The DeFi landscape, built for decisions:
stake, lend, arbitrage and quantify.

Track the most important DeFi markets in one place. Explore staking and lending data, understand arbitrage opportunities after costs, and prepare systematic strategies with clear risk controls.

Figures are research estimates and not financial advice. Always verify current prices, liquidity, protocol terms and smart-contract risk before taking action.

Market dashboard

The DeFi market at a glance

Use these indicators to decide which detailed page to open next.

协议 TVL—本地快照合计
稳定币规模—主要稳定币合计
收益池数量—质押 / 借贷收益池
借贷协议—协议数据
DeFi 币种—行情快照
覆盖公链—链上 TVL 数据

How to use this platform

  1. Start with Staking to compare network and liquid-staking choices.
  2. Open Lending to understand collateral, rates and liquidation.
  3. Use Arbitrage to research spreads only after all costs are included.
  4. Use Quant to backtest ideas and define risk limits before execution.

Risk first

DeFi returns are variable. Smart-contract bugs, oracle failures, liquidation, depeg, bridge, MEV and exchange risks can produce permanent losses.

Smart contractsLiquidityLeverageCounterparty

The arc

Total value locked & the four cycles

One curve tells most of the story — but the same dollar peak in 2021 and 2025 hides a total turnover in what was underneath it.

Total DeFi TVL

USD billions · year-end values with intra-year peaks · DefiLlama
All-time high $177.5B on 9 Nov 2021. The 2022 unwind (Terra→3AC→Celsius→FTX) cut TVL ~78% to ~$38B. Recovery reached ~$171B in Oct-2025 before a H1-2026 selloff (and ~$746M of Q2-2026 exploits) pulled it to ~$74.5B.
Raw: quant_total_tvl.json · DefiLlama API

The six eras of DeFi

Key events 2017 → 2026
The headline that matters: dollar TVL re-approached its 2021 high in 2025, but the mix inverted. In 2020–21 DEXs, lending and MakerDAO dominated. From 2023 on, liquid staking became the single largest category (a record ~$86B in Aug-2025, >50% of all DeFi TVL), restaking went 0→$22B→back down, and RWAs + yield-bearing stablecoins emerged as wholly new verticals.

Where it lives

TVL by blockchain

Ethereum has always anchored DeFi — ~96% of TVL in 2020, ~53% today — but the rest of the field is now a bunched, specialized middle: BSC for DEX flow, Tron for stablecoin settlement, Solana for trading, Base for consumer apps, and Bitcoin DeFi as a 2024 newcomer.

DeFi TVL by chain

USD billions · year-end · stacked · top 9 chains

Chain market share today

USD billions · 16 Jun 2026
Ethereum ~53.4% (near multi-year lows). New entrants: Hyperliquid's app-chain (~$1.65B) and Plasma climbed fast; Arbitrum, Polygon, Avalanche and Sui faded from prior peaks.

Ethereum's share of DeFi TVL

percent · year-end

What it is

TVL by category — the composition flip

The clearest structural change in DeFi: the application mix. Lending and liquid staking now dwarf DEX TVL, and RWA went from nothing to a top-5 category.

Category leaders over time

USD billions · leader-protocol proxy (lower bound)
Reconstructed from each category's dominant protocols; true category totals are higher. Note liquid staking's 2023 takeover and RWA's 2024–26 emergence.

Category mix today (gross)

USD billions · 16 Jun 2026 · DefiLlama category sums
Gross sums double-count where assets are wrapped/restaked — Bridge (★) is inflated by wrapped BTC/ETH; restaking + LRTs overlap. Treat as upper bounds.

Trading

Decentralized exchanges

DEX spot volume hit a record ~$4.9T in 2025, and the DEX-to-CEX spot ratio more than tripled in five years — peaking at 37.4% in Jun-2025. On-chain trading is no longer a niche.

Annual DEX spot volume

USD trillions

DEX-to-CEX spot volume ratio

percent
ATH 37.4% (Jun-2025) on Solana memecoin mania; settled ~21% by Nov-2025, ~29% in 2026.

Spot DEX market share

percent of monthly spot volume · Aug-2025 snapshot
Uniswap & PancakeSwap have led for years, but Solana venues (Raydium, Jupiter routing) and Base's Aerodrome surged in 2025 — Raydium briefly overtook Uniswap on monthly volume in Nov-2024.

Credit

Lending markets

Aave is the entrenched incumbent (~60% of active borrows, ~36–42% of lending-category TVL), peaking at $45.8B TVL in Oct-2025. The growth story is modular: Morpho went 0 → top-3 in two years.

Lending protocol TVL

USD billions · year-end · DefiLlama
MakerDAO led the 2021 cycle ($19.8B ATH) then externalized lending into Spark and rebranded to Sky. Compound stagnated. Morpho Blue (immutable, isolated markets) is the face of the modular shift.

