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:$516.108B
Assets:525
| # | Name | Price | Market Cap | 24h % | 7d % | |
|---|---|---|---|---|---|---|
| 176 | Binance CEX BNB | — | $149.816B | +7.00% | +7.71% | |
| 290 | OKX OKB | — | $28.185B | +7.17% | +7.46% | |
| 305 | Lido LDO | — | $21.897B | +19.35% | +22.46% | |
| 315 | Bitfinex - | — | $17.942B | +7.67% | +7.35% | |
| 321 | Aave V3 AAVE | — | $16.207B | +12.44% | +16.16% | |
| 328 | Bybit - | — | $14.784B | +7.85% | +7.00% | |
| 329 | Robinhood - | — | $13.219B | +12.99% | +14.75% | |
| 347 | Morpho Blue MORPHO | — | $8.831B | +8.95% | +10.87% | |
| 350 | Binance staked ETH - | — | $8.511B | +19.06% | +21.29% | |
| 352 | WBTC - | — | $8.202B | +11.51% | +13.12% | |
| 362 | Coinbase Bridge - | — | $7.021B | +11.52% | +13.43% | |
| 365 | LayerZero V2 ZRO | — | $6.891B | +1.75% | +1.66% | |
| 370 | Hyperliquid Bridge HYPE | — | $6.193B | +5.91% | +5.74% | |
| 371 | EigenCloud EIGEN | — | $6.099B | +19.24% | +21.17% | |
| 372 | Gate GT | — | $6.067B | +6.45% | +6.48% | |
| 373 | Sky Lending SKY | — | $5.679B | +3.62% | +1.83% | |
| 374 | Bitget - | — | $5.494B | +7.82% | +7.71% | |
| 378 | MEXC MX | — | $4.955B | +3.47% | +3.63% | |
| 379 | Binance Bitcoin - | — | $4.902B | +11.51% | +13.12% | |
| 381 | Gemini - | — | $4.802B | +12.84% | +15.11% | |
| 382 | Deribit - | — | $4.785B | +11.21% | +15.61% | |
| 386 | SparkLend SPK | — | $4.564B | +16.79% | +27.13% | |
| 392 | HTX - | — | $4.165B | +3.29% | +2.69% | |
| 393 | Ethena USDe ENA | — | $4.088B | +0.87% | +3.40% | |
| 394 | ether.fi Stake ETHFI | — | $4.062B | +19.12% | +22.80% | |
| 403 | JustLend V1 JST | — | $3.552B | +7.01% | +7.85% | |
| 404 | BlackRock BUIDL - | — | $3.542B | -0.16% | -0.12% | |
| 408 | USDT0 - | — | $3.271B | +0.98% | +0.30% | |
| 411 | Steakhouse Financial - | — | $3.188B | +0.62% | -0.20% | |
| 413 | Arbitrum Bridge ARB | — | $3.117B | +13.81% | +14.89% | |
| 414 | KuCoin - | — | $3.113B | +7.42% | +26.65% | |
| 418 | Babylon Protocol BABY | — | $2.936B | +11.39% | +13.06% | |
| 419 | Circle USYC - | — | $2.923B | -1.96% | -2.77% | |
| 424 | Polygon Bridge POL | — | $2.666B | +3.18% | +5.06% | |
| 426 | Maple SYRUP | — | $2.639B | +6.65% | +10.46% | |
| 427 | Base Bridge - | — | $2.609B | +16.33% | +15.90% | |
| 432 | Ondo Yield Assets ONDO | — | $2.520B | +0.11% | +0.17% | |
| 433 | Spiko - | — | $2.498B | +1.24% | +4.10% | |
| 434 | Grove Finance - | — | $2.411B | +0.12% | -0.05% | |
| 436 | JustCryptos JST | — | $2.381B | +15.09% | +16.87% | |
| 438 | Sentora - | — | $2.321B | +2.07% | +3.30% | |
| 439 | Crypto-com - | — | $2.310B | +10.03% | +10.66% | |
| 448 | Paxos Gold PAXG | — | $1.950B | +3.13% | +2.78% | |
| 450 | PancakeSwap AMM CAKE | — | $1.902B | — | +9.40% | |
| 452 | CCIP - | — | $1.834B | +1.34% | +2.11% | |
| 453 | Figure Markets Exchange - | — | $1.821B | +0.45% | +8.34% | |
| 455 | Spark Liquidity Layer SPK | — | $1.778B | +4.65% | +10.83% | |
| 459 | Centrifuge Protocol CFG | — | $1.634B | -0.01% | +0.16% | |
| 462 | Veda - | — | $1.584B | +10.85% | +13.13% | |
| 463 | HashKey Exchange - | — | $1.518B | +12.00% | +12.11% | |
