVL
Market Share
Source: DeFiLlama
*RWA, redeposits, and liquid staking are not included in multi -chain TVL.
$116.7B
While onchain TVL has fallen across the board, existing TVL
share from Solana and other newer networks are being
redistributed to Ethereum and its L2s
Shortly after reaching a peak TVL of
$171.9B in early October, the massive
selloff that ensued caused multichain
DeFi TVL to plunge by -25.5% from
$156.7B at end -Q3 to $116.7B at end -Q4 .
Despite increasing its TVL share from
56.5% to 57.5% in Q3, Ethereum mainnet
lost over $21.2B in asset value , largely due
to ETH’s drawdown in 2025 Q4. However,
TVL on the network only fell by -23.9%,
supported by new project launches and
the rising stablecoin supply
Among other major blockchains, Solana
saw its TVL fall by -30.2% from $11.5B to
$8.0B , as the network’s memecoin sector
remained stagnant, while Base and BNB
Chain saw much smaller decreases of
-15.2% and -9.1% respectively, which
boosted their market dominance.
Plasma, which once held over $6.4B in
assets at its peak, recorded a -45.8% drop
from $5.5B at the start of October to just
$3.0B at the end of 2025 , as dwindling
network incentives and the falling price of
XPL drove users to reallocate capital.
Multichain Total Value Locked (TVL) Breakdown (2025)*
TVL
40
Ethereum: 57.7%
Solana: 6.9%
Bitcoin: 5.8%
BSC: 5.7%
Base: 3.9%
Tron: 3.8%
Plasma: 2.5%
Arbitrum: 2.5%
HyperEVM : 1.3%
Avalanche: 1.1%
Others: 8.9%
Ethereum: 56.5%
Solana: 7.3%
Bitcoin: 5.4%
BSC: 5.0%
Base: 3.2%
Tron: 3.9%
Plasma: 3.5%
Arbitrum: 2.2%
HyperEVM : 1.4%
Avalanche: 1.4%
Others: 10.2%
$156.7B
$115.8B

© 2025 CoinGecko
DeFi Ecosystem
Overview
Source: DeFiLlama
Derivatives
$3.55B
Total Value Locked of Each DeFi Category (2025 Q4)
41
In 2025 Q4, most DeFi categories saw sharp drops in TVL across the board. Segments such
as lending and DEXes lost -26.5% and -29.3% of their respective asset values, mainly due to
ETH’s decline in the past quarter. However, many governance tokens have also diminished in
value as liquidity on these platforms, further eroding TVL.
Although the hype of tokenized stocks barely stuck around, the sustained demand for
tokenized gold (PAXG, XAUT), other precious metals, and tokenized collectibles (see Slide 46 )
have continued to push the TVL of the RWA sector higher by +6.9% from $15.9B in 2025 Q3
to $17.0B in 2025 Q4 .
Meanwhile, basis trading protocols such as Ethena and Resolv were the top losers of 2025
Q4 as the sector recorded a $9.2B drop in TVL after USDe’s depeg event shook the sector.
Major categories within DeFi such as lending, restaking and
DEXes continue to lose TVL share in 2025 Q4 as RWAs and
other smaller sectors thrived under pressure

