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 % | |
|---|---|---|---|---|---|---|
| 995 | Loopscale - | — | $91.613M | +0.27% | +9.29% | |
| 996 | Loopscale Lending - | — | $91.565M | — | — | |
| 1003 | Lista CDP LISTA | — | $88.731M | +2.03% | -61.42% | |
| 1004 | AILayer farm AIL | — | $88.715M | +0.63% | +1.36% | |
| 1005 | Usual USD0 USUAL | — | $87.804M | +0.00% | -0.28% | |
| 1009 | BitFi BTC - | — | $86.860M | +0.59% | +1.28% | |
| 1012 | Swell L2 Farm SWELL | — | $86.037M | +0.79% | +0.95% | |
| 1017 | DoubleZero Staked SOL 2Z | — | $84.727M | +1.71% | +0.18% | |
| 1023 | SolvBTC LSTs - | — | $82.784M | +0.63% | +1.22% | |
| 1030 | Lorenzo sUSD1+ - | — | $81.061M | +0.04% | +0.00% | |
| 1031 | Gate SOL - | — | $80.379M | +1.71% | +0.19% | |
| 1032 | Lorenzo sUSD1+ BANK | — | $80.051M | +0.00% | -0.18% | |
| 1038 | Yuzu Money - | — | $79.051M | +0.02% | +0.93% | |
| 1039 | Valdora Finance - | — | $78.845M | +0.10% | +1.96% | |
| 1041 |  Fusion by IPOR - | — | $78.267M | +0.57% | +4.63% | |
| 1042 | Lombard Vaults BARD | — | $77.585M | +0.71% | +1.50% | |
| 1044 | PancakeSwap Infinity CAKE | — | $77.078M | +0.38% | +1.03% | |
| 1045 | Wise Token WISE | — | $76.620M | +0.83% | +0.98% | |
| 1047 | Circle Gateway - | — | $76.126M | -3.15% | +11.89% | |
| 1049 | Kamino Liquidity KMNO | — | $75.976M | +0.50% | -0.81% | |
| 1050 | Curve LlamaLend CRV | — | $75.936M | -0.42% | -0.86% | |
| 1051 | Sanctum Reserve SANC | — | $75.662M | +1.81% | +0.12% | |
| 1052 | SoDEX Bridge SOSO | — | $75.649M | +0.71% | +0.65% | |
| 1053 | Reservoir Protocol - | — | $75.550M | +3.37% | +0.00% | |
| 1054 | Firelight - | — | $75.465M | +0.76% | -1.52% | |
| 1055 | Aster asBNB ASTER | — | $75.360M | +2.18% | -0.19% | |
| 1056 | Sky RWA SKY | — | $75.331M | -0.02% | +2.29% | |
| 1057 | Zest V2 ZEST | — | $75.125M | +0.02% | +3.69% | |
| 1060 | Thorchain DEX RUNE | — | $74.811M | +5.49% | +4.82% | |
| 1061 | SpringSui - | — | $74.796M | +6.90% | -7.54% | |
| 1062 | Toobit - | — | $74.518M | +0.35% | +0.81% | |
| 1063 | Tori Finance - | — | $74.467M | -1.19% | +1.91% | |
| 1066 | Treehouse Protocol TREE | — | $74.162M | +0.38% | -1.25% | |
| 1067 | Sanctum Reserve CLOUD | — | $74.147M | -0.86% | -1.76% | |
| 1068 | Solv Strategies - | — | $73.385M | +0.55% | +1.15% | |
| 1070 | APX Bridge ASTER | — | $72.815M | +0.09% | +0.06% | |
| 1072 | Reservoir Protocol DAM | — | $71.618M | -0.02% | -2.35% | |
| 1076 | Project 0 - | — | $70.221M | +1.53% | -0.04% | |
| 1078 | dYdX V4 dYdX | — | $69.754M | +0.14% | -4.36% | |
| 1080 | Mezo Earn - | — | $69.003M | +0.45% | +1.04% | |
| 1083 | Exponent Yield Exchange - | — | $68.536M | +0.94% | -0.03% | |
| 1086 | USDCx - | — | $67.670M | +0.13% | -0.47% | |
| 1088 | Yearn Curating YFI | — | $67.462M | +10.43% | -7.19% | |
| 1089 | Popdex Bridge - | — | $66.857M | +0.18% | — | |
| 1091 | WISE Token - | — | $66.539M | +12.35% | +0.00% | |
| 1095 | MatrixDock XAUM - | — | $66.287M | +0.30% | +0.00% | |
| 1099 | STKESOL by SOL Strategies - | — | $65.782M | +1.83% | +0.25% | |
| 1102 | Origin Ether OGN | — | $65.293M | +0.55% | +1.87% | |
| 1107 | Zircuit Staking - | — | $64.358M | +0.67% | +0.72% | |
