The largest DeFi protocols
Capital deposited in the eight largest protocols. Centralised exchanges are excluded, they are not DeFi.
Capital deposited in the eight largest protocols. Centralised exchanges are excluded, they are not DeFi.
- Lido$26B
- Aave V3$18.2B
- SSV Network$14B
- Morpho Blue$10.9B
- Binance staked ETH$9.9B
- EigenCloud$7B
- Sky Lending$5.8B
- SparkLend$5.7B
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How to read the chart
The chart shows the applications to which users entrust the most capital. Near the top there are usually liquid staking services, where staked coins receive a tradable receipt, and lending protocols, where users lend tokens or borrow against collateral.
The deposited capital is also a measure of risk: the more value a contract holds, the more attractive it is as a target for attacks. The large protocols are therefore usually audited several times, but that is no guarantee. The values come from DefiLlama and are fetched again every 30 minutes.
How this number is produced
The eight protocols with the largest deposited capital. Centralised exchanges, plain chains and bridges are excluded.
What it does not say
The exclusion is necessary because the raw list is otherwise led by exchange reserves: an exchange custodies customer funds, it is not a DeFi protocol. As with any TVL figure, the value also moves on price changes alone.
- Source
- DefiLlama
- Update interval
- 30 min
- CC BY 4.0
- CC BY 4.0
Frequently asked questions
Which DeFi protocol is the largest?
Measured by deposited capital, liquid staking services such as Lido and lending protocols such as Aave have led the ranking for some time. The chart shows the current order. Because the capital is counted in dollars, the ranking also shifts when only the prices of the deposited tokens move.
Why are centralised exchanges and bridges missing from the ranking?
Centralised exchanges hold customer funds under their own responsibility, which is not decentralised finance. Bridges only hold tokens to move them to another chain, and chains themselves are not applications. Without this filter, exchange reserves would top the list.
Is a large DeFi protocol automatically safe?
No. Size suggests that many users trust the protocol and that its code has usually been audited thoroughly. It does not rule out bugs, attacks and losses, large protocols have lost money too. Anyone depositing capital should know the risks of the protocol in question.
If you want to buy or sell based on these numbers, you can compare the fees and regulation of providers here: Crypto exchanges compared