© 2025 CoinGecko
Cross -Chain Bridge
Liquidity
Source: DeFiLlama
Segment 2025 Q4 2025 Q3 QoQ % Change
WBTC $10.9B $14.4B 24.1%
Binance Bitcoin $6.0B $7.8B 22.8%
Coinbase Bridge $6.0B $7.1B 16.5%
USDT0 $4.7B $7.6B 38.2%
Hyperliquid Bridge $4.0B $5.6B 28.9%
JustCryptos $3.0B $4.3B 29.8%
Portal $1.5B $2.8B 45.3%
Lighter Bridge $1.5B $720M 101.3%
Function FBTC $976M $1.4B 30.5%
SolvBTC $977M $1.2B 15.0%
Aster Bridge $723M $1.5B 51.4%
Unit $470M $1.2B 62.3%
Top 12 Bridges with Highest Liquidity (as at December 31, 2025)
42
The recent liquidation event in October has not only dampened on -chain user
activity, but also liquidity across the top 12 bridging protocols, resulting in a -
26.8% reduction in TVL from $55.7B as end -September to $40.8B at the end of
2025.
Amidst Bitcoin’s -23.2% drawdown to $87,520 in 2025 Q4, Bitcoin -focused
bridges, which include the top 3 largest cross -chain platforms, saw
redistribution of assets. While WBTC and FBTC experienced net outflows of
2,139 BTC (~$187M) and 1,220 BTC (~$107M), other wrapped BTC protocols
such as the Coinbase Bridge and SolvBTC recorded sizeable inflows of 5,308
BTC and 505 BTC, respectively .
While protocol incentives on Plasma continue to trend downwards due to the
price decline of XPL, so has the TVL of USDT0, as more users exit in search of
more attractive yields . Compared to 2025 Q4, the bridged stablecoin has lost
-38.2% of its TVL from $7.6B to $4.6B at the end of 2025 Q4.
Despite its earlier popularity, users are steadily moving away from perpetual
DEXes such as Hyperliquid and Aster to other platforms for better airdrop
opportunities. Including Hyperliquid’s tokenization protocol, Unit, both
ecosystems have seen cumulative outflows of $3.2B.
It’s no surprise then that a portion of these funds were redirected to the
Lighter perpetual DEX in anticipation of the platform’s LIT token airdrop , which
was conducted just before the end of 2025. With more users eager to
participate in Season 2 of its points campaign, the Lighter bridge recorded a
+101.3% surge in deposits from $720M in 2025 Q3 to $1.5B in 2025 Q4 .
Cross -chain liquidity sunk by 26.8% as asset prices dipped
across the board; more remaining capital on older protocols
have been redistributed in search of better returns

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© 2025 CoinGecko
NFT Trading Volume
across Top 12 Chains
NFT winter has set in once more across most
chains, but tokenized collectibles continue to
fuel trading activity on Solana and Polygon
Although NFT trading activity rebounded significantly in 2025
Q3 all the way up to October, monthly volumes have fallen by -
46.2% from $194M in September 2025 to $111M in December
2025 .
October’s spike in trading volume of Ethereum NFTs , up 63.2%
compared to September, can be attributed to the market -wide
slump which started earlier in the month, as holders rushed to
offload prominent NFTs such as CryptoPunks and Pudgy
Penguins at significant discounts.
On the other hand, trading volume on Polygon and Solana have
dropped by smaller degrees of 30.2% and 1.6% respectively,
supported by resilient activity around tokenized collectibles on
marketplaces such as Courtyard and Collector Crypt, along
with the launch of new protocols centered on these products.
$2.3B $1.8B
Source: Dune Analytics (@hildobby , @domo , @ilemi ) & Cryptoslam
*Wash trading filters are retroactively applied for Ethereum, Polygon, Arbitrum, Base, Blast & Ronin
45
Trading
Volume $1.1B
$534M
$338M
$132M
$100M
$141M
$97M
$292M
$319M
$194M
$317M
$96M $111M
$42M
$56M
$39M
$48M
$62M
$143M
$142M
$85M
$100M
$50M
$48M
$48M
$53M
$78M
$58M
$47M
$50M
$57M
$24M
$34M
$40M
$70M
$56M
$27M
$35M
$38M
$153M
$116M
$547M
$55M
$77M
$51M
$63M
$52M
$39M
$54M
$35M
$33M
$35M
$39M
$44M
$40M
$42M
$39M
$27M
$21M
$31M
$34M
$31M
$24M
$32M
$19M
$27M
$24M
$35M
$33M
$30M
$30M
$33M
$25M
$21M
$14M
$46M
$69M
$0M
$100M
$200M
$300M
$400M
$500M
$600M
$700M
$800M
$900M
Ethereum Solana Polygon BSC Bitcoin Mythos Immutable Flow Base Arbitrum ApeChain Ronin
$1.5B