| 1108 | Frankencoin FCS | — | $64.285M | +0.55% | -2.62% | |
| 1118 | Team Finance SWAP | — | $63.238M | +1.35% | -0.78% | |
| 1121 | Arrakis Modular - | — | $63.058M | +0.13% | +6.81% | |
| 1125 | Blast Bridge BLAST | — | $62.481M | -0.00% | -0.72% | |
| 1126 | Ink Bridge - | — | $62.471M | +0.74% | +1.04% | |
| 1130 | Chutes - | — | $61.925M | +4.84% | -3.03% | |
| 1131 | OKX xBTC - | — | $61.892M | -10.30% | -8.29% | |
| 1133 | Chutes SN64 | — | $61.783M | +4.28% | -4.60% | |
| 1137 | edgeX Bridge EDGE | — | $61.393M | +0.03% | -3.84% | |
| 1139 | Axis - | — | $61.135M | +0.51% | +8.65% | |
| 1140 | ZEROBASE CeDeFi ZBT | — | $61.079M | -1.65% | -2.25% | |
| 1142 | Sonic Gateway - | — | $60.907M | +6.74% | +1.64% | |
| 1146 | Current - | — | $59.501M | +3.00% | +4.86% | |
| 1147 | Coinstore - | — | $59.421M | +0.40% | +0.24% | |
| 1150 | tzBTC - | — | $58.904M | +2.37% | +0.00% | |
| 1154 | VanEck Treasury Fund - | — | $58.520M | +0.87% | +0.00% | |
| 1157 | Gami Labs - | — | $57.864M | +0.24% | -0.17% | |
| 1159 | UltraYield Curator - | — | $57.677M | +0.67% | -1.04% | |
| 1160 | Stellar DeFi Hub - | — | $57.518M | +0.27% | +0.62% | |
| 1163 | Polygon zkEVM Bridge - | — | $57.107M | +0.87% | -1.15% | |
| 1165 | stUSDT STUSDT | — | $56.974M | +0.01% | -6.73% | |
| 1166 | Meteora vaults MET | — | $56.968M | +0.77% | -2.21% | |
| 1169 | Vishwa - | — | $56.901M | +0.54% | -21.71% | |
| 1170 | Origami Finance - | — | $56.815M | +1.17% | -4.87% | |
| 1171 | Bitway Earn BTW | — | $56.759M | +0.02% | -24.63% | |
| 1172 | PulseChain Bridge - | — | $56.563M | +1.22% | -6.11% | |
| 1173 | SUNSwap V1 SUN | — | $56.479M | +0.21% | +0.31% | |
| 1175 | Bitget SOL - | — | $56.296M | +1.71% | +0.19% | |
| 1180 | Aera V2 - | — | $55.187M | +0.30% | -2.64% | |
| 1188 | 40 Acres - | — | $54.276M | +6.50% | +3.72% | |
| 1189 | Resupply RSUP | — | $54.222M | -0.40% | +3.16% | |
| 1200 | Nado Spot - | — | $52.805M | +0.60% | -2.60% | |
| 1205 | Unitas USDu UP | — | $52.178M | +0.32% | +18.74% | |
| 1206 | AZverse Perps - | — | $52.125M | +0.03% | +0.19% | |
| 1208 | ORIGYN OGY | — | $51.958M | +0.01% | +0.00% | |
| 1209 | Coin8 - | — | $51.895M | +0.53% | +2.35% | |
| 1210 | Niza - | — | $51.783M | +0.59% | +1.28% | |
| 1211 | Meteora DAMM V1 MET | — | $51.768M | +1.09% | -2.89% | |
| 1213 | AZverse - | — | $51.545M | +0.10% | +0.00% | |
| 1215 | Gate US GT | — | $51.499M | -1.93% | -2.21% | |
| 1219 | Starknet BTC Staking - | — | $50.436M | +0.64% | +1.35% | |
| 1228 | JupUSD JUP | — | $49.049M | -0.26% | +11.31% | |
| 1229 | Legion - | — | $48.978M | -0.02% | +7938.46% | |
| 1236 | BigONE - | — | $47.820M | +0.60% | +28.20% | |
| 1237 | Hemi Staking HEMI | — | $47.624M | +0.86% | +1.04% | |
| 1241 | StackingDAO - | — | $47.227M | +4.19% | +21.95% | |
| 1242 | Kinetiq kmHYPE KNTQ | — | $47.109M | +0.71% | -10.07% | |
| 1244 | Vault Bridge - | — | $46.931M | +0.65% | -2.89% | |
| 1245 | NEOPIN Staking NPT | — | $46.901M | -0.60% | +5.85% | |
| 1246 | Haedal Protocol HAEDAL | — | $46.765M | +5.50% | -2.22% | |
| 1247 | Ring Few - | — | $46.603M | +0.57% | +0.82% |
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.