Decentralized Finance (Defi) TVL has risen to $ 160.985 billion, after the $ 177,421 billion peak from November 2021, according to Defillama.com.
Defi TVL eyes are high all time
Defillama shows that the total value locked (TVL) has fallen 1.17% in the last 24 hours, but the stack has not looked so strong since the last cycle. Stablecoins are on a market capitalization of $ 292.626 billion, with $ 16.005 billion in 24-hour decentralized Exchange (DEX) volume and $ 22.74 billion through perpetuals monster fuel when traders get the gas.
At the protocol level, Aave leads with $ 42.848 billion in loan collateral after a daily lift of 1.26% and a profit of 15.98% during the month. Lido is in second place at $ 38,335 billion in liquid, softer in the day (-1.20%) and week (-5.79%) BUt slightly higher on the month (+1.56%). Owlayer owns $ 19.016 billion in repetition, which means that 1.23% in the day and 4.85% are relaxed during the week while the re-burden companies catch their breath.
Top 12 Defi protocols by TVL on September 20, 2025, according to Defillama.com statistics.
Binance set $ 15.752 billion in liquid, green in the day (+2.12%) and month (+15.41%). Ethena clocks $ 14.222 billion with a modest daily increase (+0.49%), an increase of 5.10% on the week and 19.91% for 30 days. The revenue location of Pendle is $ 13.319 billion, almost close to the day (-0.39%) but 35.17% on the monthly traders look hydrated.
Completion of the top tens: Ether.fi at $ 11.094 billion (0.72% decrease per day, from 7.31% weekly); Spark with $ 8.934 billion (even in the day, +6.24% weekly, +19.27% monthly); Morpho -Loans on $ 8.281 billion (a decrease of 0.68% day, -1.41% week, +26.30% month); Babylon Protocol Resting at $ 6.821 billion (flat day, +1.23% week, +21.27% month); Sky for $ 6.136 billion ( +1.01% day, -2.16% week, +0.29% month); and Uniswap, the Dex flagship, at $ 5.885 billion (-1.43% day, -4.96% week).
The mix spells the pecking order of this cycle: borrowing the crown, liquid deployment throws its weight, despite softer weekly prints, and repeating the capital continues to attract in the long term. In the meantime, the proceeds are playing Pendle and Credit Starts Morpho and Spark Nibble market share, while established operators monitor canals.
If TVL closes the remaining gap to the old high of $ 177,421 billion, expects a quieter victory round than 2021. Money is more distributed, sanitary stronger and builders pretend to have deadlines. Call it a glow-up: fewer fireworks, better foundations. At the time of the press, Defi’s TVL is round $ 16,436 billion away from the peak of November 2021.
