Bybit Hack by the Numbers

Diversified Access to DeFi

Indices

DeFi

27/02/2025

    Welcome to the index in focus!

    Welcome to the Index in Focus! This week, we’re analyzing the Kaiko DeFi Index (KSDEFI), part of our family of sector-based indices. The Kaiko Indices DeFi Index provides strong sector exposure while diversifying across key growth verticals. In this report, we explore:

    • Index design and returns

    • Outperforming benchmarks

    • Individual catalysts drive returns

    Introduction

    The Kaiko DeFi Index (KSDEFI) consists of 11 different digital assets. The index includes projects from across the sector, covering decentralized exchanges, tokenization, lending and borrowing, and other key components of DeFi.

    This index allows investors to track the sector’s growth over time. In this report, we analyze the index’s constituents, investment thesis, diversification benefits, and historical returns.

    Although most protocols and projects in the index are built on Ethereum, its returns are not solely dependent on Ethereum’s performance.

    Catalysts for growth

    Any continued outperformance for the Kaiko DeFi index will be tied to individual catalysts for constituent assets. Projects that could drive returns in 2025 include UNI, AAVE, AERO, and ONDO. While these are some of the most likely to benefit from strong investment narratives in 2025, growth shouldn’t be limited to these four assets.

    Learn more about these catalysts and explore the full report below.

    Download the Report.

    Download



    Explore kaiko data

    Our industry-leading research is the direct result of combining our proprietary data with world-class in-house experts. Bringing the very best of Kaiko’s people and data together, we unlock the unique insights that form the basis for our discoveries and analysis. We believe in doing so, our data speaks for itself, helping both our clients and the wider industry get a better understanding of the crypto ecosystem, and the evolving trends and patterns in motion at a regional and global scale.

    • Market Explorer

      Price and transaction volume for centralized exchanges.

    • Market Depth

      All bids and asks on an order book

    • Blockchain Monitoring

      All users, all transactions, and all history for blockchain wallets.

    Never Miss An Analysis

    Get our research twice a week, directly to your inbox.

    More From Kaiko Research

    • DeFi

      17/03/2025 Data Debrief

      Anatomy of market manipulation in DeFi

      Bitcoin bucked its downtrend last week adding 3% while the S&P 500 briefly entered correction. Binance secured its first institutional investment from Abu Dhabi’s MGX group, the largest ever single investment in a crypto firm at over $2bn. Elsewhere, Coinbase prepares for 24/7 BTC and ETH futures trading, as traditional platforms jostle to offer round the clock services.

    • Stablecoin

      10/03/2025 Data Debrief

      Stablecoin Adoption Amid New Rules

      Bitcoin experienced sharp swings last week after President Trump announced a less ambitious-than-expected strategic crypto reserve. Meanwhile, the U.S. imposed tariffs on Canada and Mexico but later granted temporary partial exemptions until next month. In another development, the SEC dropped its case against Kraken, potentially paving the way for its IPO.

    • Indices

      06/03/2025 Index in Focus

      A Standard for Benchmarking Success

      This week, we’re analyzing the Kaiko 10 Index (KT10), part of our multi-asset Blue Chip indices. With a compound annual growth rate of nearly 60% since inception, the index offers a competitive returns that capture the broader markets performance without sacrificing.

    • Macro

      03/03/2025 Data Debrief

      Altcoin volatility surges on strategic reserve news

      After one of the most volatile weeks in crypto, Bitcoin has stabilized above $90K, boosted by US President Donald Trump’s announcement of the creation of a strategic crypto reserve. Meanwhile, OKX’s operator pleaded guilty to U.S. anti-money laundering violations and agreed to a $505 million penalty, and the SEC closed its investigation into Uniswap Labs.