DeFi TVL Crosses $100 Billion for First Time in 2025 as Protocol Revenues Surge
Total value locked in DeFi protocols has surpassed $100 billion for the first time this year, driven by rising asset prices and significant growth in real-world asset tokenization protocols.
Total value locked (TVL) in decentralized finance protocols has surpassed $100 billion for the first time in 2025, according to data from DeFiLlama. The milestone was reached Tuesday as a combination of rising underlying asset values and genuine capital inflows pushed the metric to new highs.
Real-world asset (RWA) tokenization protocols have been a significant driver of growth, with platforms like Ondo Finance and Maple Finance seeing TVL growth of over 200% in the past quarter. These protocols offer tokenized Treasury bonds and corporate debt, attracting institutional capital seeking yield on-chain.
Ethereum remains the dominant DeFi chain with approximately 58% of total TVL, though its share has declined from 72% a year ago as competing chains including Solana and Base have gained ground.