Decentralized finance (DeFi) experienced a significant decline in March, with on-chain activity and trading volumes dropping sharply across major platforms. Solana's DEX volume fell from $838 billion in December to $13 billion by the end of March, marking a dramatic decrease. PancakeSwap on Binance Smart Chain and Ethereum-based protocols also saw declines of over 50%. Solana's Real Economic Value dropped to $71 million, and app revenue fell to $131 million, both declining over 60% month-over-month. Memecoins accounted for 92% of Solana's DEX trading volume in March, excluding stablecoins and SOL. Stablecoins, however, showed growth within the crypto economy. The supply of stablecoins on Solana increased by 8.5% month-over-month to $12.2 billion in March, even as other metrics like app revenue and economic value declined. On Tron, stablecoins such as USDT and USDC grew by $396 million in the past week, contrasting with a $269.56 million decrease on Berachain. USDC and USDT market caps also grew by approximately 2% week-over-week, reaching all-time highs. Meanwhile, the broader tokenization market is expected to expand significantly. A report by Ripple and Boston Consulting Group estimates that tokenized assets could reach $18.9 trillion by 2033, with a compound annual growth rate of 53%. This growth is driven by cost savings, faster settlements, and increased institutional adoption. Early successes include tokenized government bonds and private credit, though challenges such as regulatory fragmentation and infrastructure limitations remain.