Base DeFi TVL reaches $5.7B ATH while o1_exchange hits $1B volume and Coinbase tokenized stocks launch across apps.

X Layer reaches $232M DeFi TVL ATH with lending, stablecoins, RWAs and onchain markets interconnecting on OKX zkEVM L2.

TRON hits 389 million accounts, $4.6B DeFi TVL and $90B stablecoin cap as institutional flows accelerate.

According to @CoinMarketCap, real-world asset (RWA) protocols have overtaken decentralized exchanges (DEXs) to become the fifth-largest DeFi category, with total value locked rising from $12 billion in Q4 2024 to $17 billion today, based on DefiLlama data. Source: CoinMarketCap; DefiLlama. The rank change reflects higher RWA category TVL relative to DEXs during the period, which can be measured via category TVL share and net inflows on DefiLlama. Source: CoinMarketCap; DefiLlama. For trading, monitor DefiLlama’s category pages for RWA versus DEX dominance, 7-day and 30-day TVL change, and net inflows to assess flow momentum and liquidity conditions. Source: DefiLlama.

According to @1HowardWu, privacy-enabled tokens will catalyze a major migration from centralized finance to decentralized finance as businesses adopt private tokens by default, source: @1HowardWu on X, Nov 10, 2025. @1HowardWu stated that if private coins are not accepted by CeFi venues, businesses will move activity to DeFi, source: @1HowardWu on X, Nov 10, 2025. The author called this a significant opportunity for new DeFi projects to expand total value locked and market capitalization, source: @1HowardWu on X, Nov 10, 2025. The post also directly challenged Binance leadership, highlighting competitive pressure on centralized exchanges as privacy adoption rises, source: @1HowardWu on X, Nov 10, 2025.