The base layer

Stablecoins

The quiet giant of the cycle: total supply reached an all-time high of ~$321B (May-2026) and ~$313B today. A USDT/USDC duopoly holds ~83% — but in 2024 stablecoin transfer volume (~$18.4T adjusted) exceeded Visa and Mastercard.

Total stablecoin supply

USD billions · year-end · DefiLlama

Supply by issuer today

USD billions · 16 Jun 2026

Issuer trajectories — rise, fall & reset

USD billions · year-end
USDT's steady climb, USDC's 2023 SVB-depeg dip, BUSD's regulatory wind-down to ~zero, and Ethena's USDe spike (peaked ~$14.8B Oct-2025) tell the whole sector's risk story.

Derivatives

Perpetuals — the breakout vertical

On-chain perps went from a rounding error to a multi-trillion-dollar market: ~$6.4–7.9T in 2025, with monthly volume first crossing $1T in Oct-2025. One protocol — Hyperliquid — did most of it.

Annual perp-DEX volume

USD trillions
2025 figure ranges $6.38T (CoinGecko) to ~$7.9T (DefiLlama-derived) by methodology.

Hyperliquid's share of on-chain perps

percent
Peaked ~70–80% mid-2025; compressed to ~36% by Jan-2026 as Aster, Lighter and edgeX rose, then rebounded toward ~44%.

Yield foundation

Liquid staking & restaking

Liquid staking is DeFi's biggest category; restaking was its most dramatic boom-and-bust. Much of the USD swing is ETH price — the count of staked ETH kept rising to ~33% of supply.

Liquid staking TVL

USD billions · year-end · Lido / Rocket Pool / Jito
Whole category record ~$86B (Aug-2025). Lido leads (~$16B) but its share of staked ETH fell from >32% to ~24%.

ETH staked & staking ratio

million ETH (bars) · % of supply (line)

Restaking: the 2024 boom and the 2026 unwind

USD billions · EigenLayer & ether.fi
EigenLayer 0 → ~$22B ATH (Aug-2025) → ~$5B now as points/airdrops ended, slashing went live (Apr-2025), and real AVS yields lagged the thesis.

Trading strategies

Arbitrage

Compare price differences across DEXs, stablecoin pools and lending markets. This is a strategy dashboard, not an automatic profit promise.

Cross-DEX spread

Monitor the same token on multiple decentralized exchanges and estimate gas, slippage and net spread.

Data connection pending

Stablecoin arbitrage

Track temporary USDC/USDT/DAI price deviations and pool liquidity before considering any trade.

High risk

Rate arbitrage

Compare lending and borrowing rates across protocols. Always include liquidation and bridge risk.

Manual analysis
Arbitrage returns are not guaranteed. Fees, MEV, slippage, bridge delays and smart-contract risk can turn a visible spread into a loss.

Rules-based tools

Quant

Build and review crypto strategies using signals, backtests and risk limits. Live execution can be connected later through an exchange API.

Backtest

Evaluate a rule on historical prices, including fees and slippage assumptions.

Signals

Create watchlists for momentum, moving averages, funding rates and volatility.

Risk control

Set position size, maximum drawdown, stop-loss and daily loss limits before execution.

The current version provides the product interface and strategy concepts. It does not place trades or promise investment returns until a verified market-data and exchange connector is configured.

Wall Street on-chain

Real-world assets

The institutional gateway. Tokenized RWAs (ex-stablecoins) grew from ~$5B (2022) to ~$32.6B today, led by tokenized US Treasuries and private credit — and led increasingly by TradFi names (BlackRock, Franklin, Circle) over DeFi-native originators.

Tokenized RWA value on-chain

USD billions · ex-stablecoins · RWA.xyz

Leading RWA products today

USD billions · 16 Jun 2026
Circle's USYC overtook BlackRock's BUIDL in Mar-2026. Tokenized gold (Tether Gold, PAXG) surged on the 2025 metals rally.

Plumbing

Yield products & bridges

Yield leadership turned over completely — from auto-compounders to yield-tokenization. Bridges pivoted from custody-heavy lock-and-mint (and a 2022 hack crisis) to messaging + intents.

Yield: the generational shift

USD billions · year-end · Pendle / Convex / Yearn
Convex peaked at ~$21B in the 2022 Curve Wars; Pendle (yield tokenization) led the 2024–25 cycle, peaking ~$13.4B before a 2026 retrace.

Bridge category leaders today

USD billions · 16 Jun 2026 · DefiLlama
Total ~$46.7B mixes custodial/wrapped bridges. Multichain (ATH $10.5B) collapsed in 2023; bridges were ~69% of all 2022 crypto theft.

Users & economics

Users, builders & the money DeFi makes

DeFi fees hit a record $27.2B in 2025 ($14.6B kept as protocol revenue). User counts look enormous but need care — addresses are not people.

DeFi fees & protocol revenue

USD billions · annual · DefiLlama
All-time cumulative: ~$111B fees / ~$61B revenue. Stablecoin issuers (Tether, Circle) are ~39% of current fees; Hyperliquid, Aave and Lido lead the rest.

