Decentralized finance (DeFi) has surpassed exchange-based tokens in market capitalization for the first time since 2024, marking a significant milestone in the cryptocurrency sector. This development underscores the growing influence and adoption of DeFi platforms as investors and users increasingly prefer decentralized exchanges (DEX) over centralized exchanges (CEX). The data, reported on August 12, 2025, highlights a pivotal moment in the ongoing competition between DeFi and traditional exchange tokens.