TVL versus token market cap
A protocol's TVL is not the same as the market cap of its governance token. TVL measures usage and deposited assets, while token market cap measures the market value of the protocol's tradable token.
Top DeFi Protocols by TVL
A live DeFi protocols list ranked by Total Value Locked (TVL), with Lido, Aave, EigenLayer, Uniswap, and more. Updated via DefiLlama.
Total Market Cap:$622.118B
Assets:594
| # | Name | Price | Market Cap | 24h % | 7d % | |
|---|---|---|---|---|---|---|
| 161 | Binance CEX BNB | — | $179.885B | +0.75% | +0.31% | |
| 284 | OKX OKB | — | $31.842B | -0.00% | -0.10% | |
| 295 | Lido LDO | — | $26.662B | +0.83% | +1.48% | |
| 311 | Bitfinex - | — | $20.886B | +0.51% | +2.16% | |
| 318 | Aave V3 AAVE | — | $18.281B | +0.56% | +1.81% | |
| 322 | Bybit - | — | $16.821B | -0.04% | -0.90% | |
| 328 | Robinhood - | — | $15.683B | +0.67% | +1.23% | |
| 340 | LayerZero V2 ZRO | — | $11.716B | -0.13% | +45.88% | |
| 342 | Morpho Blue MORPHO | — | $11.334B | +0.03% | +2.93% | |
| 347 | Binance staked ETH - | — | $10.075B | +0.84% | +1.08% | |
| 349 | WBTC - | — | $9.937B | +0.59% | +1.32% | |
| 356 | Coinbase Bridge - | — | $8.418B | +0.57% | +1.05% | |
| 364 | Gate GT | — | $7.644B | +0.10% | -1.15% | |
| 367 | Hyperliquid Bridge HYPE | — | $7.135B | +0.01% | -2.96% | |
| 368 | EigenCloud EIGEN | — | $7.063B | +0.60% | +0.82% | |
| 374 | Bitget - | — | $6.310B | +0.84% | -0.39% | |
| 377 | Sky Lending SKY | — | $5.919B | +0.71% | +0.75% | |
| 378 | Binance Bitcoin - | — | $5.817B | +0.54% | +1.32% | |
| 379 | Gemini - | — | $5.709B | +0.54% | +0.97% | |
| 381 | SparkLend SPK | — | $5.607B | +1.59% | +0.35% | |
| 383 | MEXC MX | — | $5.476B | +0.09% | -0.35% | |
| 386 | ether.fi Stake ETHFI | — | $5.190B | +0.43% | +0.74% | |
| 390 | Ethena USDe ENA | — | $4.905B | +0.35% | -0.89% | |
| 402 | Deribit - | — | $4.257B | +0.58% | -16.82% | |
| 403 | HTX - | — | $4.250B | -0.23% | +0.40% | |
| 409 | JustLend V1 JST | — | $3.903B | +0.19% | +0.77% | |
| 410 | Arbitrum Bridge ARB | — | $3.782B | +1.13% | +7.94% | |
| 411 | Bitstamp - | — | $3.720B | +0.12% | -1.06% | |
| 412 | KuCoin - | — | $3.617B | +1.09% | +0.12% | |
| 415 | BlackRock BUIDL - | — | $3.515B | -0.71% | +0.00% | |
| 416 | Babylon Protocol BABY | — | $3.449B | +0.49% | +1.16% | |
| 418 | USDT0 - | — | $3.374B | +0.08% | -3.39% | |
| 423 | JustLend sTRX JST | — | $3.302B | -0.44% | +0.79% | |
| 424 | Base Bridge - | — | $3.205B | +1.29% | +4.72% | |
| 429 | Maple SYRUP | — | $3.004B | +0.42% | +0.03% | |
| 432 | Polygon Bridge POL | — | $2.872B | +0.36% | -2.79% | |
| 433 | JustCryptos JST | — | $2.819B | +0.64% | +0.98% | |
| 436 | Spark Liquidity Layer SPK | — | $2.682B | -1.31% | +4.60% | |
| 438 | Circle USYC - | — | $2.604B | +0.01% | +0.00% | |
| 439 | Crypto-com - | — | $2.597B | +0.98% | +2.57% | |
| 440 | Spiko - | — | $2.596B | +0.62% | +0.00% | |
| 443 | Ondo Yield Assets ONDO | — | $2.567B | +0.24% | +0.00% | |
| 445 | Steakhouse Financial - | — | $2.529B | -0.47% | -2.79% | |
| 447 | Sentora Curator - | — | $2.499B | +0.01% | -9.91% | |
| 451 | Sentora - | — | $2.385B | -3.24% | +0.00% | |
| 459 | Sanctum Validator LSTs SANC | — | $1.995B | +1.85% | +0.90% | |
