In 2025, decentralized finance (DeFi) transformed from a speculative market into a mature financial ecosystem marked by specialized sectors and institutional-grade infrastructure. Stablecoins emerged as the foundational monetary base enabling on-chain payments, trading, and collateral, with regulatory clarity fueling widespread adoption and record settlement volumes. Despite broad growth, revenue and liquidity remained concentrated among leading protocols, while execution improvements and reduced infrastructure costs fostered innovation and competition across DeFi verticals.