According to data provided by @Dune, the trends of embedded swaps across various EVM chains are as follows:
Ethereum:
-Early Dominance: Accounted for nearly 100% of embedded swaps until March 2021.
-Growth in Swap Count: Increased from 700K swaps in 2021 to 1.4M in 2025, but its

Twitter

Over the past six months, I've gone from being an observer of Web3 to entering the payment industry. Now, I've chosen to stop and cease working on Web3 payments.

This isn't a retreat after a failure, but rather a judgment and adjustment made after truly getting involved. In these past six months, I've traveled to Yiwu, Shuibei, Putian, and even Mexico, seeing how payments are actually implemented in the most prominent places mentioned in reports. I've also been involved, building a Web3 payment MVP, taking over accounts, developing Web3 payment tools, and trying to run my imagined path from the first step to the last.

But the further I went…

An entrepreneur's account: From beginning to end, why I stopped developing Web3 payments.

What's Next for DeFi in 2026?

We've revealed the key trends to watch next year.

Last year, DL News attempted to predict three major DeFi trends for 2025.

We predicted that traditional finance would enter DeFi at an unprecedented pace, more protocols would launch their own blockchains, and fintech companies would massively integrate DeFi into their products.

Our predictions have proven quite accurate.

In 2025, we'll see banks issuing stablecoins, asset management firms allocating billions of dollars to DeFi lending protocols...

Top DeFi Trends to Watch in 2026

Introduction Market Overview In 2025, stablecoins and DAT expanded in both scale and application scenarios, beginning to directly connect with traditional finance at the boundary level. The total market capitalization of stablecoins once exceeded $230 billion, with an annual on-chain settlement scale of approximately $1.5 trillion. Supported by legislation such as the GENIUS Act, they gradually solidified as the underlying settlement layer for cross-border payments and on-chain finance. The DAT model, through compliant equity or fund vehicles, provided traditional institutional investors with a standardized path to access crypto asset exposure, with its holdings of BTC and ETH assets having a high market value...

2025 Coinglass Derivatives Report: Instead of the altcoin season, a $154.6 billion liquidation season arrived.

@Optimism
Limited Direct Swap Share: Swap count grew from 10K weekly in 2022 to 70K in April 2025, with peak volume at $50M.
Influence via OP Stack: Its real impact lies in its tech stack, proven by the success of chains like Base.

@base
Breakout Growth in 2024-2025: Swap count surged to 4.5M weekly in April 2025, with peak volume at $2B.
Current Market Position:
~20% of total swaps
10-25% of trading volume
Driven by memecoins, asset tokenization, and DeFi-CeFi bridges (e.g., Coinbase-Morpho