Bybit DeFi Report: RWA and DEXs still thrive while overall activities cool down
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Crypto Insights
Jul 22, 2025
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DeFi user engagement has sharply declined, with daily active wallets down 33% from earlier in the year — a reflection of broader market volatility. The meme coin boom, once fueled by platforms like Pump.fun and tokens such as TRUMP coin, lost steam by Q2 2025, signaling a shift away from speculative hype. Despite all this, we’ve seen RWA and DEXs thriving even as broader DeFi activities have cooled down.