| 465 | Portal W | — | $1.490B | +9.93% | +9.61% | |
| 466 | Gauntlet - | — | $1.461B | +2.69% | +3.25% | |
| 467 | Poloniex - | — | $1.438B | +18.98% | +20.85% | |
| 471 | Uniswap V3 UNI | — | $1.400B | +3.15% | -0.77% | |
| 473 | Bitstamp - | — | $1.374B | +16.46% | +46.82% | |
| 477 | Curve DEX CRV | — | $1.312B | +3.75% | +3.15% | |
| 478 | Compound V3 COMP | — | $1.304B | +13.17% | +14.98% | |
| 479 | Sanctum Validator LSTs CLOUD | — | $1.301B | +12.43% | +14.45% | |
| 481 | Bitkub KUB | — | $1.294B | +12.36% | +13.99% | |
| 484 | USDD - | — | $1.283B | +2.20% | -0.93% | |
| 492 | Venus Core Pool XVS | — | $1.174B | +8.49% | +9.90% | |
| 495 | Spark Savings SPK | — | $1.157B | +0.85% | +3.06% | |
| 497 | Kamino Lend KMNO | — | $1.141B | +6.37% | +8.75% | |
| 504 | Kelp KERNEL | — | $1.040B | +19.05% | +19.61% | |
| 505 | Kinetiq kHYPE KNTQ | — | $1.027B | +23.05% | +24.65% | |
| 506 | Jupiter Lend JUP | — | $1.026B | +7.14% | +9.39% | |
| 510 | Concrete - | — | $999.484M | +14.74% | +23.18% | |
| 514 | Ondo Global Markets ONDO | — | $972.598M | +3.02% | +0.46% | |
| 515 | Raydium AMM RAY | — | $959.724M | +12.38% | +13.09% | |
| 516 | Blockchain Capital BCAP | — | $956.830M | +0.00% | -0.27% | |
| 520 | Binance Staked SOL - | — | $880.277M | +12.87% | +12.32% | |
| 522 | Anemoy Capital - | — | $872.794M | +0.05% | +0.11% | |
| 523 | Jito Liquid Staking JTO | — | $871.896M | +12.90% | +14.36% | |
| 525 | Uniswap V4 UNI | — | $863.057M | +14.36% | +7.01% | |
| 526 | StakeWise V3 SWISE | — | $855.949M | +19.04% | +21.77% | |
| 530 | Bitmex BMEX | — | $790.922M | +9.12% | +8.05% | |
| 531 | Lista Lending LISTA | — | $789.992M | +7.44% | +11.08% | |
| 532 | Uniswap V2 UNI | — | $781.213M | -0.09% | -1.88% | |
| 533 | WisdomTree - | — | $779.729M | -0.00% | +0.51% | |
| 537 | Jupiter Perpetual Exchange JUP | — | $745.086M | +8.19% | +7.85% | |
| 539 | Liquid Collective - | — | $731.822M | +19.05% | +21.28% | |
| 540 | Fluid Lending FLUID | — | $728.364M | +7.35% | +8.73% | |
| 543 | StakeWise V2 SWISE | — | $706.971M | +0.31% | +0.00% | |
| 545 | Invesco USTB - | — | $684.873M | -5.41% | -11.75% | |
| 551 | OSL HK - | — | $668.508M | +12.67% | +12.93% | |
| 554 | Unit - | — | $635.770M | +10.93% | +14.60% | |
| 555 | BingX - | — | $623.497M | +4.22% | +2.78% | |
| 558 | Function FBTC - | — | $615.511M | +11.60% | +13.51% | |
| 559 | Lista Liquid Staking LISTA | — | $604.426M | +6.70% | +5.04% | |
| 562 | Hastra - | — | $586.735M | +0.29% | +9.05% | |
| 563 | Lombard LBTC BARD | — | $580.847M | +0.48% | +0.27% | |
| 565 | Obol OBOL | — | $575.384M | +19.05% | +21.23% | |
| 570 | Optimism Bridge OP | — | $551.990M | +8.78% | +5.45% | |
| 571 | Lighter Bridge LIT | — | $549.954M | +4.66% | +4.70% | |
| 573 | mETH Protocol COOK | — | $542.850M | +19.11% | +21.00% | |
| 574 | Kraken Bitcoin - | — | $541.481M | +12.03% | +14.65% | |
| 575 | HyperLend Pooled HPL | — | $527.100M | +22.27% | +24.37% | |
| 583 | Bitvavo - | — | $486.512M | +13.20% | +14.23% | |
| 588 | SolvBTC SOLV | — | $466.471M | +11.85% | +12.87% | |
| 591 | Jupiter Staked SOL JUP | — | $452.229M | +12.59% | +14.23% |
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.