Renewed Momentum in DeFi Market
The decentralized finance (DeFi) market is experiencing renewed momentum, with the total value locked (TVL) reaching $543.96 billion, a 2.7% increase over the past 30 days. This surge indicates a growing appetite for liquidity and trust in stablecoins, lending protocols, and staking platforms, although not all major players have seen growth.
Top 5 Companies & DAOs Based on TVL:
- @Tether_to: $175.7B
- @circle: $73.1B
- @aave: $67.7B
- @LidoFinance: $38.4B
- @eigenlayer: $19.8B
— Token Terminal 📊 (@tokenterminal) September 21, 2025
According to recent data, Tether ($USDT) remains the market leader with $175.7 billion in TVL, marking a 3.9% increase over the last month. Circle, issuer of USD Coin ($USDC), has climbed to $73.1 billion, showing a 9.9% growth. Together, these two stablecoin giants account for about half of the DeFi market’s locked value, highlighting the pivotal role of stable assets in the ecosystem.
$AAVE Holds Strong at $67.7B; Lido and EigenLayer See TVL Drops
Aave ($AAVE), a major lending protocol, maintains $67.7 billion but has experienced a modest decrease of 1.5%. Meanwhile, Lido Finance ($LDO), leading in liquid staking, faced a significant decline, with TVL dropping 9.6% to $38.4 billion. Furthermore, EigenLayer, a popular restaking protocol, saw its TVL fall 12.1% to $19.8 billion.
TVL Fluctuations Reflect DeFi’s Evolving Role in Liquidity and Yield Generation
The varied performances highlight a changing landscape within DeFi; however, stablecoins and lending remain robust, while staking platforms are experiencing withdrawals amid market volatility. As TVL approaches the $550 billion milestone, DeFi continues to solidify its position in the broader crypto economy as a cornerstone for liquidity, yield generation, and decentralized financial services.
The report from the past 30 days reveals fluctuations in the valuations of these stablecoins. Only Tether and Circle have shown positive responses, while Aave ($AAVE), Lido Finance ($LDO), and EigenLayer ($EIGEN) have declined, with $EIGEN leading at 12.1% downward shift.
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