The DeFi landscape in 2025 is heating up with several fresh projects making waves. If you're tracking which ones are building the most momentum, FDV (fully diluted valuation) tells a solid story about market appetite.

Several standout protocols that launched this year are already commanding serious valuations—some hitting nine figures despite being brand new. What's interesting is how the market's rewarding different mechanics: some are pulling volume through innovative tokenomics, others through solid technical architecture or unique composability angles.

For anyone deep into DeFi, watching these launch valuations matter because they signal where capital's flowing and what features the ecosystem actually wants. The spread between projects tells you a lot about risk appetite, hype cycles, and real adoption fundamentals.

Which new DeFi plays are on your radar? The ones building solid mechanics tend to stand out over time.