According to Fortune, the defining crypto narrative of 2025 was a tale of two trends. The obvious one was Wall Street’s full-scale embrace, with major banks and corporations aggressively pushing into stablecoins and tokenized assets. The more subtle but major trend was the ongoing expansion of DeFi and decentralized tech, highlighted by platforms like Hyperliquid’s growth and Coinbase’s decision to integrate Jupiter, a leading Solana DEX aggregator. This helped decentralized exchanges capture a double-digit share of the spot trading market. Meanwhile, North Korean hackers stole a record $2 billion in crypto this year, part of an estimated $3.4 billion total haul. And long-time Bitcoin holders continued selling their positions, a sign of market maturation as liquidity from ETFs and institutions grows.
The Decentralization Identity Crisis
Here’s the thing that’s getting really interesting, and a bit confusing. The CEO of Maple Finance declared “DeFi is dead”, basically arguing that on-chain activity has grown so massive it’s poised to swallow traditional finance whole. That’s a bold claim, and I don’t think we’re there yet. But it points to a bigger question: what does “decentralized” even mean in 2025?
For the OGs, it was about building democratic alternatives to powerful institutions—not just banks, but Big Tech too. So what are we to make of JPMorgan and BlackRock launching exclusive, multi-million-dollar on-chain funds? It’s a win that the tech is proven, sure. But it feels a bit like, “They promised us flying cars, instead we got 140 characters.” The infrastructure is being used, but often for the benefit of the same old players.
The Bridge and The Battlefield
Coinbase adding native Solana DEX trading via Jupiter is a huge move. It’s them building a bridge between the centralized world they dominate and the decentralized ecosystem growing beside it. They’re not fighting DeFi; they’re trying to be its on-ramp. And that’s smart. But the battlefield is also shaping up in lobbying and legislation. The eight largest U.S. banks are pouring millions into a new non-profit to “tell banking’s story,” a direct counter to crypto’s lobbying blitz. This political fight will define the regulatory landscape for years.
A Maturing Market With Old Problems
The other signals are classic growing pains. Bitcoin OGs selling into ETF-driven liquidity? That’s just a market maturing. People taking profits after more than a decade isn’t a loss of faith—it’s normal finance. PayPal’s CEO talking about an “innovator’s dilemma” as they push into crypto? That’s every legacy company trying to adapt.
But some problems refuse to mature. North Korean hackers stealing $2 billion? That’s a staggering, record haul that shows the security war is far from over. And the guy who stole $16 million while using the alias “lolimfeelingevil”? That’s just cartoonish villainy. So we’ve got this weird mix of institutional adoption, technical innovation, and the same old scams and heists. Basically, crypto’s growing up, but it hasn’t lost all its bad habits.