Developers: monthly active

count · Electric Capital
Peaked ~26k (mid-2022); experienced devs now write ~70% of code. Solana led NEW devs in 2024; India became the #1 source of new developers.

Users — with the right caveats

cumulative unique DeFi addresses (M) vs. real monthly-active users
⚠ Cumulative addresses (Dune) only ever rise and overstate the user base — one person can hold many wallets. a16z estimates just ~40–70M monthly-active crypto users worldwide (of 716M owners), with DeFi ≈ 34% of daily on-chain activity.

Risk

Hacks & exploits

2025 set a record for total crypto theft (~$3.4B) — but almost entirely because of the single ~$1.5B Bybit hack. DeFi-protocol losses specifically have fallen as on-chain security matured.

Annual crypto theft vs. DeFi-only losses

USD billions · Chainalysis (all) & Immunefi (DeFi-only)
DeFi-protocol losses fell from a $2.62B peak (2022) to ~$0.68B (2025); median loss per incident is down ~75%. Theft shifted toward CEXs and wallets.

Largest single incidents

USD millions
North Korea's Lazarus Group is tied to the largest events (Bybit, Ronin). Poly Network and Euler funds were largely returned.

The field today

Protocol & category map

Who leads each vertical now — and how leadership shifted across the cycles.


Policy & macro

Regulation: from enforcement to a US pivot

The macro/regulatory backdrop drove the cycle as much as code did — from Fed tightening and the Tornado Cash sanctions to MiCA, ETF approvals, and the 2025 US policy reversal that delivered the GENIUS stablecoin law.


The discourse · Jun 2025 → Jun 2026

What DeFi actually talked about

Across 20+ major and regional flagship conferences in the last 12 months, four themes dominated every stage: stablecoins, RWA/tokenization, institutional DeFi, and AI agents (DeFAI). The recurring phrase: "less degen, more boardroom."

Theme frequency across conferences

number of surveyed conferences foregrounding each DeFi theme (editor's tally)

The 12-month conference circuit

major + regional flagships · DeFi themes & headline speakers · ✓ in window / ✗ adjacent
← swipe table →
Raw: per-event files in data/raw/conf_*.json

The data room

Data & sources — every raw dataset

All 50 research datasets behind this page, grouped and individually downloadable — each is the raw JSON our multi-agent fact-check ran against. Below them: the data providers cited across the datasets. Every chart and KPI above also links its own sources inline.

Sources cited across the datasets

primary data providers & outlets, ranked by how many datasets they back · the full per-claim source list lives inside each raw file

Trust, but verify

Sources, methodology & caveats

How this was built

This page was compiled from a multi-agent deep-research run (98 agents, ~2.7M tokens) that fanned out across the open web, extracted falsifiable claims with source URLs and as-of dates, and adversarially fact-checked the load-bearing numbers (3-vote verification). Each topic's findings are saved as JSON in data/raw/; the cleaned chart series live in data/defi_data.js.

Downloadable: timeseries_long.csv (all numeric series, tidy format) · conferences.csv · defi_data.js

Primary data providers

DefiLlama (TVL, fees, stablecoins, per-protocol) CoinGecko Research The Block Messari Token Terminal RWA.xyz Artemis a16z State of Crypto Electric Capital Chainalysis · CertiK · Immunefi official conference agendas

Read these caveats before quoting a number

  • Methodology divergence. The headline TVL series uses DefiLlama's consistent cross-chain methodology (ATH ~$177.5B). Other trackers cite ~$202–237B for the 2021/2025 peaks under broader inclusion/double-counting rules.
  • Gross category sums double-count. Per-category totals (e.g. Bridge ~$46.7B, restaking + LRTs) include wrapped/restaked assets that count the same underlying ETH/BTC more than once. Treat them as upper bounds.
  • TVL is price-driven. Much of the 2026 USD drawdown reflects falling ETH/SOL prices, not mass withdrawals — staked-ETH counts kept rising even as USD TVL fell.
  • Addresses ≠ people. Cumulative-address user counts (~333M) massively overstate real users (~40–70M monthly active worldwide).
  • Volume figures vary by source/scope (spot-only vs. incl. perps; CoinGecko vs. DefiLlama). Ranges are given where sources disagree.
  • Conference detail confidence varies — future-dated 2026 events and events with thin public agendas are lower-confidence; speakers/panels are never fabricated, and adjacent-but-out-of-window events are flagged.
MARKET CURVES / 市场曲线

核心市场走势

把质押、借贷、套利和量化相关数据放在同一屏快速比较。

借贷协议 TVL

收益池 APY 分布

DeFi 币种 24H 变化

公链 TVL 排名

RANKINGS / 排名

快速发现

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24H 涨幅榜

24H 跌幅榜

高收益池

高 TVL 协议

WATCHLIST / 关注

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HISTORY / 历史曲线

快照历史趋势

每次采集都会追加一条本地快照,部署后按计划运行即可逐步形成 7D、30D、90D 和年度趋势。

协议 TVL 历史

收益池数量历史