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 % | |
|---|---|---|---|---|---|---|
| 793 | Bitrue - | — | $138.929M | +15.07% | +15.25% | |
| 794 | Midas RWA - | — | $138.888M | +6.17% | +9.51% | |
| 798 | Lagoon - | — | $135.831M | +6.61% | +3.45% | |
| 801 | Mantle Bridge MNT | — | $133.858M | +9.26% | +8.28% | |
| 802 | NAVI Lending NAVX | — | $133.129M | +8.54% | +8.03% | |
| 805 | R25 - | — | $131.445M | +0.02% | +0.23% | |
| 808 | Hyperliquid Spot Orderbook HYPE | — | $129.537M | +1.96% | -8.39% | |
| 809 | Aerodrome Slipstream AERO | — | $129.029M | +1.25% | -1.82% | |
| 810 | Curvance - | — | $128.917M | +5.40% | +45.37% | |
| 811 | zkSync Era txBridge - | — | $128.457M | +14.55% | +16.39% | |
| 812 | Noble - | — | $127.798M | +0.89% | -0.68% | |
| 813 | Avant avUSD - | — | $126.464M | -0.86% | +3.11% | |
| 814 | UNCX Network V2 UNCX | — | $126.358M | +14.54% | +15.09% | |
| 817 | Stake DAO SDT | — | $125.331M | +9.60% | +4.53% | |
| 818 | Avalanche Core Bridge AVAX | — | $125.077M | +6.24% | +6.40% | |
| 823 | Exponent Yield Exchange - | — | $123.501M | -0.44% | +4.36% | |
| 828 | Extended Perps - | — | $122.104M | -0.85% | +0.01% | |
| 831 | Tectonic TONIC | — | $120.075M | +2.05% | +1.88% | |
| 834 | Mantle Index Four Fund MI4 | — | $119.941M | +0.55% | +1.12% | |
| 836 | JPool - | — | $119.560M | +12.21% | +14.12% | |
| 837 | Aster asBNB ASTER | — | $119.296M | +6.70% | +4.72% | |
| 839 | RAAC - | — | $118.396M | +2.64% | +2.96% | |
| 840 | The Vault Liquid Staking - | — | $116.924M | +12.85% | +13.88% | |
| 841 | Sky Money SKY | — | $116.775M | -0.55% | +3.05% | |
| 842 | Frax Ether FRAX | — | $116.261M | +18.95% | +21.31% | |
| 844 | Aerodrome V1 AERO | — | $114.773M | +6.61% | +7.94% | |
| 845 | VALR - | — | $114.001M | +24.21% | -0.25% | |
| 847 | Frax USD FRAX | — | $113.470M | +2.60% | +2.02% | |
| 849 | fx Protocol FXN | — | $112.830M | +11.77% | +18.71% | |
| 850 | Aster USDF ASTER | — | $112.536M | +0.15% | -0.83% | |
| 851 | Suilend SEND | — | $111.933M | +8.23% | +8.60% | |
| 853 | Renzo REZ | — | $111.084M | +18.33% | +23.39% | |
| 854 | Pionex - | — | $110.548M | +11.03% | +12.58% | |
| 855 | Nest Credit - | — | $110.547M | -1.76% | -5.92% | |
| 856 | Homora V2 ALPHA | — | $110.274M | — | +0.00% | |
| 857 | Valos - | — | $110.226M | +0.03% | +0.16% | |
| 861 | Ourbit - | — | $108.850M | +8.21% | +17.99% | |
| 862 | Beefy BIFI | — | $107.986M | +5.00% | +5.35% | |
| 863 | Ember Protocol - | — | $107.770M | +3.22% | +8.27% | |
| 866 | Bybit Staked SOL - | — | $105.729M | +11.73% | +12.29% | |
| 868 | Doppler Finance - | — | $104.871M | +15.88% | +16.22% | |
| 869 | Aave V2 AAVE | — | $104.814M | +8.70% | +9.85% | |
| 872 | Securitize Tokenized AAA CLO Fund - | — | $103.003M | -0.01% | +0.05% | |
| 874 | BloFin - | — | $101.659M | +5.37% | +4.22% | |
| 875 | Nexus Mutual NXM | — | $101.489M | +15.67% | +17.19% | |
| 878 | Lofty - | — | $100.127M | +0.01% | +0.02% | |
| 882 | Compound V2 COMP | — | $99.062M | +12.43% | +13.70% | |
| 884 | Enzyme Finance MLN | — | $97.061M | +14.85% | +15.97% | |
| 885 | RSK Bridge - | — | $96.995M | +11.62% | +12.55% | |
| 888 | Apollo Diversified Credit Securitize Fund - | — | $95.358M | +0.04% | +0.25% | |
