DeFi trading volumes hit record ratios against CEXs as matured infrastructure and regulatory clarity shift power to transparent, code-driven platforms. Opinion by: Rachel Lin, co-founder and CEO at SynFuturesDeFi has come a long way since the boom-and-bust cycle of 2020’s DeFi Summer. Much of the surge in the early days was fueled by experimentation, hype and unsustainably high incentives. Five years on, DeFi’s foundations look very different. The past year’s experimentation is a quiet consolidation phase, setting the stage. 2025 may be remembered as the year when DeFi surpassed centralized exchanges (CEXs).Read more DeFi trading volumes hit record ratios against CEXs as matured infrastructure and regulatory clarity shift power to transparent, code-driven platforms. Opinion by: Rachel Lin, co-founder and CEO at SynFuturesDeFi has come a long way since the boom-and-bust cycle of 2020’s DeFi Summer. Much of the surge in the early days was fueled by experimentation, hype and unsustainably high incentives. Five years on, DeFi’s foundations look very different. The past year’s experimentation is a quiet consolidation phase, setting the stage. 2025 may be remembered as the year when DeFi surpassed centralized exchanges (CEXs).Read more