- TRX’s steady growth and dominance with a $32.4B FDV underscore its resilience and investor confidence despite market volatility.
- XPL’s sharp swings highlight the risks of speculative hype as its FDV plunged from $18B to $3B before rebounding to $16B.
- ENA’s partial recovery and ETHFI’s weak momentum reveal how execution and strategy, not hype, define long-term DeFi strength.
The DeFi market is witnessing sharp contrasts in valuation trends, sparking investor debate on sustainability and execution. On October 2, 2025, data from CoinGecko revealed that TRX remains the dominant force with a Fully Diluted Valuation (FDV) of $32.4 billion. Meanwhile, XPL, once hailed as a proxy to Tether, finds itself caught in a challenging position as investors reassess its long-term value.
According to analyst Sam on X, “$XPL is caught in a tricky spot. Investors were eager to treat Plasma as a proxy to Tether, but at a $10 billion valuation, the market appears to be overpricing its ability to monetize that alignment.” Sam further stressed that Plasma’s success depends on its neobank strategy, not just chain fees or Tether proximity.
TRX demonstrated notable stability throughout 2025. Besides showing resilience, it fluctuated between $20 billion and $35 billion. TRX even peaked near $35 billion between January and August. However, modest corrections emerged from August onwards.
Consequently, TRX still maintained strength above $30 billion, highlighting its solid position in the DeFi sector. With a 34.3 percent year-to-date increase, TRX shows consistent growth that separates it from rivals.
XPL and ENA Struggle for Balance
XPL displayed extreme volatility during 2025. The token started the year near $18 billion but collapsed to $3 billion by spring. Additionally, it traded flat during summer, staying between $3 billion and $10 billion. However, a remarkable surge occurred in October when it briefly spiked to $16 billion. Consequently, XPL now sits at $9.4 billion FDV, though year-to-date metrics remain unclear.
ENA followed a similar yet less volatile path. It began the year near $12 billion but dipped to around $3-4 billion midyear. Moreover, it recovered during late summer, reaching $10 billion before cooling to $8.7 billion. Despite this, ENA still shows a negative performance of 36.2 percent in 2025.
ETHFI remains the smallest protocol with valuations below $2 billion. Currently, it stands at $1.4 billion, reflecting a 34.2 percent yearly decline.
TRX’s consistency highlights investor confidence, while XPL’s turbulence signals the risks of speculative hype. Execution, not hype, drives long-term success.
