DeFi’s Rise to Dominance: $1 Trillion in Perpetual Trading Fuels Historic Market Shift

Decentralized finance (DeFi) has entered a pivotal phase, witnessing the unprecedented achievement of on-chain perpetual futures (perps) trading volume exceeding $1 trillion in October 2025. This milestone coincides with the Federal Reserve’s second rate cut this year, marking a historic market shift. Lower interest rates and surging on-chain leverage are transforming DeFi liquidity dynamics, risk assessments, and price discovery within the crypto ecosystem.