Learn about the top 10 DeFi protocols by TVL and how they are redefining the future of blockchain finance.
Decentralized Finance (DeFi) protocols have revolutionized the financial landscape by enabling the creation of diverse services without the need for traditional intermediaries.
As the DeFi ecosystem has evolved, it has become crucial to assess its success through metrics such as Total Value Locked (TVL), which measures the total amount of assets deposited in each of the protocols that make up this digital ecosystem. This metric indicates the popularity and trust in a protocol and reflects its ability to attract and maintain capital, according to experts.
The decentralized finance ecosystem continues to grow at a rapid pace in 2025, with projects surpassing billions of dollars in TVL. These protocols are not only democratizing access to financial services, but are also driving innovations such as decentralized lending, middleman-less exchanges, and crypto investment opportunities.
In this article, we explore the 10 most capitalized DeFi protocols by TVL to date, analyzing how they are transforming finance and what makes them the undisputed leaders of this revolution.
DeFi protocols with the highest TVL in 2025
Lido: Liquid Staking to Maximize Returns
Lido has established itself as the leading protocol in the DeFi space, standing out for its innovative approach that allows users to maximize their returns without sacrificing the liquidity of their assets. In other words, Lido allows users to participate in the validation of networks like Ethereum without losing the liquidity of their assets. In this way, users receive stETH tokens, which they can use in other DeFi applications while earning staking returns.
With a total value locked (TVL) greater than $ 31.690 million dollarsLido has quickly attracted a broad base of investors looking for profitable opportunities in the market.
Source: DeFi Llama
Lido’s model has revolutionized participation in the DeFi ecosystem by allowing for maximizing returns while maintaining liquidity. With an active community and a commitment to continuous improvement, Lido is well positioned to continue leading the industry and adapt to changing market needs.
Aave: Flexible decentralized lending
Aave is positioned as the second most capitalized protocol in the DeFi space with a total of $ 20.380 million dollars in TVL today. This value highlights its relevance and popularity in the decentralized finance ecosystem. To date, Aave has managed to attract a wide user base, who use the platform to access cryptocurrency loans without the need for intermediaries.
Its impressive growth is due to its innovative features, such as instant loans and its community-driven governance system, which allow users to actively participate in the protocol's decision-making.
Source: DeFi Llama
Aave’s success can be attributed to its ability to offer flexible and efficient financial solutions, as users can choose between fixed or variable interest rates, adapting their financial strategies to market conditions. Additionally, the implementation of flash loans has allowed traders to execute complex trades without the need for collateral, expanding opportunities within the DeFi ecosystem.
EigenLayer: Shared security for blockchain networks
EigenLayer has emerged as a prominent protocol within the decentralized finance ecosystem, achieving a remarkable total value locked (TVL) of over $ 14.300 million dollarsThis significant growth has positioned EigenLayer as the third largest protocol in DeFi, behind Lido and Aave.
Its innovative approach to shared security has quickly positioned EigenLayer in the blockchain ecosystem. This protocol allows users to redirect their staked ETH to secure other blockchain networks, maximizing the utility of their assets and fostering interoperability in the digital ecosystem.
Source: DeFi Llama
Ether.fi: Non-Custodial Liquid Staking
Although relatively new, Ether.fi has quickly captured attention by offering a unique community-focused experience and non-custodial liquid staking.
With this protocol, users can maintain control of their validation keys while earning liquid tokens (eETH) that they can use in other DeFi applications. Its focus on security and decentralization has attracted over 2,5 million ETH in deposits.
With a total value locked (TVL) of approximately $ 8.190 million dollarsEther.fi is positioning itself as one of the leading protocols in the DeFi space.
Uniswap: Decentralized exchanges without intermediaries
Uniswap is a decentralized exchange (DEX) protocol that has revolutionized cryptocurrency trading by allowing the exchange of a wide range of tokens without losing custody and without the need for intermediaries. It uses a system known as Automated Market Maker (AMM), where users provide liquidity through pools, eliminating the need for a traditional order book.
In terms of current value, Uniswap continues to be a relevant platform in the DeFi space, with a total value locked (TVL) exceeding $ 6.050 million dollarsThis TVL reflects the continued trust and interest in the protocol, despite market fluctuations. According to the data, although Uniswap’s TVL was far from its all-time high, this value has doubled since October 2024.
Source: DeFi Llama
Ethena: Tokenizing Performance with Stability
This protocol stands out for its innovative approach to yield tokenization, allowing users to maximize their returns through diversified strategies. In terms of current total value, Ethena has seen remarkable growth, reaching a TVL of approximately $ 5.880 million dollars.
This protocol allows users to earn annual returns of up to 30% by staking sUSDe, a token that combines stability and high profitability. Its risk management strategy has made it a popular choice among investors.
Source: DeFi Llama
JustLend: Loans and deposits on the TRON network
JustLend has established itself as a key player in the Tron network's DeFi ecosystem, reaching an impressive total value locked (TVL) of $ 5.780 million dollarsThis significant growth positions it as the seventh largest DeFi protocol in the decentralized space, reflecting the growing adoption and trust of users in its platform.
This protocol offers decentralized lending and deposits with support for assets such as TRX, USDT, and ETH. Its smart contract-based infrastructure ensures fast and secure transactions, which has made it easy to use and adopt.
Source: DeFi Llama
Maker: Stability and decentralized governance
The Maker Protocol, now called Sky ProtocolSky is one of the most prominent platforms in the field of decentralized finance (DeFi), operating on the Ethereum blockchain. Sky implements a governance model based on the MKR token, which allows its holders to perform decentralized and efficient management of the ecosystem.
Sky is also known for its DAI stablecoin, which is backed by cryptocurrency collateral.
The current value deposited in this protocol amounts to $ 5.440 million dollarsAlthough this value has dropped considerably in recent years, Sky still maintains remarkable stability in the use of its smart contracts.
Source: DeFi Llama
Babylon: Bitcoin Staking on PoS Networks
The Babylon protocol has emerged as an innovative staking system that allows Bitcoin (BTC) holders to participate in the security of Proof of Stake (PoS)-based blockchains without losing custody of their assets. This protocol uses a self-custodial staking model that ensures that users can maintain full control over their BTC while contributing to the security of other networks.
In terms of TVL, Babylon has ranked ninth in the DeFi ecosystem, proving to be a significant competitor to other established staking protocols. Currently the value deposited in its smart contracts is $ 5.380 million dollars.
Source: DeFi Llama
Thanks to its innovative approach, Babylon has attracted investors looking to maximize the utility of their BTC in the DeFi ecosystem.
Pendle: Tokenizing Future Returns
Pendle is an innovative protocol within the decentralized finance ecosystem that allows users to tokenize and trade future returns of income-generating assets. Through its Automated Market Maker (AMM) system, Pendle separates ownership of the underlying asset from its future performance, facilitating the creation of new financial instruments.
This decentralized protocol closes the list of this ranking with a TVL that amounts to $ 4.820 million dollars, at the time of writing this article.
Source: DeFi Llama
Decentralized finance continues to boom
The DeFi ecosystem continues to expand with a growing variety of protocols offering innovative and accessible financial solutions. Market capitalization as measured by TVL reflects market confidence and widespread adoption of these platforms.
From liquid staking to decentralized lending, these DeFi leaders are setting the course for the future of finance.