| 893 | NEAR Intents - | — | $94.429M | +5.55% | +6.50% | |
| 894 | VVS Standard VVS | — | $94.336M | +10.18% | +8.83% | |
| 897 | Usual USD0 USUAL | — | $92.680M | -0.04% | -0.03% | |
| 898 | Loopscale - | — | $92.656M | +1.07% | +4.01% | |
| 900 | Avalon CeDeFi AVL | — | $92.144M | +11.67% | +13.12% | |
| 901 | SoSoValue Indexes SOSO | — | $91.462M | +13.46% | +14.78% | |
| 904 | River Omni-CDP RIVER | — | $89.794M | +11.69% | +13.10% | |
| 908 | Benqi Lending QI | — | $89.222M | +7.53% | +6.37% | |
| 914 | Armitage by Wintermute - | — | $87.219M | +1.38% | +8.99% | |
| 915 | Kamino Liquidity KMNO | — | $86.952M | +2.77% | -1.39% | |
| 917 | DFDV Staked SOL - | — | $86.489M | +12.52% | +16.56% | |
| 919 | Echo Bridge - | — | $85.517M | +11.47% | +13.11% | |
| 920 | Railgun RAIL | — | $84.977M | +9.12% | +14.92% | |
| 924 | Liquity V2 LQTY | — | $82.776M | +17.08% | +14.99% | |
| 928 | crvUSD CRV | — | $81.691M | +8.99% | +8.78% | |
| 931 | Lorenzo sUSD1+ - | — | $80.996M | -0.03% | -1.05% | |
| 932 | Re7 Labs - | — | $80.981M | +3.34% | +3.66% | |
| 934 | Bitget bgBTC - | — | $80.509M | +11.51% | +2176813745.18% | |
| 936 | Helius Staked SOL - | — | $80.404M | +12.51% | +16.55% | |
| 939 | BlazeStake BLZE | — | $80.162M | +12.51% | +14.25% | |
| 940 | Felix Vaults - | — | $80.014M | +4.56% | +2.14% | |
| 941 | BYDFi - | — | $79.965M | +10.02% | +11.45% | |
| 943 | Bitway Earn BTW | — | $78.931M | +1.81% | +3.94% | |
| 946 | stake.link liquid SDL | — | $78.003M | +8.81% | +20.84% | |
| 949 | Curve LlamaLend CRV | — | $76.230M | +2.52% | +15.87% | |
| 953 | Yuzu Money - | — | $75.781M | +0.70% | +2.20% | |
| 954 | dYdX V4 dYdX | — | $75.330M | -0.78% | -0.51% | |
| 955 | edgeX Bridge EDGE | — | $75.251M | +0.06% | +35.97% | |
| 956 | Save SAVE | — | $74.937M | +10.74% | +12.76% | |
| 957 | AILayer farm AIL | — | $74.815M | +11.74% | +13.46% | |
| 960 | Vesper VSP | — | $74.260M | +11.95% | +20.58% | |
| 961 | Sky RWA SKY | — | $74.216M | +0.82% | -0.48% | |
| 964 | APX Bridge ASTER | — | $73.636M | +1.34% | +1.29% | |
| 965 | Rhea Lend RHEA | — | $73.334M | +133.39% | +6.53% | |
| 966 | BitFi BTC - | — | $73.159M | +11.49% | +13.29% | |
| 967 | Swell L2 Farm SWELL | — | $73.117M | +19.20% | +21.10% | |
| 969 | Galaxy Curation - | — | $72.350M | +6.39% | +5.20% | |
| 971 | Strata Markets - | — | $72.190M | +0.12% | -1.89% | |
| 976 | PulseChain Bridge - | — | $69.815M | +4.48% | +9.37% | |
| 978 | SolvBTC LSTs - | — | $69.743M | +11.65% | +13.04% | |
| 981 | Concentrator CTR | — | $69.513M | +1.97% | +5.47% | |
| 982 | Stargate V2 STG | — | $69.457M | +5.42% | +8.38% | |
| 985 | PancakeSwap Infinity CAKE | — | $68.442M | +1.49% | -3.33% | |
| 988 | Coinstore - | — | $68.299M | +7.66% | +9.07% | |
| 990 | MatrixDock XAUM - | — | $68.148M | +2.85% | +2.61% | |
| 994 | Toobit - | — | $67.218M | +6.81% | +7.69% | |
| 997 | Bitwise USCC - | — | $66.624M | +18.74% | +18.79% | |
| 998 | JagPool Staked SOL - | — | $66.388M | +12.51% | +14.24% | |
| 999 | Niza - | — | $66.190M | +6.86% | — | |
| 1001 | Firelight - | — | $65.896M | +15.41% | +12.02% |
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.