Decentralized finance (DeFi) is the set of lending markets, exchanges, staking services and other financial applications that run on public blockchains as smart contracts, with no bank or broker holding customer funds. This page tracks the largest DeFi protocols, the sectors they belong to and the blockchains they run on, ranked by total value locked (TVL). If you are new to the subject, start with our guide what is DeFi?
The figures come from our own data pipeline, built on DefiLlama protocol data, and refresh automatically several times a day. Select a protocol, sector or chain in any table to open its own page with a chart and more detail.
- Total market cap
- $2.76T+0.3% 24h
- Coins tracked
- 1,000
- BTC dominance
- 59.2%
- Market mood
- 47/100 · Neutral
- DeFi value locked
- $88.49B
How value locked is measured
Total value locked is the dollar value of the crypto assets that users have deposited in a protocol’s smart contracts: collateral in a lending market, tokens in an exchange’s liquidity pools, ETH deposited with a liquid staking service. It is a measure of how much capital a protocol holds, not of its revenue or its users.
Three points to keep in mind when reading the tables below:
- Only on-chain DeFi is counted. Centralized exchanges and custodial lending or earn products are not DeFi protocols and are excluded, even when they hold large amounts of crypto. Assets that are not on a blockchain, such as bonds or bank deposits, are not counted either.
- Some value is counted more than once. Our totals are a sum over the protocols we track. When a user stakes ETH with a liquid staking protocol and then deposits the staking token in a lending market, the same value appears in both protocols. DefiLlama’s own headline figure removes much of this double counting by default, so a total built by adding protocols together can run higher than the figure on DefiLlama’s dashboard.
- TVL moves with prices. Most deposits are volatile tokens, so TVL rises and falls with the market even when no one deposits or withdraws. Compare a protocol’s change in TVL with the change in ETH or SOL over the same period before reading it as inflows or outflows.
Top DeFi protocols by total value locked
The 25 largest DeFi protocols we track, with their TVL, its change over 7 days, the fees users paid in the last 24 hours and the main chains each one runs on.
| # | Protocol | Sector | Value locked | 7d | 30d | Fees/day | 90 days |
|---|---|---|---|---|---|---|---|
| 1 |  Aave V3 | Lending | $16.98B | 0.0% | −9.2% | $1.12M | |
| 2 |  Morpho Blue | Lending | $11.25B | +2.0% | +4.3% | $767.3K | |
| 3 |  Sky Lending | CDPs | $5.66B | +0.3% | −0.3% | $952.0K | |
| 4 |  SparkLend | Lending | $5.08B | −1.8% | −12.6% | $234.4K | |
| 5 |  JustLend V1 | Lending | $3.68B | −1.1% | −6.5% | $49.74K | |
| 6 |  Maple | Lending | $2.67B | −3.2% | −13.3% | $295.3K | |
| 7 |  Uniswap V3 | DEXs | $1.64B | +2.8% | −1.6% | $851.0K | |
| 8 |  Spark Savings | Yield | $1.62B | −3.1% | +27.6% | – | |
| 9 |  PancakeSwap AMM | DEXs | $1.56B | −0.1% | −19.2% | $66.18K | |
| 10 |  Uniswap V4 | DEXs | $1.52B | +10.0% | +21.7% | $1.37M | |
| 11 | Hyperliquid Earn | Lending | $1.43B | −2.4% | +0.8% | – | |
| 12 |  Compound V3 | Lending | $1.40B | −0.3% | −8.8% | $97.53K | |
| 13 |  Kamino Lend | Lending | $1.29B | −0.8% | −9.6% | $142.6K | |
| 14 |  USDD | CDPs | $1.25B | +0.6% | −0.6% | $6.43K | |
| 15 |  Venus Core Pool | Lending | $1.23B | −2.0% | −9.3% | $30.14K | |
| 16 |  Curve DEX | DEXs | $1.19B | −2.1% | −10.0% | $83.40K | |
| 17 |  Raydium AMM | DEXs | $1.18B | +0.3% | −8.9% | $342.6K | |
| 18 |  Pendle V2 | Yield | $1.06B | −4.5% | −19.2% | $16.44K | |
| 19 |  Jupiter Lend | Lending | $1.01B | −6.7% | −15.0% | $151.2K | |
| 20 |  Lista Lending | Lending | $988.6M | +1.9% | +7.3% | $14.77K | |
| 21 |  Uniswap V2 | DEXs | $935.6M | −2.0% | −9.2% | $44.55K | |
| 22 |  Tornado Cash | Privacy | $823.5M | +20.4% | +6.9% | $14.81K | |
| 23 |  PancakeSwap AMM V3 | DEXs | $746.2M | +125.7% | +116.9% | $218.9K | |
| 24 |  Jupiter Perpetual Exchange | Derivatives | $731.2M | −0.9% | −11.1% | $135.1K | |
| 25 |  Aave V4 | Lending | $687.3M | +5.2% | +13.4% | $37.26K |
Fees show how much a protocol is used, which TVL alone does not. A decentralized exchange with modest TVL can earn more in fees than a lending market with several times the deposits, because every trade pays a fee while idle deposits do not.
