Crypto in 2025 was defined by two big trends—and only one of them is obvious

Group 1 - The core narrative for 2025 in the crypto space is Wall Street's full embrace of cryptocurrency, with banks and major companies actively engaging with stablecoins and tokenized assets [1] - The growth of decentralized finance (DeFi) platforms, such as Hyperliquid, and Coinbase's integration of Jupiter, a decentralized trading aggregator, indicates a significant shift towards decentralized exchanges capturing a larger share of the crypto trading volume [2] - The CEO of Maple Finance suggested that "DeFi is dead," indicating that on-chain trading has grown to a level where it may overshadow traditional financial systems, although this perspective may be premature [3] Group 2 - The term "decentralized" is becoming increasingly ambiguous, as traditional financial institutions like JPMorgan and BlackRock are launching on-chain money market funds, which raises questions about the original intent of democratizing finance through blockchain technology [4] - The use of blockchain by established corporations to facilitate transactions, such as commercial paper trading, contrasts with the initial vision of creating more democratic financial systems, leading to a sense of disillusionment among blockchain enthusiasts [4]