DeFi capital by chain
Capital deposited in DeFi protocols on the ten largest chains, measured as total value locked.
Capital deposited in DeFi protocols on the ten largest chains, measured as total value locked.
- Ethereum$53.3B
- Solana$6.4B
- Base$6.1B
- BSC$5.8B
- Tron$5.6B
- Bitcoin$4.5B
- Arbitrum$1.4B
- Hyperliquid L1$1.3B
- Monad$1B
- Robinhood Chain$997.2M
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How to read the chart
Total value locked, TVL for short, is the value of all tokens that users have deposited in applications on a blockchain: in lending protocols, decentralised exchanges and similar contracts. The ranking of chains shows where decentralised finance is actually used, not just which chain has the highest coin price.
Because the value is counted in dollars, it rises in a rising market even without new deposits. For a fair comparison over time it is worth checking whether a chain is gaining share against the others. The values come from DefiLlama and are fetched again every 30 minutes.
How this number is produced
Capital deposited in DeFi protocols across the ten largest chains, measured as total value locked in US dollars. Source is DefiLlama.
What it does not say
The figure is denominated in dollars and therefore moves when the prices of the deposited tokens change, even if nobody deposits or withdraws anything. Double counting across nested protocols is possible.
- Source
- DefiLlama
- Update interval
- 30 min
- CC BY 4.0
- CC BY 4.0
Frequently asked questions
What does total value locked (TVL) mean?
The dollar value of all tokens deposited in DeFi applications, for example as collateral for loans or as liquidity for decentralised exchanges. It shows how much capital users entrust to a chain and its applications. It is calculated from the holdings of the contracts and the current prices of the tokens.
How does TVL differ from market capitalisation?
Market capitalisation values all coins of a chain, TVL only the part of the capital that is deposited in DeFi applications. A chain can have a high coin price and still little DeFi capital if its users mostly hold or trade their coins.
Can TVL be counted twice?
Yes. Anyone who deposits tokens in one protocol and uses the receipt in a second protocol can appear twice. DefiLlama removes known cases, but not every nesting can be detected. TVL is therefore better suited to comparisons over time than to an exact total.
If you want to buy or sell based on these numbers, you can compare the fees and regulation of providers here: Crypto exchanges compared