V3 Research
DeFi Expansion and Its Convergence with Traditional Finance
Cointelegraph中文
2025年，DeFi借贷与杠杆交易保持强劲增长，吸引传统机构注意，但带来新风险，投资者需谨慎。
Cointelegraph中文
文章指出2025年DeFi生态升级，资金流入增加并吸引传统金融参与，即便市场震荡。
Twitter
JoyLou称SEC主席讲话将加速RWA与STO进度，预计各类传统资产很快上链，DeFi繁荣可期，以太坊仍为核心。
Twitter
推文预测未来掌握分发与信任的应用会演变为银行，指出通胀与互联性驱动金融变革。

Key Findings

  1. The tokenisation of real-world assets (RWA), Layer-2 scalability, and cross-chain interoperability are driving the mass adoption of DeFi while delivering new on-chain liquidity for traditional assets.161629
  2. Banks, asset management firms, and financial infrastructure providers are deeply entering DeFi via on-chain government bond financing, permissioned lending pools, and stablecoin custody, carving out a new regime of ‘institutional DeFi’.14171922
  3. Genuine integration still hinges on robust smart contract standards, comprehensive KYC/AML frameworks, and regional regulations (such as MiCA, GENIUS Act, etc.) to mitigate security and compliance risks.6181929

Technological and Market Drivers

  • RWA tokenisation brings on-chain assets worth $5 trillion—like government bonds and real estate—significantly lowering settlement times and costs while offering low-volatility collateral for DeFi lending.161719
  • Mature Layer-2 solutions and cross-chain bridges have overcome Ethereum's congestion bottlenecks, elevating the user experience.29
  • Total DeFi liquidity has surged past $200 million and continues to climb, underscoring a robust demand for on-chain liquidity.27

Entry Routes for Traditional Institutions

  • Major players such as JPMorgan and Citibank are experimenting with permissioned networks like Aave Arc and Canton Network to settle foreign exchange or government bonds.19
  • Asset management titans are launching on-chain yield products through ETFs, funds, or proprietary protocols (e.g. Falcon Finance, Ondo).151722
  • Exchanges, custodians, and payment firms are offering stablecoin and digital asset custody services, establishing compliant entry points into the sector.19

Compliance and Standardisation Challenges

  • The FIX-Blockchain Integration Conference noted that the absence of a unified smart contract template complicates interoperability and audit procedures.6
  • Research from Paradigm along with IMF reports highlight regulatory uncertainty as the chief barrier for traditional institutions venturing into DeFi.188
  • EU MiCA regulations and the US GENIUS Act are setting out reserve, disclosure, and safe harbour requirements for stablecoins and DeFi services, progressively easing compliance challenges.1929

Future Outlook

  • With the inflow of institutional capital and clearer regulatory signals, a hybrid TradFi+DeFi model is likely to emerge: 24/7 trading, atomic settlements, and automated risk management could become the industry norm.725
  • Super-apps that master distribution channels and secure user trust might evolve into a new breed of ‘on-chain banks’.4
  • Nevertheless, smart contract security, the enforcement of actual asset ownership rights, and the security of cross-chain bridges continue to pose significant risks.12623
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73 days ago