Decentralized Finance 2025全面復甦！三大Layer-1領軍鏈迎接拜登後的encryption回歸浪潮

Decentralized Finance (DeFi) experienced a downturn after the LUNA collapse and the FTX incident in 2022. However, market data from 2025 shows that DeFi is making a strong comeback—the Total Value Locked (TVL) has returned to a high of $156 billion, and Layer-1 public chain leaders are gearing up. With changes in the U.S. political landscape and a potential shift in the regulatory environment, the crypto market may be ushering in a new growth cycle. This article will focus on the latest developments and investment prospects of the three major public chains: Ethereum (ETH), Avalanche (AVAX), and Cardano (ADA).

Ethereum (ETH): The Core of DeFi and the Ruler of Stablecoins

As the pioneer of DeFi and the second largest crypto asset by market capitalization, Ethereum remains the top choice for capital and developers.

Technical Advantage: The burn mechanism introduced by EIP-1559 reduces the inflation rate of ETH to about 0.75%, which is comparable to the level after Bitcoin's halving. After the Pectra upgrade, the Layer-2 efficiency is enhanced through Blob Space, and the burn rate has doubled.

Ecosystem Scale: Ethereum has stablecoin assets worth $138.6 billion, accounting for half of the global stablecoin market value, becoming the main bridge for dollar tokenization.

Capital accumulation: The treasury holds 3.57 million ETH (approximately 16.58 billion USD), which can have an impact on ETH prices comparable to the driving effect of spot Bitcoin ETFs on BTC.

Investment Observation: Historical data shows that when the MVRV ratio of ETH exceeds 3.0, it often approaches a short-term peak. If this indicator rises after the Federal Reserve cuts interest rates in September, short-term holders may consider taking some profits; meanwhile, long-term investors can position themselves during pullbacks, with Fundstrat predicting a potential reach of 10,000 USD by the end of the year.

Avalanche (AVAX): Multi-Chain Architecture and Enterprise-Level Applications

Avalanche achieves efficient asset exchange, EVM-compatible smart contracts, and subnet management through its unique three-chain architecture (X-Chain, C-Chain, P-Chain), providing customized solutions for enterprises and institutions.

Application Landing: FIFA chooses Avalanche to deploy NFTs; the foundation launches a $50 million accelerator to support blockchain gaming.

Token Economics: AVAX has a total supply cap of 720 million, with a current circulation of approximately 458 million, and an annual inflation rate of 3.8%.

Growth Data: Messari shows that the number of quarterly active addresses rose by 210%, the token price increased by 18% in one month, currently reported at 25 USD, with still doubling room away from the 2024 peak of 50 USD.

Investment Observation: Avalanche's subnet model and cross-chain capabilities give it unique advantages in the fields of finance, gaming, and supply chain, especially with the anticipated acceleration in corporate adoption as regulatory environments ease post-Biden.

Cardano (ADA): Robust Path and Privacy Innovation

Cardano adopts a peer-reviewed academic approach and a phased development strategy. Although progress is slower, the foundation is solid.

Stablecoin layout: In 2024, compliant stablecoin USDM will be launched, adhering to EU MiCA standards, and will be listed on the Norwegian blockchain exchange.

Scalability and Privacy: Hydra Layer-2 achieves off-chain transactions, Mithril enhances node synchronization efficiency; the upgrades of Ouroboros Peras and Leios will significantly increase throughput; ZK smart contracts and the Midnight project will go live by the end of 2025.

Tokenomics: ADA has an inflation rate of approximately 0.7%, with a total supply cap of 45 billion coins, which provides long-term scarcity.

Investment Observation: ADA is currently priced below 1 USD, with significant rebound space away from the 2021 high of 3.10 USD. If the technical roadmap progresses as scheduled, the market's potential for revaluation is considerable.

Conclusion

The DeFi revival in 2025 is not only the result of capital inflow but also a comprehensive effect of technological maturity and application landing. The stablecoin advantage of Ethereum, the multi-chain architecture and enterprise applications of Avalanche, and the privacy and scalability innovations of Cardano make up the three core forces of the Layer-1 track. With changes in the U.S. political landscape and improvements in the regulatory environment, these public chains are expected to lead DeFi into a new growth cycle. For more real-time market data and on-chain data analysis, please follow the official Gate platform.