Chainfeeds Summary:
Delphi Digital released a 2025 DeFi outlook report, summarizing the current progress and promising directions in the field.
Source:
https://x.com/Delphi_Digital/status/1869463483521319192
Author:
Delphi Digital
Viewpoint:
Delphi Digital: Crypto debit cards have undergone a dramatic evolution. Third-generation solutions are fundamentally changing how we interact with DeFi by providing: 1) true self-custody consumption; 2) DeFi yield integration; 3) fiat on/off-ramps. What's still missing for mass adoption? Banking functionality. While spending is enabled, users need direct deposit and bill pay capabilities to fully integrate with DeFi. Now, these features are finally emerging. What about stablecoins? While CEX trading volumes remain below peaks, monthly active addresses continue to grow. This divergence tells us something important: stablecoin adoption is outpacing speculation. Stablecoin network effects are manifesting in three ways: 1) market liquidity dominance; 2) emerging market payment rails; 3) transaction denominations. The next evolution? Revenue-sharing stablecoins. Traditional issuers capture over $10 billion in value annually, exceeding the total of all blockchains. But this value accrues to distributors. Revenue-sharing models solve this misalignment. What's changing in DEX trading? The landscape is shifting rapidly. We expect DEX volumes to reach 20-22% of CEX spot volumes by 2025 - a seismic shift in how people trade. Will zkTLS be the game-changer? By enabling private Web2 data extraction, zkTLS opens up new possibilities for DeFi apps: 1) credit scoring becomes feasible; 2) identity verification simplified; 3) gaming data seamlessly integrated.
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