Which countries have successfully adopted crypto? Let's rank 'em with the Bybit World Crypto Adoption Index:

🥇 Singapore 🇸🇬
🥈 USA 🇺🇸
🥉 Lithuania 🇱🇹
4. Switzerland 🇨🇭
5. UAE 🇦🇪
6. Ireland 🇮🇪
7. Canada 🇨🇦
8. Netherlands 🇳🇱
9. Estonia 🇪🇪
10. Vietnam 🇻🇳

Who's been left behind?

69. Dominican Republic 🇩🇴
70. Trinidad & Tobago 🇹🇹
71. Senegal 🇸🇳
72. Zimbabwe 🇿🇼
73. Panama 🇵🇦
74. Qatar 🇶🇦
75. Iran 🇮🇷
76. Azerbijan 🇦🇿
77. Mongolia 🇲🇳
78. Rwanda 🇷🇼
79. Lebanon 🇱🇧

Don't fret, there's still time. DeFi will inevitably win.

"Who are you to decide?" you ask. Well, the truth is we're just a bunch of llamas. 🦙

But Bybit asked us for a little help figuring it out, and we happen to have some bright minds on staff who helped design the Crypto Adoption Index.

The index & report are much more than a list of countries.
It shows where adoption is driven by policy, where it grows out of necessity, and where stablecoins, P2P rails, or regulated platforms become part of everyday financial life.

These rankings may catch your eye, but the details of the report are what explain the world behind them.

Consider this a quick lesson in global crypto culture. Expand your worldview by reading the full Bybit World Crypto Rankings report.

In 2025, DeFi's mask came off.

Airdrops proved to be less about decentralising.
DAOs shed their collective image as level playing fields

And beneath it all, through good and bad, fascinating narratives formed.

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Airdrops remained the dominant distribution mechanism in 2025, but onchain data make one thing crystal-clear: they were not instruments of economic decentralisation.

Across major campaigns, recipient counts routinely reached into the tens of thousands. Yet ownership consolidated immediately:
🪂 With Aster, the top 10% captured 95.5% of supply while the bottom half received just 0.2%
🪂 Kaito followed a similar pattern, with 93.1% held by the top decile and a median allocation barely above dust
🪂 Even flatter distributions like Monad still delivered ~70% of supply to the top 10%.

The mass-participation era of airdrops is over, and recipient count has become a poor proxy for economic decentralisation.

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While 2024 represented a high-water mark for DAO proposal activity and experimental governance frameworks, 2025 marked a clear transition toward consolidation, professionalisation, and delegate-driven control.

Across major DAOs, proposal volume collapsed by 60–90% year over year while median voter counts fell almost everywhere. Yet the voting power deployed per proposal held steady or increased.

🔑 Decision-making migrated toward a small cohort of professional delegates, large liquidity providers, and protocol-aligned funds.
🔑 Effective influence per voter rose sharply, even as raw participation declined.

Day by day, governance continues to evolve (or devolve) away from Vitalik's DAO ideals.

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DAO treasuries in 2025 became both highly concentrated and structurally divided.

Among those large treasuries, two models clearly emerged:

1️⃣ Native-token–heavy treasuries
2️⃣ Diversified operating treasuries

Today, treasury composition mattered as much as size: the DAOs best positioned for 2026 are the ones that have already reduced reliance on native token price to fund operations.

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Economic design in DeFi changed meaningfully in 2025.

For the first time, protocol revenue and tokenholder outcomes began to converge—unevenly, and only in parts of the market, but decisively enough to mark a break from prior cycles.

The shift was highly category-dependent:
🥇 Chains routed nearly all revenue to validators and stakers
🥈 Derivatives and CDPs adopted explicit, high-distribution models
🥉 DEXs improved materially
🏅 Lending and liquid staking largely retained the zero-payout structure of earlier cycles

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This is the State of DeFi: covering stablecoin safety, revenue distribution, trading infrastructure, credit and RWAs, the L1/L2 scene, privacy & execution, digital asset treasuries, and more.

What's trending today with DefiLlama's custom dashboards?

Let’s see what the Gauntlet dashboard tells us (with data):

→ TVL up 8% over 30d; 69% growth on Base since January 1, Ethereum TVL down 50% from November highs
→ Token mix: USDT nearly eliminated, removing ~$750m from November ATH ($50m today); USDC +38% over 14d
→ December fees were half of November’s; cumulative fees total $34m
→ Top vault: GTUSDCP (Morpho, Base Chain) at 4.26% APY with $400m TVL

A risk-curation powerhouse second only to Steakhouse ($1.8b TVL), Gauntlet now holds nearly a $1b lead over third-place Sentora. Its share of risk-curator fees continues to grow steadily, while peers have largely stagnated.

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Nearly 700 custom dashboards have been created since DefiLlama launched the dashboard builder, and you can explore every one of them today for free.