TRX May Show Resilience in DeFi With $32.4B FDV as XPL and ENA Face Renewed Volatility

TRX FDV remains strong at approximately $32.4 billion, showing year‑to‑date resilience and investor confidence while XPL and ENA display pronounced volatility and partial recoveries; investors should prioritize project execution, on‑chain metrics, and revenue strategy over short‑term hype when evaluating DeFi valuations. TRX’s steady FDV and YTD gains signal resilience and market trust. XPL’s sharp FDV swings illustrate speculative risk and valuation ￰0￱ and ETHFI show weaker momentum—execution and revenue plans determine long‑term ￰1￱ FDV leads DeFi valuations at $32.4B—read analysis, risks, and next steps for ￰2￱ which metrics matter ￰3￱ is driving TRX FDV resilience in 2025?

TRX FDV is driven by sustained on‑chain activity and investor confidence, holding near $32.4 billion through ￰4￱ year‑to‑date performance (around 34.3% growth) and limited downside relative to peers emphasize stability rooted in usage metrics and protocol ￰5￱ volatile has XPL been and what caused the swings? XPL experienced extreme valuation swings in 2025, falling from roughly $18 billion to $3 billion before rebounding to a mid‑year high near $16 billion and settling near $9.4 billion ￰6￱ reappraisal of XPL focused on its neobank strategy and perceived proximity to Tether rather than predictable revenue, increasing speculative trading and volatility. , "description": "TRX FDV leads DeFi valuations at $32.4B as XPL and ENA show volatility; this analysis highlights metrics investors should use to separate execution from hype." , TRX shows resilience with strong FDV while XPL faces volatility and ENA struggles, highlighting execution over hype in the DeFi sector.

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 ￰7￱ DeFi market is witnessing sharp contrasts in valuation trends, sparking investor debate on sustainability and ￰8￱ October 2, 2025, data from CoinGecko revealed that TRX remains the dominant force with a Fully Diluted Valuation (FDV) of $32.4 billion. Meanwhile, XPL, once hailed as a proxy to Tether, finds itself caught in a challenging position as investors reassess its long-term ￰9￱ to analyst Sam on X, “$XPL is caught in a tricky ￰10￱ 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.