The biggest Decentralized Finance protocols in terms of TVL - how much crypto is deposited in the system - were MakerDAO and Compound. Protocols are autonomous programs based on a set of rules and smart contracts that enable the exchange of financial services among users - including stablecoins. Dai (DAI), for example, is the stablecoin of the MakerDAO protocol. Protocols can also include financial applications: Curve (CVR), for example, is a decentralized protocol aimed at crypto borrowing. The overall DeFi market size reached *** billion U.S. dollars as of November 2021.
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DefiLlama. (August 12, 2025). Largest protocols in terms of total value locked (TVL) across multiple blockchains as of August 12, 2025 (in billion U.S. dollars) [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved July 16, 2026, from /statistics/1276148/defi-leading-protocols-across-multiple-blockchains/
DefiLlama. "Largest protocols in terms of total value locked (TVL) across multiple blockchains as of August 12, 2025 (in billion U.S. dollars)." Chart. August 12, 2025. ÌÇÐÄÆƽâ°æ. Accessed July 16, 2026. /statistics/1276148/defi-leading-protocols-across-multiple-blockchains/
DefiLlama. (2025). Largest protocols in terms of total value locked (TVL) across multiple blockchains as of August 12, 2025 (in billion U.S. dollars). ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: July 16, 2026. /statistics/1276148/defi-leading-protocols-across-multiple-blockchains/
DefiLlama. "Largest Protocols in Terms of Total Value Locked (Tvl) across Multiple Blockchains as of August 12, 2025 (in Billion U.S. Dollars)." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 12 Aug 2025, /statistics/1276148/defi-leading-protocols-across-multiple-blockchains/
DefiLlama, Largest protocols in terms of total value locked (TVL) across multiple blockchains as of August 12, 2025 (in billion U.S. dollars) ÌÇÐÄÆƽâ°æ, /statistics/1276148/defi-leading-protocols-across-multiple-blockchains/ (last visited July 16, 2026)
Largest protocols in terms of total value locked (TVL) across multiple blockchains as of August 12, 2025 (in billion U.S. dollars) [Graph], DefiLlama, August 12, 2025. [Online]. Available: /statistics/1276148/defi-leading-protocols-across-multiple-blockchains/