| 460 | Sanctum Validator LSTs CLOUD | — | $1.940B | -0.88% | -1.76% | |
| 461 | Veda - | — | $1.924B | +0.84% | +1.00% | |
| 462 | PancakeSwap AMM CAKE | — | $1.915B | +0.42% | +0.88% | |
| 463 | CCIP - | — | $1.907B | +1.32% | +4.01% | |
| 466 | Portal W | — | $1.889B | -0.59% | -0.49% | |
| 468 | Paxos Gold PAXG | — | $1.856B | -0.06% | +0.00% | |
| 476 | Uniswap V3 UNI | — | $1.693B | -1.20% | +0.60% | |
| 477 | HashKey Exchange - | — | $1.692B | +0.82% | -0.72% | |
| 478 | Poloniex - | — | $1.688B | +0.79% | +1.21% | |
| 480 | Gauntlet - | — | $1.651B | +1.85% | +2.47% | |
| 482 | Bitkub KUB | — | $1.591B | +0.75% | +1.61% | |
| 484 | Compound V3 COMP | — | $1.515B | +0.44% | +0.44% | |
| 485 | Centrifuge Protocol CFG | — | $1.462B | -1.30% | +0.00% | |
| 490 | Kamino Lend KMNO | — | $1.396B | +0.29% | -4.89% | |
| 495 | Grove Finance - | — | $1.367B | -26.77% | +0.00% | |
| 496 | Raydium AMM RAY | — | $1.360B | +0.80% | -1.84% | |
| 498 | Spark Savings SPK | — | $1.351B | +1.09% | +6.53% | |
| 500 | Venus Core Pool XVS | — | $1.343B | +0.37% | -0.54% | |
| 503 | Jupiter Lend JUP | — | $1.318B | +1.40% | +11.89% | |
| 504 | Curve DEX CRV | — | $1.290B | -0.50% | -1.51% | |
| 508 | USDD - | — | $1.272B | +1.13% | -0.54% | |
| 509 | Jito Liquid Staking JTO | — | $1.269B | +1.83% | +0.61% | |
| 510 | Concrete - | — | $1.268B | +0.80% | +0.53% | |
| 511 | Concrete CT | — | $1.267B | +0.55% | +0.01% | |
| 513 | Pendle V2 PENDLE | — | $1.256B | -0.11% | +0.00% | |
| 517 | Binance Staked SOL - | — | $1.248B | +1.69% | +0.30% | |
| 519 | WisdomTree - | — | $1.240B | +0.81% | +0.00% | |
| 522 | Uniswap V4 UNI | — | $1.202B | -3.46% | -3.52% | |
| 528 | Kelp KERNEL | — | $1.126B | +0.78% | +0.08% | |
| 534 | Unit - | — | $1.054B | +1.20% | -3.19% | |
| 535 | Uniswap V2 UNI | — | $1.047B | +0.07% | -0.08% | |
| 536 | Lista Lending LISTA | — | $1.040B | +1.27% | +9.77% | |
| 540 | Kinetiq kHYPE KNTQ | — | $1.019B | +0.63% | -10.16% | |
| 541 | StakeWise V3 SWISE | — | $1.018B | +0.82% | +1.14% | |
| 546 | Ondo Global Markets ONDO | — | $962.637M | +0.66% | +0.00% | |
| 547 | Blockchain Capital BCAP | — | $962.408M | +0.05% | +0.00% | |
| 549 | Obol OBOL | — | $879.609M | +0.82% | +13.81% | |
| 554 | Lista Liquid Staking LISTA | — | $852.404M | +1.37% | -4.97% | |
| 556 | Jupiter Perpetual Exchange JUP | — | $820.393M | +1.00% | -0.81% | |
| 557 | Kraken Bitcoin - | — | $807.777M | +0.54% | +1.32% | |
| 559 | OSL Exchange - | — | $793.865M | +0.65% | -0.27% | |
| 562 | Robinhood Chain Bridge - | — | $777.309M | -0.54% | -1.89% | |
| 565 | Optimism Bridge OP | — | $764.315M | -0.01% | +5.72% | |
| 567 | Bitmex BMEX | — | $752.659M | +0.72% | +1.21% | |
| 568 | Liquid Collective - | — | $739.701M | +0.81% | +0.81% | |
| 573 | OSL HK - | — | $715.004M | +0.76% | +0.00% | |
| 574 | Fluid Lending FLUID | — | $714.194M | +0.43% | -2.62% | |
| 575 | Function FBTC - | — | $709.680M | +0.59% | +1.50% | |
| 576 | StakeWise V2 SWISE | — | $706.971M | +0.31% | +0.00% | |
| 580 | Lombard LBTC BARD | — | $685.835M | +0.80% | -4.31% | |
| 582 | Aave V4 AAVE | — | $672.807M | +0.64% | +6.31% | |
| 585 | BingX - | — | $663.133M | +0.37% | +0.20% | |
| 586 | Lighter Bridge LIT | — | $654.777M | -0.60% | -0.26% | |
