Track the most important DeFi markets in one place. Explore staking and lending data, understand arbitrage opportunities after costs, and prepare systematic strategies with clear risk controls.
Figures are research estimates and not financial advice. Always verify current prices, liquidity, protocol terms and smart-contract risk before taking action.
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DeFi returns are variable. Smart-contract bugs, oracle failures, liquidation, depeg, bridge, MEV and exchange risks can produce permanent losses.
One curve tells most of the story — but the same dollar peak in 2021 and 2025 hides a total turnover in what was underneath it.
Ethereum has always anchored DeFi — ~96% of TVL in 2020, ~53% today — but the rest of the field is now a bunched, specialized middle: BSC for DEX flow, Tron for stablecoin settlement, Solana for trading, Base for consumer apps, and Bitcoin DeFi as a 2024 newcomer.
The clearest structural change in DeFi: the application mix. Lending and liquid staking now dwarf DEX TVL, and RWA went from nothing to a top-5 category.
DEX spot volume hit a record ~$4.9T in 2025, and the DEX-to-CEX spot ratio more than tripled in five years — peaking at 37.4% in Jun-2025. On-chain trading is no longer a niche.
Aave is the entrenched incumbent (~60% of active borrows, ~36–42% of lending-category TVL), peaking at $45.8B TVL in Oct-2025. The growth story is modular: Morpho went 0 → top-3 in two years.
The quiet giant of the cycle: total supply reached an all-time high of ~$321B (May-2026) and ~$313B today. A USDT/USDC duopoly holds ~83% — but in 2024 stablecoin transfer volume (~$18.4T adjusted) exceeded Visa and Mastercard.
On-chain perps went from a rounding error to a multi-trillion-dollar market: ~$6.4–7.9T in 2025, with monthly volume first crossing $1T in Oct-2025. One protocol — Hyperliquid — did most of it.
Liquid staking is DeFi's biggest category; restaking was its most dramatic boom-and-bust. Much of the USD swing is ETH price — the count of staked ETH kept rising to ~33% of supply.
Compare price differences across DEXs, stablecoin pools and lending markets. This is a strategy dashboard, not an automatic profit promise.
Monitor the same token on multiple decentralized exchanges and estimate gas, slippage and net spread.
Data connection pendingTrack temporary USDC/USDT/DAI price deviations and pool liquidity before considering any trade.
High riskCompare lending and borrowing rates across protocols. Always include liquidation and bridge risk.
Manual analysisBuild and review crypto strategies using signals, backtests and risk limits. Live execution can be connected later through an exchange API.
Evaluate a rule on historical prices, including fees and slippage assumptions.
Create watchlists for momentum, moving averages, funding rates and volatility.
Set position size, maximum drawdown, stop-loss and daily loss limits before execution.
The institutional gateway. Tokenized RWAs (ex-stablecoins) grew from ~$5B (2022) to ~$32.6B today, led by tokenized US Treasuries and private credit — and led increasingly by TradFi names (BlackRock, Franklin, Circle) over DeFi-native originators.
Yield leadership turned over completely — from auto-compounders to yield-tokenization. Bridges pivoted from custody-heavy lock-and-mint (and a 2022 hack crisis) to messaging + intents.
DeFi fees hit a record $27.2B in 2025 ($14.6B kept as protocol revenue). User counts look enormous but need care — addresses are not people.
2025 set a record for total crypto theft (~$3.4B) — but almost entirely because of the single ~$1.5B Bybit hack. DeFi-protocol losses specifically have fallen as on-chain security matured.
Who leads each vertical now — and how leadership shifted across the cycles.
The macro/regulatory backdrop drove the cycle as much as code did — from Fed tightening and the Tornado Cash sanctions to MiCA, ETF approvals, and the 2025 US policy reversal that delivered the GENIUS stablecoin law.
Across 20+ major and regional flagship conferences in the last 12 months, four themes dominated every stage: stablecoins, RWA/tokenization, institutional DeFi, and AI agents (DeFAI). The recurring phrase: "less degen, more boardroom."
All 50 research datasets behind this page, grouped and individually downloadable — each is the raw JSON our multi-agent fact-check ran against. Below them: the data providers cited across the datasets. Every chart and KPI above also links its own sources inline.
This page was compiled from a multi-agent deep-research run (98 agents, ~2.7M tokens) that fanned out across the open web, extracted falsifiable claims with source URLs and as-of dates, and adversarially fact-checked the load-bearing numbers (3-vote verification). Each topic's findings are saved as JSON in data/raw/; the cleaned chart series live in data/defi_data.js.
Downloadable: timeseries_long.csv (all numeric series, tidy format) · conferences.csv · defi_data.js
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