Decentralized Finance (Defi) Total value locked (TVL) has so far increased by 41% in the third quarter of 2025 and surpassed for the first time since May 2022 $ 160 billion.
Defi TVL
Ethereum and Solana, seen as important indicators for Defi activity, led growth. The Ethereum TV today rose by 50% $ 54 billion in July to $ 96.5 billion, while Solana rose by around 30%, from $ 10 billion to $ 13 billion in the same period, according to Defillama.
The growth of the wider Defi eco system reflects an increased activity in the trade with loans, borrowing and decentralized exchange (DEX). Moreover, there has been a renewed investor’s interest after the clarity of the regulations of American agencies and optimism about macro -economic trends.
In mid-July, the American House of Representatives approved the Digital Asset-Focused Clarity Act, the Anti-CBDC Surveillance State Act and the Stablecoin-oriented Genius Act. The Genius Act was then signed by President Donald Trump on July 18 by President Donald Trump.
At the protocol level, Aave, the largest Defi -leen protocol with more than $ 41 billion in TVL, has grown nearly 58% since July. Liquid strike Platform Lido, in second place arranged by almost $ 39 billion, rose by 77% in the same period. Owlayer, a repeated protocol that is third by more than $ 20 billion in TVL, climbed more than 66%, fed by the recent Rally of ETH.
“The biggest winners are the protocols that deliver decentralized products in a responsible manner; Aave, Eigenlayer and Lido have taken the biggest slab, and for a good reason – they are established and real,” Mike Maloney, CEO and founder of Incyt, told The Defiant.
ETH reached a new highlight of $ 4,904 On 24 August-it has currently risen 82% since the beginning of July. In the meantime, Bitcoin (BTC) reached a record high of $ 124.128 on August 14, an increase of 18% since July.
Doug Colkitt, initial contribution to Fogo, The Defiant said that the increase in Defi TVL is not a big mystery, but instead two forces bump into: “Crypto prices cracks higher and return-hungry capital finally turns back to the chain.”
He explained that when BTC and ETH Rally “colland values balloon, and suddenly the TVL card of each protocol looks like it is on steroids.”
However, Colkitt explained that this cycle is different: “TVL is not just hot money that ponzis pursues,” he said. “Real products such as RWAS, LSTs and Perps retreat sticky capital in Defi. That is a structural shift, not just a sugar high. If TVL is the scoreboard, then Q3 Defi’s shows in the game.”
This last wave builds on a strong momentum of Q2, when TVL in Defi climbed from $ 86 billion in April to more than $ 126 billion by mid-July-one increase of more than 46% in just three months.