| 590 | Nonce Capital - | — | $637.323M | +0.58% | — |
How to read the DeFi TVL ranking
This DeFi list ranks protocols by total value locked, or TVL. TVL estimates the value of crypto assets deposited into smart contracts for lending, trading, staking, liquidity, or other on-chain financial activity.
How to use this ranking
Use the table to compare protocol scale across liquid staking, lending, decentralized exchanges, bridges, and yield platforms. Large TVL can indicate adoption, but it does not remove smart contract, oracle, liquidity, or governance risk.
Related rankings
DeFi rankings use DefiLlama-based TVL data from scheduled syncs. Protocol definitions, chain coverage, and token prices can change as source data updates.
Frequently Asked Questions
What is DeFi and how does it differ from traditional finance?
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DeFi, or Decentralized Finance, refers to financial services and applications built on public blockchains — primarily Ethereum — that operate without central intermediaries like banks or brokers. Users interact directly with smart contracts to lend, borrow, trade, and earn yield. Because DeFi protocols are open and permissionless, anyone with a crypto wallet can access them without identity verification or credit checks.
What does Total Value Locked (TVL) mean?
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Total Value Locked (TVL) is the total value of crypto assets deposited into a DeFi protocol's smart contracts at any given time. It includes assets used as collateral, liquidity, or staked for rewards. TVL is the primary metric used to measure the size and adoption of DeFi protocols — similar to assets under management (AUM) in traditional finance. Higher TVL generally indicates more user trust and protocol usage.
How is TVL different from market cap for DeFi protocols?
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TVL measures the value of assets deposited into a protocol, while market cap measures the value of the protocol's own native token. A protocol can have a very high TVL but a small token market cap, or vice versa. The ratio of TVL to market cap (sometimes called the P/TVL ratio) is used by analysts to evaluate whether a DeFi token may be overvalued or undervalued relative to its actual usage.
What are the risks of using DeFi protocols?
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DeFi carries several risks not present in traditional finance, including smart contract vulnerabilities (bugs that can be exploited by hackers), liquidation risk (collateral can be automatically sold if its value drops), oracle manipulation (price feed attacks), and regulatory uncertainty. Users are also fully responsible for their own private keys — there is no customer support or account recovery if funds are lost.
Which DeFi categories are represented in these rankings?
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The DeFi protocols ranked here include decentralized exchanges (DEXs) like Uniswap, lending protocols like Aave and Compound, liquid staking platforms like Lido, yield aggregators, and cross-chain bridges. TVL data is sourced from DefiLlama, which aggregates on-chain data across dozens of blockchains and hundreds of protocols.