- Defi Lending TVL rose beyond $ 50 billion (approaching $ 60 billion), an increase of 60% in a year, driven by institutionalization.
- ‘Defi Mullet’ trend sees apps embedd Defi for yield/loans (eg Coinbase-Morho is $ 300 million loans from).
- Tokenized Real-World assets (RWAs) such as American treasury are increasingly being used as collateral and revenue sources in Defi.
A significant, albeit modest, transformation is the reform of the landscape of decentralized finances (Defi).
After the speculative frenzy and often dubious high yields characterized by his previous bull market, the current growth in Defi is fed by its evolution in a fundamental financial layer for user -oriented applications and a remarkable increase in institutional participation.
This ripening is particularly clear in the Defi Credit sector, which has seen its total value lock (TVL) rise.
According to a Wednesday report from Analysis Company Artemis and On-Chain Proceeds Platform Kluizen. Fyi, the TVL has risen on Top Defi Lending-Protocols-including prominent names such as Aave, Euler, Spark and Morpho for the $ 50 billion figure and now $ 60 billion is approaching.
This alone represents a significant growth of 60%in the past year. The report attributes this impressive expansion to “fast institutionalization and increasingly advanced risk management tools”.
“These are not only yield platforms; they evolve into modular financial networks that undergo fast institutionalization,” said the authors of the report, which emphasize a fundamental shift in how these protocols are used and observed.
The ‘Defi Mullet’: Seamless integration for regular users
One of the most important trends identified in the report is the rise of the “Defi Mullet”-a strategy in which applications with the user-oriented Defi-infrastructure are silent on their backend to offer financial services such as yield generation or loans.
These complex Defi operations are abstracted from the end user, creating a more seamless and trusted experience, related to traditional fintech applications.
The report describes this as: “Fintech front-end, Defi Backend.”
A good example of this is Coinbase, where users can borrow against their Bitcoin (BTC) holdings via a system driven by Defi Lender Morpho’s Backend infrastructure.
This integration has already been more than $ 300 million in loans from loans from this month, according to the report.
Likewise, the integration of Bitget Wallet with Lending Protocol Aave users offers a yield of 5% on their USDC and USDT Stablecoin holdings in different chains, all without leaving the crypto wallet app.
Although not strictly Defi, PayPal also uses a similar model with its Pyusd Stablecoin, and offers yields almost 3.7% to PayPal and Venmo Wallet users.
The report suggests that other crypto-friendly fintech companies with large user bases, such as Robinhood or Revolut, can soon assume this strategy.
By offering services such as Stablecoin credit lines and assets supported through Defi markets, these companies can use new revenue streams based on reimbursements and at the same time introduce the benefits of Defi to a wider audience.
Bridging Worlds: Tokenized Real-World Assets (RWAS) Enter Defi
An important development that feeds the growth of Defi is the increasing integration of tokenized versions of traditional financial instruments, usually referred to as real-world assets (RWAS).
Defi protocols gradually introduce use cases for tokenized American treasuries, credit funds and other conventional assets.
These tokenized RWAs can serve as collateral for loans, earn a return directly within Defi protocols or are bundled into more complex investment strategies, which bridges the gap between traditional finances and the decentralized digital economy.
The tokenization of investment strategies also wins grip.
Pendle, a protocol with which users can split yield flows from the director of an active, now manages more than $ 4 billion in TVL, of which a considerable part is in Tokenized Stablecoin yield yield products.
In the meantime, platforms such as Ethena, with its susde and similar yielding tokens, have introduced products that produce returns of more than 8% through advanced strategies such as cash-and-carry transactions, while the operational complexities of the end user.
The rise of assets managers on chains: Professionalization of Defi-investments
A less visible but critically important trend that is emphasized in the report is the rise of crypto-native asset managers.
Companies such as Gauntlet, RE7 and Steakhouse Financial play an increasingly influential role by allocating capital in defi -ecosystems with the help of professionally managed strategies.
Their function is very similar to that of traditional asset managers in conventional finances.
These assets managers on the chain are deeply embedded in the board of Defi protocols.
They actively participate in the refinement of risk parameters and implement strategic capital in a diverse range of structured interest -range products, tokenized RWAS and modular credit markets.
The report noted that the management of capital within this specialized sector has grown four -time since January, ballooning from $ 1 billion to more than $ 4 billion, which underlines the rapid professionalization and institutionalization of defi -investment strategies.
