Portals.fi DeFi Weekly - November 28, 2025

Market Pulse

This week, the crypto market has shown strong signs of recovery, with a significant rebound across the board. Here is a snapshot of the key market dynamics:

• Total Market Cap: $3.2 Trillion (24h: +4.2%)
• DeFi TVL: $135 Billion (24h: +3.1%)
• BTC Dominance: 57.2%
• Gas (ETH): ~15 Gwei
• Sentiment: Fear & Greed Index: 45 (Neutral)

Summary

The market has shifted from a state of extreme fear to a more neutral sentiment, with the Fear & Greed Index climbing to 45. The total market cap has recovered from $2.5 trillion to 3.2 trillion, and DeFi TVL has bounced back to $135 billion. This suggests that the recent market crash may have found a bottom, and a period of stabilization and recovery could be underway.

Bitcoin dominance has decreased slightly to 57.2%, which could be an early sign of a potential altcoin season. Ethereum gas fees have also cooled down to ~15 Gwei, making on-chain activity more affordable and encouraging a return to DeFi.

The Yield Market Pulse: A Return to Risk-On

With the market showing signs of recovery, the yield market is also seeing a return to a more risk-on sentiment. While capital preservation is still a priority, investors are beginning to look for higher-yielding opportunities once again.

Top Opportunities This Week

This week, we are highlighting a mix of yield opportunities across different chains and risk profiles.

Low Risk (3-6% APY):

• Pendle SY sUSDe - 5.31% APY, $168.01M TVL (Ethereum)
• Veda Ether.Fi Liquid ETH - 5.65% APY, $447.56M TVL (Ethereum)

Medium Risk (6-10% APY):

• Morpho Smokehouse USDC - 7.07% APY, $122.43M TVL (Ethereum)
• Morpho Gauntlet USDC Prime - 7.42% APY, $136.23M TVL (Base)
• Euler EulerDAO Base USDC - 8.54% APY, $40.53M TVL (Arbitrum)

Tip: Focus on sustainable, diversified yields across established protocols with proven track records and substantial TVL backing.

DeFi News

This week was marked by several events that have contributed to the current market sentiment.

Key Developments This Week

• CEX Adoption: Bybit Alpha has become one of the first major CEXs to launch a liquidity farm, offering integrated DeFi yield without the need for external wallets. This move bridges the gap between CeFi and DeFi, making it easier for mainstream users to access on-chain yields.
• Institutional Investment: DWF Labs has introduced a new $75 million investment fund specifically targeting opportunities in DeFi, signaling growing institutional capital deployment in the sector. This is a bullish sign for the long-term health and maturity of the DeFi ecosystem.
• Market Deleveraging and Stablecoin Stress: The DeFi credit market is undergoing a deleveraging process, with active loans on Aave V3 declining since September. Additionally, several stablecoins have lost their peg in November, causing heightened market strain and impacting liquidity in lending protocols.
• Price and TVL Correlation: A significant portion of DeFi’s shrinking Total Value Locked (TVL) is attributed to the depreciation of asset prices, rather than a mass exodus of capital. When token prices fall, the dollar value of locked assets decreases, even if funds haven’t been withdrawn.
• Ecosystem Updates: Ethereum co-founder Vitalik Buterin unveiled a privacy toolkit and wallet framework called Kohaku. Additionally, Aave Labs launched the Aave V4 testnet to improve liquidity efficiency and upgradeability.
• Next-Gen Perpetuals: The evolution of perpetual contract platforms is accelerating, with exchanges like Hyperliquid and Lighter integrating with lending protocols to boost capital efficiency.

The State of the Chains

The multi-chain landscape is beginning to recover from the recent market crash, with capital flowing back into a variety of different ecosystems.

Chain Performance Analysis

• Ethereum: Remains the dominant settlement layer, and the lower gas fees are encouraging a return to on-chain activity.
• Layer 2 Solutions: Arbitrum and other L2s are seeing a resurgence in TVL as users look for faster and cheaper transactions.
• Alternative L1s: Solana, Avalanche, and other alternative L1s are also seeing a recovery, with many projects showing strong signs of life.

Portals.fi Platform Updates

Cross-Chain Zaps are Live!

You can now execute complex, multi-step transactions across different blockchains with a single API call. Read more about it covered in our latest blog post: The Portals DeFi API is Now Cross-Chain!

Portals.fi at Devconnect, Argentina

Our developer team was on the ground at Devconnect in Argentina! Here are some of their key takeaways:

• Scaling isn’t hot anymore, L2s are default
• hype is shifting to: interoperability, privacy tools (privacypools, Kohaku), and agents (x402, ERC-8004)
• First 48h were builder-heavy; later, opened to locals+students
• Fewer booths, but higher quality
• Overall vibe: bullish

Updated Developer Docs

We have completely revamped our developer documentation to make it easier than ever to build on Portals.fi. Check out the new and improved docs here: https://build.portals.fi/docs

The DeFi Drop Podcast by Portals.fi

The DeFi Drop Episode with Turtle is coming soon. More episodes coming next week. Stay tuned to find out. If you missed the previous episodes, the full segment is available here.

The DeFi Drop is a podcast by Portals.fi, 20-minute conversations with DeFi builders, vault curators, and protocol founders.

If you are building in DeFi and want to join us on a future episode, reach out via DM or Portals.fi We’d love to hear your story.

Looking Ahead: A Market in Recovery?

Market Outlook: The crypto market seems to be in a state of recovery, with sentiment shifting from extreme fear to neutral. The recent crash appears to have found a bottom, and the market is now in a period of stabilization and rebuilding.

Key Catalysts to Watch:

• Altcoin Season: The decreasing Bitcoin dominance could be a sign that an altcoin season is on the horizon.
• Institutional Adoption: The continued entry of institutional investors into the space could provide a much-needed source of stability and long-term capital.
• Regulatory Developments: Any positive developments on the regulatory front could help to restore confidence in the market.

About Portals.fi: Portals.fi is the DeFi Super App. A one-click gateway to the entire on-chain economy. Powered by real-time data and seamless execution, Portals.fi connects traders to over 20 million assets, thousands of protocols, and every major blockchain.

Disclaimer: The content of this newsletter is for informational purposes only. It is not investment advice. Please do your own research and consult with a qualified financial advisor before making any investment decisions. DeFi investments carry significant risks, and past performance does not guarantee future results. More details here.