The DEFI tokens have officially exceeded exchange tokens in market capitalization, marking an important turning point in the cryptocurrency landscape. This change, observed for the first time since 2024, reflects a broader preference of investors for decentralized financing platforms on centralized exchanges (2). The growing domination of DEFI is attributed to an increase in activity on the chain, to improve the accessibility of users via layer 2 solutions and to the attraction of higher performance possibilities compared to traditional exchange tokens (1).
The total locked value (TVL) in DEFI increased to more than $ 150 billion, a summit of 40 months, demonstrating a renewed institutional appetite for decentralized protocols (2). This trend is also supported by the upgrading of Pectra d’Ethereum in May 2025, which improved the scalability of the network and the efficiency of implementation. The increase in TVL is also linked to the growth of ETHEREUM Treasury ads from public and private companies, indicating a wider adoption strategy which promotes centralized alternatives (14).
The change in market capitalization has not gone unnoticed by high -level investors. Arthur Hayes, a former CEO of Bitmex, recently added $ 8.4 million in Ethereum and Top Defi tokens to his wallet. This decision reflects a more important trend among institutional actors, which are increasingly allocating capital to decentralized infrastructure in the midst of increasing regulatory clarity in the United States (1).
Regulatory developments have played a crucial role in the resurgence of DEFI. The adoption of the law on engineering in July 2025 and the abolition of the restrictive directives of the 2022 federal reserve favored a more favorable environment for decentralized innovation. In addition, the United States’s dry approval by a guide to ignore liquidity at the beginning of August legitimized Defi as a class of compliant assets and institutional quality (14).
Despite these developments, the market remains subject to volatility. While some analysts have projected Ethereum could reach $ 6,000 or more during the coming year, real results will depend on macroeconomic conditions, regulatory changes and market feeling (14). The data on the chain also indicates an accumulation of Ethereum participations among the whale addresses, with more than 1.1 million Haarded Eth in July 2025, suggesting a potential for a continuous bullish momentum (14).
The climb of the DEFI tokens signals a broader reallocation of capital in cryptographic space, decentralized finance becoming a more attractive alternative to centralized exchanges. As the DEFI platforms expand their features and gain institutional support, they are increasingly positioned as a basic pillar of the cryptographic ecosystem. However, evolving competition between DEFI, NFTS and traditional cryptographic assets will shape the long -term trajectory of the market.
Sources:
(1) Arthur Hayes buys $ 8.4 million in Eth and Blue-chip DEFI token, (https://www.ainvest.com/News/ethereum-News-toDay-arthur-hayes-buys-8-4m-ethblue-chip-defi-tokens-2508/)
(2) DEFI TVL has reached 40 months’ peaks (https://cryptorank.io/news/feed/deff9-defi-tvl-reached-40-month-hights)
(7) ENA Crypto Pump did not stop: Ethena to maintain the momentum in the middle of the Record TVL, (https://9bitcoins.com/news/presales/ena-crypto-pump-has-not-topped-ethena-to-maintain-momentum-amid-record-high-tvl/)
(14) What stimulates the boom in Eth? Who deviate ((
