The market size of decentralized finance market size declined to less than ** billion U.S. dollars come April 2023. This is a significant change from 2021, when the size of the decentralized finance market reached heights it had not reached before. The DeFi market was especially impacted by the crash for Terra (LUNA) and its stablecoin TerraUSD (UST) in May 2022 - with uncertainty still being present in June 2022 when coins such as USDD lost their peg to the U.S. dollar. Moreover, a declining crypto market also impacts DeFi. As Ethereum is the main blockchain powering transactions for decentralized finance, price developments of this particular cryptocurrency can have a big impact. As of September 05, 2025, the market size has increased significantly to approximately * billion U.S. dollars.
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DefiLlama. (October 7, 2025). TVL (total value locked) across multiple Decentralized Finance (DeFi) blockchains from April 2018 to October 7, 2025 (in billion U.S. dollars) [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved July 14, 2026, from /statistics/1272181/defi-tvl-in-multiple-blockchains/
DefiLlama. "TVL (total value locked) across multiple Decentralized Finance (DeFi) blockchains from April 2018 to October 7, 2025 (in billion U.S. dollars)." Chart. October 7, 2025. ÌÇÐÄÆƽâ°æ. Accessed July 14, 2026. /statistics/1272181/defi-tvl-in-multiple-blockchains/
DefiLlama. (2025). TVL (total value locked) across multiple Decentralized Finance (DeFi) blockchains from April 2018 to October 7, 2025 (in billion U.S. dollars). ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: July 14, 2026. /statistics/1272181/defi-tvl-in-multiple-blockchains/
DefiLlama. "Tvl (Total Value Locked) across Multiple Decentralized Finance (Defi) Blockchains from April 2018 to October 7, 2025 (in Billion U.S. Dollars)." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 7 Oct 2025, /statistics/1272181/defi-tvl-in-multiple-blockchains/
DefiLlama, TVL (total value locked) across multiple Decentralized Finance (DeFi) blockchains from April 2018 to October 7, 2025 (in billion U.S. dollars) ÌÇÐÄÆƽâ°æ, /statistics/1272181/defi-tvl-in-multiple-blockchains/ (last visited July 14, 2026)
TVL (total value locked) across multiple Decentralized Finance (DeFi) blockchains from April 2018 to October 7, 2025 (in billion U.S. dollars) [Graph], DefiLlama, October 7, 2025. [Online]. Available: /statistics/1272181/defi-tvl-in-multiple-blockchains/