DeFi sectors
DefiLlama sorts protocols into categories by what they do. The table shows the combined value locked in each sector and how many protocols it holds.
| # | Sector | Value locked | 7d | Protocols | Largest |
|---|---|---|---|---|---|
| 1 | Bridges | $76.28B | +6.9% | 120 | LayerZero V2 |
| 2 | Liquid staking | $54.58B | −0.9% | 108 | Lido |
| 3 | Lending | $52.89B | −0.5% | 109 | Aave V3 |
| 4 | Staking pools | $14.38B | −1.0% | 14 | SSV Network |
| 5 | DEXs | $13.81B | +2.8% | 185 | Uniswap V3 |
| 6 | Restaking | $9.83B | −0.1% | 6 | EigenCloud |
| 7 | Risk curators | $9.62B | +1.6% | 47 | Steakhouse Financial |
| 8 | On-chain capital allocators | $9.39B | +0.6% | 33 | Spark Liquidity Layer |
| 9 | CDPs | $7.77B | +0.5% | 29 | Sky Lending |
| 10 | Basis trading | $7.59B | −1.0% | 23 | Ethena USDe |
| 11 | Yield | $4.62B | −2.4% | 60 | Spark Savings |
| 12 | Real-world assets | $4.09B | −1.6% | 49 | Ethena USDtb |
| 13 | Derivatives | $1.96B | −3.2% | 41 | Jupiter Perpetual Exchange |
| 14 | Yield aggregators | $1.24B | +1.7% | 30 | CIAN Yield Layer |
| 15 | Liquid restaking | $1.23B | −2.8% | 11 | Kelp |
The main sectors:
- Lending: money markets such as Aave, where users deposit assets to earn interest and borrow against collateral. Our flash loan guide covers one feature unique to these protocols.
- Liquid staking: services that stake proof-of-stake coins on a user’s behalf and return a tradable token that represents the staked position. See what is a validator? for how staking works.
- Restaking: protocols that let already-staked assets secure other networks or services in exchange for extra rewards, and extra risk.
- Decentralized exchanges: trading through liquidity pools or on-chain order books, with no exchange holding the user’s funds.
- Bridges: protocols that move assets between blockchains, usually by locking them on one chain and issuing a wrapped version on another. Our guides to crypto bridges and wrapped tokens explain the mechanics and the risks.
- CDP: collateralized debt positions, where users lock collateral to mint a stablecoin.
- Yield and yield aggregators: vaults that move deposits between other protocols to earn a return. Our guide to yield farming covers how these returns are generated.
- Derivatives: on-chain perpetual futures and options. What are crypto derivatives? explains the products.
- Real-world assets (RWA): tokenized government bonds, credit and other off-chain assets held through on-chain structures.
