The Defi market returned at the beginning of July, with the total value locked (TVL) that rose to $ 116,416 billion, a level that was last seen in April. The 24-hour increase of 4.95% reflects the rising crypto-asset prices and renewed deposit flows in loan protocols, repairing services and revenue primitives.
While Ethereum and Solana continue to absorb the most defi-capital, Herstak-conducted protocols such as Owlayer and Ether.fi have positioned themselves positioned as structural pillars of liquidity in the chain.
At the top of the Defi -Leaderboard, Aave has re -confirmed its position as the dominant money market with $ 25,871 billion in locked value over 18 chains. The increase in 2.62% of the 2.62% platform reflects the preference of users for maturity, scale and liquidity depth, especially during periods of rising ETH-leen costs. Aave now has more than 22% of the TVL in Defi and exceeds Lido and other repairing alternatives.
Lending originated as one of the most stable categories in Defi, reinforced by protocols such as Morpho, which achieved a monthly profit of 25.35%. The Traction of Morpho is closely linked to its hybrid peer-to-peer credit structure and increased collateral caps, in particular for Steth. The rapid climb up to $ 4,498 billion in TVL place it just outside the top 10 and firmly above Legacy competitors such as JustLend and Pendle.
In the meantime, Pendle, which makes Tokenized Fixed-Yield strategies possible, registered a monthly increase from 11.71% to $ 4.822 billion. The continuous appetite for principal and yield copy separation, especially in a market with few new credit primitives, shows the ongoing demand for yield security, even if the duration of the duration remains.
| # | Protocol | TVL | 1M change | MCAP/TVL |
|---|---|---|---|---|
| 1 | Aave | $ 25,871b | +2.62% | 0.16 |
| 2 | Lido | $ 23,614b | +0.80% | 0.03 |
| 3 | Industrial | $ 12,145b | +7.41% | 0.03 |
| 4 | Binance Stusted ETH | $ 7,186b | +14.16% | – |
| 5 | ether.fi | $ 6.72 billion | +0.11% | 0.06 |
| 6 | Spark | $ 6,353b | +5.30% | 0.01 |
| 7 | Ethena | $ 5,464b | -5.74% | 0.32 |
| 8 | Air | $ 5,368b | +1.90% | 0.33 |
| 9 | Uniiswap | $ 5,021b | +1.56% | 0.92 |
| 10 | Babylon -Protocol | $ 4,879b | +0.32% | 0.02 |
| 11 | Shuttle | $ 4,822b | +11.71% | 0.12 |
| 12 | Morpho | $ 4,498b | +25.35% | – |
| 13 | Just -lend | $ 3,722b | +9.88% | 0.09 |
| 14 | Veda | $ 3.58 billion | +35.86% | – |
| 15 | BlackRock Puidl | $ 2,832b | – 2.32% | 1.01 |
The Ethereum-Native Ecosystem Refined remains one of the few areas in Defi that draws fresh capital. Owlayer, with $ 12,145 billion in TVL, saw an increase of 7.41%last month, despite closing parts of his points program. This increase shows its growing role as a collateral from the Foundation for Actively validated services (AVSS) and shared security mechanisms.
Another player in the repairing niche, Ether.fi, maintained his position by $ 6.72 billion, although the growth of 0.11% in the past month indicates a plateau after the rapid accumulation that is seen in the second quarter. Combined, Eigenlayer and Ether.fi now check more than $ 18.8 billion, accounting for more than 16% of all Defi -capital, where the entire TVL from Lido and Tron competes for the entire Defi pile.
A remarkable bucket is Ethena, where a decrease of 5.74% in TVL was purchased to $ 5,464 billion. The drawdown probably reflects the repayments of Susde and decreasing short -term enthusiasm for synthetic dollar revenues after months of explosive growth. With MCAP/TVL now at 0.32, Ethena still has a premium appreciation, but the market seems to be cycling some capital in more sustainable yield locations.
The performance of BlackRock’s buzzl token, although 2.32% during the month, is a perfect example of the role that Real-World assets (RWAS) play in anchoring capital during volatile periods. With a MCAP/TVL ratio of 1.01, the fund remains fully supported by Tokenized Treasury Bills and shows little deviation in both directions. Buidl’s $ 2.832 billion in TVL makes it the fifteenth largest protocol in Defi and the largest tokenized RWA instrument so far.
The marginal drawdown reflects the recent weakness in the Treasury prices, instead of protocol issues. With proceeds that climb again at the front of the curve, the question remains whether the question of tokenized RWA’s capital rotation can surpass in instruments with a higher yield.
Last week the convergence of spot and perpetual Dex volumes, which landed $ 13,653 billion and $ 13.084 billion respectively respectively. This parity is unusual, because eternal markets usually exceed a large margin and can indicate a healthy shift to hedging activity or organic demand for basic layers of assets.
In previous periods of market euphoria, eternal volumes are often disproportionately inflated, driven by speculation with leverage. The current ratio suggests more disciplined capital deployment, which could reflect the influence of larger players and more risky strategies that dominate Dex activities.
Ethereum continues to dominate Defi TVL with $ 65.035 billion, which represents more than 55% of the total locked value. The 1-day (+6.42%) and 7-day (+6.21%) changes show strong and consistent inflow that is driven by activation rating and deposit migration back to L1-Kluizen.
Solana now recommends $ 8.768 billion in Defi TVL, an increase of 5.67% 7-day. The chain continues to benefit from a revival of institutional and retail interest, probably supported by recent approvals from SOL ETF in Canada and the growing NFT activity. With various best performing DEXs and yield farms, Solana has grown its share to 7.5%, the highest since Q1 2024.
Other networks, such as base (+5.40% daily) and SUI (daily+9.77%), booked competitive one -day profits, hint to new capital instead of just price effects. Although these incoming are still modest in dollar terms, they mark a directive signal that Laag-2s and Alt-L1s start to claw the back of the back, especially because Ethereum costs remain increased.
Stablecoins continue to serve as the latent fuel of Defi. For $ 254.598 billion, the total market capitalization of Stablecoins is more than double the value that is locked in Defi protocols. This 2.19x ratio suggests considerably dry powder that is waiting for recovering, especially if there are attractive and new structured products arise. It also offers a buffer against forced liquidations in the event of sudden volatility, because more capital in PegelActiva is standing still than in active revenue strategies.
The first week of July has painted a picture of renewed power for Defi, especially in nuclear loans and repeat segments. With a stablecoin surplus, ripening yield primitives and clear user rotation back in blue-chip protocols, Defi seems to enter the second half of 2025 with a stronger foot than at any time this year.
The Defi TVL post breaks above $ 116b while Lending Roars Back first appeared on CryptoSlate.