© 2025 CoinGecko
NFT Marketplaces
Trading Volume
Collector Crypt and Courtyard are #2 and #3 in NFT marketplace
trading volume , cementing the tokenized collectibles narrative;
Blur and Magic Eden fades after starting the year strong, while
OpenSea hangs on to its slim lead
Source: Dune Analytics (@hildobby , @domo , @ilemi , @zkayape )
*OpenSea volumes includes supported EVM networks ; MagicEden volumes include Ethereum, Solana, and Bitcoin
**Trading Volume is credited to the aggregator (Blur, OpenSea Pro) if the trade was aggregated
$0.8B
$1.9B
46
Trading
Volume
$1.5B
Similarly, monthly trading activity across the
top NFT marketplaces retreated sharply in
2025 Q4 , tumbling by -36.9% from $481M in
September 2025 to $303M in December
2025. Interestingly, Unisat was the top
gainer of 2025 Q4, achieving a 117.9x
increase in monthly sales as some BRC -20
tokens saw renewed attention.
Even with its recent pre -rewards campaign
and the upcoming launch of its SEA token in
2026 Q1, OpenSea’s quarterly volume fell by
-10.6% from $481M in 2025 Q3 to $430M in
2025 Q4.
The fall -off is even more drastic from a
monthly perspective, plummeting by 68.0%
from $271M in October 2025 to just $87M in
December 2025 .
While OpenSea is still the top marketplace in
terms of volume, Collector Crypt is quickly
closing the gap, recording +6.2% growth in
transaction volume thanks to continued
interest in tokenized collectibles . However,
another similar platform Phygitals saw a
sharp decline of -89.5% after some users
claimed that Phygitals did not own the
underlying cards featured in their gacha.
$156M
$200M
$67M $54M $75M $74M
$155M $162M $164M
$271M
$72M $87M
$44M
$75M
$78M
$65M
$79M
$17M
$41M
$47M $49M
$47M $45M
$51M
$77M
$56M
$45M
$50M
$56M
$54M
$54M
$56M $49M
$70M
$45M
$49M
$44M $33M
$47M
$32M
$23M
$362M
$135M
$49M
$35M
$50M
$33M
$106M
$119M
$58M
$79M
$28M
$74M
$59M $478M
$31M
$42M
$26M
$42M
$24M
$17M
$22M
$55M
$47M
$0M
$100M
$200M
$300M
$400M
$500M
$600M
$700M
$800M
OpenSea Collector Crypt Courtyard OKX Blur Magic Eden CryptoPunks Unisat Phygitals SuperRare
$1.2B

© 2025 CoinGecko
$286M
$80M
$38M $32M $38M $33M
$89M
$123M
$60M
$87M
$32M $23M
$0M
$50M
$100M
$150M
$200M
$250M
$300M
$350M
Blend NFTfi Arcade X2Y2 Zharta BendDAO
NFT Lending Monthly NFT lending volumes shrank to new lows towards the
end of 2025, while Moonbirds loans continue to expand despite
falling floor prices
Top 6 NFT Lending Platform Loan Volume (2025) Loan Origination Volume on Blend (by Collection )
Source: Dune Analytics (@ahkek , @nftfi -team , @arcade_xyz , @zharta_team ,@beetle )
*Loan volume includes repayments
$446M $126M
47
Loan
Volume $314M $173M
25.4%
20.9%
16.3%
12.2%
7.4%
5.7%
4.5%
Bored Ape Yacht Club
Pudgy Penguins
Azuki
Mutant Ape Yacht Club
DeGods
Milady
Wrapped Cryptopunks
Lil Pudgys
Moonbirds
Redacted Remilio Babies
Others
Following a temporary recovery in 2025 Q3, NFT lending activity has
once again retreated, plummeting by -45.0% from $314M in 2025
Q3 to $173M in 2025 Q4 .
Monthly lending volumes reached a yearly low of $30M in December
2025, with Blend and NFTFi retaining 96.3% volume share. While
Blend is still the top platform, it has slowly lost its dominance from
93.0% inJanuary 2025 to 75.6% in December 2025 .
Although the floor price of Moonbirds NFTs have fallen by -67.9%
from 3.06 ETH (~$12.7K) to 1.37 ETH (~$4.1K) in the past quarter, loans
from the collection has climbed by +17.6% in 2025 Q4 , ahead of the
project’s physical merchandise release and BIRB token launch.

