Trading volume of "Other Crypto Assets" (non-BTC/ETH/LTC) made up 44% of revenue in 2020, which they attribute to DeFi crypto assets. I wonder how 13% of their assets drives 44% of their revenue? The section on Applications talks about DeFi as peer-to-peer financial agreements, which implies there's some underlying economic activity going on, as opposed to just speculation, but I haven't been able to find anything else that digs deeper into that piece.