Largest DeFi Protocols by TVL (2026)

Decentralized finance protocols continue to attract billions in user deposits. This list ranks the largest DeFi protocols by total value locked (TVL), representing the total assets deposited across their smart contracts. As of July 2026, Lido leads with $16.7 billion locked, followed by Aave at $13.7 billion. The top 10 protocols collectively hold about $73 billion in TVL, highlighting the dominant sectors of liquid staking, lending, and stablecoins.

The ranking is based on current TVL figures from major data aggregators. While TVL is a key metric, it does not capture fees, revenue, or user activity. The list reflects protocol scale across multiple blockchains, with multi-chain protocols like Aave (9 chains) and Pendle (8 chains) showing broad adoption. Sky and MakerDAO are counted as a single entry — Sky (formerly MakerDAO) — since Sky is Maker's Endgame rebrand.

1. #1 Lido $16.4B LST · 1 chains

   Largest liquid staking protocol. stETH represents staked ETH and accrues rewards via rebases; wstETH is the wrapped non-rebasing version used widely across DeFi.

2. #2 Aave $13.6B Lending · 9 chains

   Decentralized non-custodial lending protocol. v3 introduced cross-chain liquidity and isolation modes. v4 added unified liquidity hub. GHO is the protocol's overcollateralized stablecoin.

3. #3 Morpho $7.1B Lending · 2 chains

   Permissionless lending primitive. Morpho Blue allows isolated markets with custom oracles and IRMs; MetaMorpho vaults aggregate markets via curators for end users.

4. #4 Hyperliquid $6.3B Derivatives · 1 chains

   Fully on-chain perpetuals DEX with a CLOB on its own L1. Dominant decentralized perps platform by volume — roughly 70% of DEX perps volume as of mid-2026; HLP vault provides liquidity for retail flow.

5. #5 Spark $6.2B Lending · 3 chains

   Lending market within the Sky (MakerDAO) ecosystem, forked from Aave v3. SparkLend offers DAI/USDS at predictable rates set by Sky governance; Spark Liquidity Layer routes capital.

6. #6 Sky (formerly MakerDAO) $6.1B Stablecoin · 4 chains

   Maker's Endgame rebrand and issuer of DAI, the original decentralized overcollateralized stablecoin. USDS is the upgraded stablecoin (1:1 with DAI); SKY replaces MKR. Sky Savings Rate (SSR) and Sky Stars subDAOs structure the new ecosystem.

7. #7 EigenLayer $4.8B Restaking · 1 chains

   Pioneer restaking protocol, rebranded EigenCloud in 2025. Lets ETH and LST holders restake to secure Actively Validated Services (AVSs) such as EigenDA, bridges, and oracles in exchange for rewards.

8. #8 Ethena $4.6B Stablecoin · 6 chains

   Issuer of USDe synthetic dollar via delta-neutral ETH/BTC perp shorts on CEXs. sUSDe captures the funding-rate yield. USDtb (BUIDL-backed) and Converge L1 expand the stack.

9. #9 Ondo Finance $3.5B RWA · 7 chains

   Tokenized RWA leader. OUSG (BlackRock BUIDL-backed treasuries) and USDY (yield-bearing dollar) are flagship products. Ondo Global Markets brings tokenized US equities and bonds.

10. #10 ether.fi $3.4B LRT · 5 chains

    Largest liquid restaking protocol. eETH/weETH are non-custodial restaked positions on EigenLayer. Adds Cash card, Liquid vaults, and a payments stack on top of restaking.

11. #11 Jupiter $2.1B DEX Aggregator · 1 chains

    Dominant Solana swap aggregator and trading venue. Provides spot aggregation, perps (Jupiter Perps using JLP), DCA/limit orders, and the Jupiter Studio launchpad.

12. #12 PancakeSwap $2.0B DEX · 8 chains

    Largest DEX on BNB Chain. Offers v2 AMM, v3 concentrated liquidity, perps (powered by ApolloX/Orderly), prediction markets, and IFOs. CAKE token is veCAKE-style.

13. #13 Uniswap v3 $1.5B DEX · 9 chains

    Concentrated-liquidity AMM that lets LPs allocate liquidity to custom price ranges. Multiple fee tiers; the dominant DEX by volume across many chains since 2021.

14. #14 Curve $1.4B DEX · 8 chains

    Stableswap and crypto-pool AMM specialized in low-slippage swaps between pegged and correlated assets. Vote-escrow CRV (veCRV) drives gauge emissions and bribes ecosystem.

15. #15 Compound $1.2B Lending · 5 chains

    Pioneer money market protocol introduced in 2018. v3 (Comet) uses single-borrow-asset markets with multiple collaterals to reduce risk and improve capital efficiency.

16. #16 Kamino Finance $1.1B Lending · 1 chains

    Solana lending and liquidity automation protocol. Kamino Lend offers isolated and main markets; Kamino Liquidity automates concentrated LP positions on Orca/Raydium.

17. #17 Pendle Finance $1.0B Yield · 8 chains

    Yield-trading protocol that splits yield-bearing assets into Principal Tokens (PT) and Yield Tokens (YT). Major venue for trading LST/LRT/Ethena yields and points/airdrop farming.

18. #18 Venus $1.0B Lending · 5 chains

    Largest lending market on BNB Chain with isolated pools and a native VAI overcollateralized stablecoin. Compound v2 fork extended with risk-isolated pools.

19. #19 Fluid $1.0B Lending · 4 chains

    Instadapp-built protocol unifying lending, DEX, and vaults via a shared Liquidity Layer. Smart Collateral and Smart Debt features improve capital efficiency on common pairs.

20. #20 Rocket Pool $0.9B LST · 1 chains

    Decentralized ETH staking with permissionless node operators (8 ETH minibonds). rETH is the protocol's non-rebasing LST. Strong focus on validator-set decentralization.

21. #21 Raydium $0.9B DEX · 1 chains

    Solana AMM with both constant-product and concentrated liquidity (CLMM) pools. Major venue for new token launches; deep integration with pump.fun and meme markets.

22. #22 Uniswap v4 $0.8B DEX · 6 chains

    Singleton-architecture AMM with hooks that let developers customize pool behavior (dynamic fees, on-chain limits, custom curves). Flash accounting reduces gas significantly.

23. #23 Aerodrome $0.3B DEX · 1 chains

    Base's flagship DEX and liquidity layer. Velodrome v2 fork using ve(3,3) tokenomics with veAERO emissions, bribes, and Slipstream concentrated-liquidity pools.

24. #24 Symbiotic $0.3B Restaking · 1 chains

    Permissionless restaking protocol. Supports any ERC-20 collateral (not just ETH/LSTs). Modular design lets networks fully customize slashing and rewards. Backed by Cyber Fund and Paradigm.