DeFi by blockchain
Value locked in DeFi on each blockchain, summed across the protocols deployed there. A protocol that runs on several chains counts towards each one in proportion to the deposits it holds on that chain.
| # | Chain | DeFi value locked | DeFi protocols | Main chain for | Largest protocol there |
|---|---|---|---|---|---|
| 1 | Ethereum | $49.75B | 212 | 149 | Aave V3 $14.13B |
| 2 | Base | $6.12B | 93 | 22 | Morpho Blue $4.44B |
| 3 | Solana | $5.86B | 49 | 43 | Kamino Lend $1.29B |
| 4 | Tron | $5.54B | 12 | 10 | JustLend V1 $3.68B |
| 5 | Bitcoin | $4.36B | 19 | 15 | Babylon Protocol $3.33B |
| 6 | Hyperliquid L1 | $2.40B | 33 | 18 | Hyperliquid Earn $1.43B |
| 7 | Arbitrum | $1.46B | 106 | 17 | Aave V3 $536.1M |
| 8 | Robinhood Chain | $1.14B | 35 | 10 | Morpho Blue $610.9M |
| 9 | Monad | $985.1M | 27 | 7 | Aave V3 $349.6M |
| 10 | Polygon | $726.5M | 54 | 4 | Aave V3 $135.0M |
| 11 | Arc | $633.8M | 11 | 1 | Morpho Blue $301.7M |
| 12 | Avalanche | $562.1M | 59 | 15 | Aave V3 $300.3M |
Ethereum holds more DeFi deposits than any other blockchain. Other chains compete on fees and speed, and many of the largest protocols run on several of them. See the pages for Ethereum, Solana, Base and Arbitrum, and our guide what is Solana?
DeFi guides
- What is DeFi? The basics of lending, trading and earning on-chain.
- What is yield farming? Earning returns by supplying liquidity.
- What is a flash loan? Loans borrowed and repaid within one transaction.
- What is a crypto bridge? Moving assets between blockchains.
- What are wrapped tokens? Using an asset from one chain on another.
- What is a governance token? Voting on how a protocol is run.
- What is a DAO? How decentralized organisations make decisions.
- What is a stablecoin? The dollar-pegged tokens most DeFi activity runs on.
- Where to earn interest on crypto DeFi and centralized yield compared.
- What is slippage? Why a swap can fill at a worse price than quoted.
- What is front running? How pending transactions can be exploited.
Methodology
We list protocols tracked by DefiLlama and group related deployments of the same protocol under one name. TVL is reported in US dollars at current token prices. Native staking that secures a blockchain directly, without a protocol’s smart contract in between, is not counted as DeFi TVL. Fees are the total paid by users in the last 24 hours, before any split between liquidity providers, token holders and the protocol treasury. Sector and chain totals are sums over the protocols we track, so they include the double counting described above. The data refreshes on a schedule rather than on each page view. The figures describe activity on each protocol; they are not a rating of its safety, and a large TVL does not mean a protocol cannot be hacked or fail.
Frequently asked questions
What does TVL mean in DeFi?
TVL, or total value locked, is the dollar value of the crypto assets deposited in a DeFi protocol's smart contracts. It shows how much capital a protocol holds. It does not measure revenue, profit or the number of users.
Why do TVL figures differ between websites?
Sites make different choices about what to include: whether to count liquid staking, borrowed funds and tokens deposited in more than one protocol, and which token prices to use. Our totals are a sum over the protocols we track, so they can be higher than a figure that removes double counting.
Are centralized exchanges included?
No. Assets held by centralized exchanges and custodial earn products are excluded, because users hand their funds to a company rather than to a smart contract. Only on-chain DeFi protocols are counted.
Does a high TVL mean a protocol is safe?
No. TVL shows how much has been deposited, not how well the code has been audited or how the protocol is governed. Large protocols have been hacked, and bridges in particular have lost large sums. Check audits, the protocol's track record and how its smart contracts can be upgraded before depositing.
How often is the DeFi data updated?
The tables refresh automatically several times a day from our data pipeline, built on DefiLlama data. Because TVL is priced in dollars, it also changes whenever token prices move.
