A DWF Labs briefing indicates that by 2025, more than $190 billion of liquidations have cleared excessive leverage, steering the crypto cycle toward an asset-backed paradigm rather than speculative extremes. The development signals a maturation of market structure and enhanced risk discipline.

Stablecoins have grown decisively, with supply up 50% year over year and over $200 billion now parked in yield-bearing stablecoins. This trend signals a shift from lone payments rails toward broader asset management within the digital economy.

On-chain Real World Assets rose from roughly $4 billion to $18 billion, while cross-exchange derivative activity between DEX and CEX venues has quadrupled. The trajectory points to a faster evolution of crypto infrastructure into a credible market framework.