© 2025 CoinGecko
Top 10 Spot CEXes
Trading Volume
Spot trading volume on Top 10 CEXes
declined from $5.1T in 2025 Q3 to $4.4T
in 2025 Q4, a -14.5% decrease.
December was the weakest month in
2025 , with only $0.9T of trading volume.
The last time this occurred was in
September 2024. Despite that, annual
trading volume in 2025 stood at $18.7T,
compared to $17.4T in 2024.
Despite the drop in trading volume,
Binance maintained its market share of
just above 40% in Q4.
Bybit reestablished its position as the #3
largest exchange, marking a comeback
from its hack at the start of the year.
Meanwhile, Bitget’s year -long expansion
faced a setback in the final quarter .
After maintaining a steady market share
above 7.0%, a Q4 slump reduced its
share to 5.4%.
Trading volume on Top 10 CEXes fell by -14.5% QoQ; Annual
trading volumes hit $18.7T in 2025, a +7.5% increase from
2024
Source: CoinGecko
49
Market
Share
$1.8T
$1.3T $1.4T
$2.2T $1.7T $1.4T $2.0T
$1.1T $0.9T
$1.6T
$1.5T $1.8T
36% 37%
42%
38% 37% 39% 40% 41% 40% 40% 43%
38%
5%
7%
7%
7% 11%
8% 9% 7% 8% 9%
8%
9%
10%
10%
6%
7%
7% 7% 7% 7% 8% 8%
8%
10%
6%
7% 6%
9%
8% 8% 8% 8% 8% 9% 7%
8%
4%
4% 7% 5%
7% 8% 6% 6% 6%
6% 6% 8%
12%
11% 7%
6%
5%
5%
5% 6% 6%
6% 7% 7%
6%
6% 6%
7%
7%
6%
6%
6% 6%
6% 6% 6%
7%
7% 7%
7%
6% 5%
6%
5% 5%
5%
7% 6%
5%
5% 6%
7% 7% 8%
8% 7% 8%
7% 4% 5%
8% 6% 5% 6% 5% 4% 6% 5% 5% 4% 5% 4%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Binance MEXC Bybit Gate HTX Crypto.com OKX Coinbase Bitget Upbit

© 2025 CoinGecko
5%
11% 12%
9%
36%
64%
47%
25%
31%
36% 35%
30%
23%
31%
37% 43%
34%
19%
25%
31%
31%
29%
27%
31%
13%
9%
9%
11%
6%
6%
6%
6%
5%
5% 5%
23%
13%
8%
7%
8% 8%
9% 7%
5%
5%
6%
6%
6%
6% 6%
10%
11%
9% 10%
7%
12% 9% 8% 8%
6%
8%
9%
11% 16%
5% 5%
11%
6% 6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Pancakeswap Uniswap Orca Raydium Aerodrome SolFi Meteora HumidiFi Curve Hyperliquid
Top 10 Spot DEXes
Trading Volume
DEXes gained significant ground in 2025, with trading
volumes among the top 10 doubling to $3.6T from 2024’s
$1.8T. The top 10 DEX:CEX ratio for spot trading similarly rose
from 10.3% to 19.3%
Source: CoinGecko
50
Top 10 DEXes recorded a total of
$893.8B in trading volume in Q4, a 13.4%
decline from Q3’s 1.03T. Total trading
volume on Top 10 Spot DEXes totaled
$3.6T, a 100% increase from $1.8T in
2024. Top 10 Spot DEX:CEX ratio rose to
19.3%, a big jump from 10.3% in 2024.
Since 2025 May, Pancakeswap has
retained the top spot amongst all spot
DEXes, thanks to its integration with
Binance Alpha. However the gap with
Uniswap has continued to close.
With the inclusion of prop AMMs as
DEXes this quarter, we see HumidiFi and
SolFi entering the top 10.
The decline in the memecoin sector also
led to the slow decline in Meteora’s
market share, which recorded a yearly
low of $4.7B in trading volume in
December as compared to its highs of
$47.4B recorded in January.
$362B
$156B $288B
$381B $227B $148B $405B
$399B $201B
$318B
$347B $352B
Market
Share

