DeFi Total Value Locked Reaches All-Time High of $120 Billion

The decentralized finance sector has reached a new milestone, with total value locked (TVL) across all protocols surpassing $120 billion for the first time since the 2021 bull market. Data from DefiLlama shows that lending protocols, decentralized exchanges, and yield aggregators have all seen significant inflows over the past month.

Lido remains the largest protocol by TVL with over $35 billion in staked assets, followed by Aave with $18 billion and EigenLayer with $15 billion. The resurgence has been driven by a combination of rising token prices, new protocol launches, and improved user experiences.

“DeFi is maturing,” said Rune Christensen, founder of MakerDAO. “The protocols that survived the bear market are stronger, more secure, and better capitalized than ever before. We’re seeing real product-market fit across lending, derivatives, and stablecoins.”