DeFi overview
How much value is locked in DeFi protocols, how it is distributed across chains, which protocols dominate, and what is happening with stablecoin supply. Refreshed hourly.
TVL by chain
Top-15 chains by locked liquidity. The 1-day change shows where money is flowing in or out right now.
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Ethereum
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Solana
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Base
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BSC
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Tron
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Bitcoin
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Arbitrum
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Hyperliquid L1
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Robinhood Chain
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Monad
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Polygon
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Avalanche
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Bittensor
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Sui
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Arc
Top-20 DeFi protocols
Largest protocols by TVL regardless of category — Liquid Staking, Lending, DEX, and others. Most have an active token on exchanges.
| # | Protocol | Category | TVL | 1d | 7d |
|---|---|---|---|---|---|
| 1 | Binance CEX · BNB | CEX | $179.77B | -0.00% | +0.80% |
| 2 | OKX · OKB | CEX | $31.73B | -0.44% | +0.40% |
| 3 | Lido · LDO | Liquid Staking | $26.74B | +0.35% | +1.37% |
| 4 | Bitfinex | CEX | $20.95B | +0.33% | +2.45% |
| 5 | Aave V3 · AAVE | Lending | $18.56B | +1.43% | +2.57% |
| 6 | Bybit | CEX | $17.00B | +0.53% | +1.01% |
| 7 | Robinhood | CEX | $15.80B | +0.83% | +2.65% |
| 8 | SSV Network · SSV | Staking Pool | $14.20B | +0.56% | +1.12% |
| 9 | LayerZero V2 · ZRO | Bridge | $11.67B | -0.38% | +45.55% |
| 10 | Morpho Blue · MORPHO | Lending | $11.42B | +0.82% | +3.74% |
| 11 | Binance staked ETH | Liquid Staking | $10.12B | +0.57% | +1.10% |
| 12 | WBTC | Bridge | $10.02B | +0.85% | +3.08% |
| 13 | Coinbase Bridge | Bridge | $8.49B | +0.83% | +2.70% |
| 14 | Gate · GT | CEX | $7.70B | +0.14% | +1.17% |
| 15 | Hyperliquid Bridge · HYPE | Bridge | $7.17B | +0.47% | -1.79% |
| 16 | EigenCloud · EIGEN | Restaking | $7.10B | +0.57% | +0.89% |
| 17 | Bitget | CEX | $6.46B | +2.47% | +9.83% |
| 18 | Sky Lending · SKY | CDP | $5.92B | +0.15% | +2.28% |
| 19 | Binance Bitcoin | Bridge | $5.89B | +1.29% | +3.42% |
| 20 | SparkLend · SPK | Lending | $5.76B | +2.74% | +0.47% |
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Stablecoins
Top-10 stables by supply. Week-over-week change in supply tells you whether fresh capital is flowing in (supply growing) or out (supply shrinking).
| # | Ticker | Mechanism | Supply | 7d |
|---|---|---|---|---|
| 1 | USDT · Tether | fiat-backed | $184.02B | +0.15% |
| 2 | USDC · USD Coin | fiat-backed | $74.08B | -1.54% |
| 3 | DAI · Dai | crypto-backed | $4.81B | +0.00% |
| 4 | USD1 · World Liberty Financial USD | fiat-backed | $4.44B | +0.66% |
| 5 | USDG · Global Dollar | fiat-backed | $3.13B | -1.54% |
| 6 | PYUSD · PayPal USD | fiat-backed | $2.87B | +4.94% |
| 7 | RLUSD · Ripple USD | fiat-backed | $2.43B | -2.31% |
| 8 | USYC · Circle USYC | fiat-backed | $2.41B | -0.00% |
| 9 | BUIDL · BlackRock USD | fiat-backed | $2.25B | +6.33% |
| 10 | USDY · Ondo US Dollar Yield | fiat-backed | $2.20B | +0.40% |
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What TVL measures
TVL (Total Value Locked) is the sum of all assets locked in the smart contracts of a given protocol or chain. It is the baseline “size” metric of DeFi, and the one analysts use to compare protocols and chains. The higher the TVL — the more capital users have entrusted to the code.
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Why TVL is price-sensitive
TVL is not the same as DeFi “market cap” and it is price-sensitive: if ETH doubles, Ethereum's TVL in USD also rises, even though the amount of ETH in contracts is unchanged. Always look at both nominal TVL and percentage change.
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What stablecoin supply tells
Stablecoins are a separate category. Their supply directly reflects capital inflow into crypto: an issuer mints USDT/USDC only when someone shows up with dollars. A sharp drop in supply means capital outflow and is often a precursor to a correction.
How to read the tables
Chain TVL
Compares where DeFi activity is concentrated. Ethereum has held the lead for a long time; Tron (USDT) and Solana (meme seasons) take meaningful share.
Protocol TVL
Not tied to token market cap — Lido (LDO) has a much higher TVL than the LDO market cap, because Lido stakes external ETH. That is normal.
Stablecoin supply
A 1–2% drop in USDT/USDC over a week is a noticeable outflow. Growth — inflow. Stablecoin supply historically correlates with cycle bottoms and tops in BTC.
FAQ
How is TVL different from market cap?
Market cap is token price × circulating supply. TVL is the sum of all assets in a protocol's smart contracts, measured in dollars. For the same protocol, market cap and TVL can differ by orders of magnitude.
Why is Tron's TVL so high?
Tron is the main host of USDT (TRC-20). About $60B of USDT sits on the network, which is counted as TVL. It is more an infrastructure metric than “active DeFi” — but it shows that Tron remains the main settlement layer for dollar-denominated value in crypto.
How is TVL measured?
TVL is computed by indexing the smart contracts of public DeFi protocols and reading balances directly from the blockchain. No exchange APIs — only on-chain data. As neutral a source as it gets.
Can TVL be used to value a token?
The Market Cap / TVL ratio (MC/TVL) is often used as a rough “fair price” heuristic. MC/TVL < 1 theoretically suggests undervaluation (market values the token below the assets under management); > 1 suggests growth expectations. It is a very rough metric — Liquid Staking and Lending have different economic models.