© 2025 CoinGecko
4%
10% 11%
7%
39%
68%
48%
25%
35%
39% 39% 38%
19%
28%
32%
26%
15%
10%
16%
30%
22%
20% 22%
20%
53%
34% 26%
27%
15%
8%
14%
14%
14% 13%
13%
12%
14%
14%
15%
24%
18%
6%
9%
12% 10% 11%
12%
13%
6%
8%
10% 8%
5% 5%
6% 6% 6%
6% 9%
6% 6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
BSC Ethereum Solana Base Arbitrum Hyperliquid Unichain Sui Avalanche Tron
DEXes Trading Volume
Breakdown by Chain
The status quo for the top 3 chains:
BSC, Ethereum and Solana, remained
relatively unchanged since September
2025 .
With HYPE token unlocks and stiff
competition from other perpetual DEXes
such as Aster and Lighter, Hyperliquid’s
dominance in spot trading decreased,
though they remain firmly in the top 10
chains in terms of DEX volume.
Base also reclaimed market share this
quarter, with trading volumes rivaling
and even surpassing Solana in
December 2025.
As 2025 concluded, Avalanche returns
to the top 10 spot rankings, replacing
Aptos , which experienced a relative
decline in trading volume of $15.5B in
Q3 to $9.4B in Q4.
Hyperliquid’s Q3 success in spot trading tapered off in Q4,
while Arbitrum made a comeback, achieving yearly DEX
volume highs of $25.2B in October.
Source: CoinGecko
51
$360B
$154B $276B
$351B $211B $146B $408B
$399B $183B
$324B
$342B $351B
Market
Share

© 2025 CoinGecko
33% 31% 33% 32% 32% 33% 33% 32% 33% 34% 32% 31%
12% 16% 13%
12% 11% 11% 11% 12% 10% 10%
20%
19%
14%
13% 15%
15% 15% 15% 14% 14% 14%
14%
13%
13%
13% 12% 12%
12% 12% 13% 12% 12% 12%
12%
11%
10%
5% 6%
6% 8% 9% 9% 10% 10%
10%
9%
9%
12% 11% 12%
11%
11%
12% 13% 12% 11% 9%
5%
6%
5%
8% 5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Binance MEXC OKX Bybit Gate Bitget BingX Coinbase International HTX Crypto.com
Top 10 Perp CEXes
Trading Volume
Trading volume on Top 10 Perp CEXes
declined from $24.0T in 2025 Q3 to
$21.2T in Q4, a -12.0% decrease. This is
just slightly lower than Q2 ($21.3T) and
higher than Q1 ($19.7T).
October was the second highest trading
volume month on record , following
August 2025, as BTC hit its last ATH. In
contrast, December was the least active
month of the year.
Relative market share between the Top
10 Perp CEXes have remained largely
unchanged through out the quarter and
through out the year. The only notable
exception is the surge of MEXC in
November and December, leapfrogging
OKX, Bybit, and Bitget into #2 place.
Just outside the Top 10, KuCoin
garnered significant volume in 2025,
becoming the only Perp CEX outside of
the Top 10 to cross $1T .
Top 10 Perp CEX trading volume fell to $21.2T in 2025 Q4, after
a record setting quarter in Q3; Trading volume totaled $86.2T
in 2025, a +47.4% increase from 2024, and highest historically
Source: CoinGecko
Market
Share
$9.1T
$6.1T $7.3T
$7.5T $6.2 T $6.1T
52
$8.6T
$5.9T $5.3T
$6.9T
$7.3T $8.1T

© 2025 CoinGecko
$0B
$20B
$40B
$60B
$80B
$100B
$120B
$140B
$160B
$180B
$200B
Binance Bybit Gate MEXC Bitget OKX HTX BingX Crypto.com Coinbase International
Top 10 Perp CEXes
Open Interest
The single largest decline occurred
during the October 10 crash as $53.8B
in OI was wiped out from the Top 10
Perp CEXes. Total crypto market cap
declined by -9.2% ( -$389.7B) on the day,
with ~$19B in estimated liquidations .
Binance , which played a large role in the
market crash, as well as Bybit, saw the
largest OI losses that day of ~$13B each.
Altcoin perps were much harder
impacted than BTC perps as investors
pulled back amidst the carnage.
Since the sharp crash, the decline in OI
across Top 10 Perp CEXes have largely
mirrored the decline in total crypto
market cap.
Amidst shrinking liquidity, Binance
consolidated its position at the top with
30% OI share , indicating a degree of
investor confidence and stickiness.
OI on Top 10 Perp CEXes hit a new ATH of $181.1B on
October 7 after BTC made its latest ATH, but has since
declined by -50.5% to $89.7B; OI declined by -20.8% YoY
Source: CoinGecko
Binance: 26%
Bybit 21%
Bitget : 17%
Gate: 1 3%
OKX: 7%
HTX: 6%
MEXC: 5%
BingX : 3%
Crypto.com : 2%
Coinbase: 1%
Open
Interest
53
Binance: 30%
Bybit 14%
Gate: 14%
MEXC: 1 0 %
Bitget : 9%
OKX: 9%
HTX: 8%
BingX : 4%
Crypto.com : 1%
Coinbase: <1%
$113.3T
$89.7T
$181.1T
$151.8T

© 2025 CoinGecko
73% 76%
71%
66%
73%
60%
65%
60%
44%
27%
22% 19%
5% 16%
9%
17%
18%
22%
27%
23%
25%
24%
10%
22%
22%
21%
6%
14%
12%
15%
13%
6%
5% 5%
6% 7%
9%
14% 12% 10%
8% 6%
5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Hyperliquid Lighter Aster edgeX ApeX Jupiter Paradex GRVT Extended dYdX
Top 10 Perp DEXes
Trading Volume
Trading Volume of Top 10 Perp DEXes
grew by +80.8% from $1.8T in Q3 to
$3.2T in Q4. This was largely driven by:
▪ Airdrop farming on Lighter , edgeX,
GRVT, and Extended post -Aster
▪ Zero -fee trading on Lighter, and on
Paradex as of September
Though Hyperliquid was still the most
active perp DEX overall in 2025, in Q4 it
was finally surpassed by Lighter.
Top 10 Perp DEXes recorded $6.7T in
volume in 2025, a monumental +346%
increase from $1.5T in 2024. Perp
DEX:CEX ratio now sits at 7.8%, a
significant jump from 2.5% a year ago.
Hyperliquid ($2.9T) and Lighter ($1.3T)
are now amongst the Top 10 largest
perp exchanges by annual volume.
Zooming in to just Q4, Hyperliquid ,
Lighter, and Aster would be amongst the
Top 10 Perp venues.
In contrast with Perp CEXes , volume on Top 10 Perp DEXes rose in
Q4 to $3.2T, however this was largely driven by incentives /
airdrop farming; 2025 volume totaled $6.7T, >4x more than 2024
Source: CoinGecko , DeFiLlama
Market
Share
54
$671B
$285B $1.17T
$261B $244B $245B $1.18T
$358B $838B
$609B
$341B $483B

© 2025 CoinGecko
$0B
$5B
$10B
$15B
$20B
$25B
$30B
Hyperliquid Aster Lighter edgeX Paradex Jupiter ApeX GRVT Extended dYdX
Top 10 Perp DEXes
Open Interest
OI on Top 10 Perp DEXes declined by -
21.7% in 2025 Q4 from $18.1B to $14.1B
after hitting an ATH on $24.6B.
Similar to Perp CEXes, the single largest
drop occurred on October 10, with $9.1B
in OI wiped out in 24 hours, representing
a -42.5% drop at the time. Hyperliquid
predictably experienced the largest OI
loss of -$8.2B.
However ending the year at $14.1B in OI
represents a +229.6% increase for Top
10 Perp DEXes since the start of the
year, now 15.7% vs Top 10 Perp CEXes.
Similar to trading volume, while
Hyperliquid dominated the first 3
quarters of the year, they were heavily
challenged in Q4 mainly from Aster,
Lighter, edgeX and Paradex. However in
contrast to volume, OI seems more
sticky with Hyperliquid still holding 55%
dominance.
In line with broader market developments, OI on Top 10 Perp
DEXes hit an ATH of $24.6B on October 7 but crashed with the
rest of the market on Oct 10, eventually ending the year at $14.1B
Source: CoinGecko , DeFiLlama
Open
Interest
55
Note: edgeX OI only available since Jully 11,; Aster & Extended OI only available since July 16
Hyperliquid : 55%
Aster: 17%
Lighter: 10%
edgeX : 5%
Paradex : 5%
Jupiter: 2%
GRVT: 2%
ApeX : 2%
Extended: 1%
dYdX : 1%
Hyperliquid : 71%
Aster: 9%
Lighter: 8%
edgeX : 6%
Jupiter: 3%
Paradex : 1%
dYdX : 1%
ApeX : <1%
Extended: <1%
GRVT:<1%
$4.3B
$18.1B
$24.6B
$14.1B

2025 An nual Crypto Industry Report
© 2026 CoinGecko
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2025 Annual Crypto Industry Report | CoinGecko

2025 Annual Crypto Industry Report | CoinGecko

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