The cryptocurrency used on UniSwap - the UNI token - reached a market cap that was twice that of THORChain's RUNE coin. Indeed, the main DeFi protocols focus on currency exchange rather than lending - with Uniswap's market cap being higher than most. This is in line with figures from a different source that try to compare the DeFi TVL across multiple segments and blockchains: The market size of both decentralized exchanges and lending platforms were much higher than, for example, decentralized insurance in 2022.
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Messari. (March 14, 2022). Market capitalization of the 25 biggest cryptocurrencies used in Decentralized Finance (DeFi) as of March 14, 2022 [Graph]. In ÌÇÐÄÆÆ½â°æ. Retrieved July 14, 2026, from /statistics/1296148/defi-market-cap-of-various-protocols/
Messari. "Market capitalization of the 25 biggest cryptocurrencies used in Decentralized Finance (DeFi) as of March 14, 2022." Chart. March 14, 2022. ÌÇÐÄÆÆ½â°æ. Accessed July 14, 2026. /statistics/1296148/defi-market-cap-of-various-protocols/
Messari. (2022). Market capitalization of the 25 biggest cryptocurrencies used in Decentralized Finance (DeFi) as of March 14, 2022. ÌÇÐÄÆÆ½â°æ. ÌÇÐÄÆÆ½â°æ Inc.. Accessed: July 14, 2026. /statistics/1296148/defi-market-cap-of-various-protocols/
Messari. "Market Capitalization of The 25 Biggest Cryptocurrencies Used in Decentralized Finance (Defi) as of March 14, 2022." ÌÇÐÄÆÆ½â°æ, ÌÇÐÄÆÆ½â°æ Inc., 14 Mar 2022, /statistics/1296148/defi-market-cap-of-various-protocols/
Messari, Market capitalization of the 25 biggest cryptocurrencies used in Decentralized Finance (DeFi) as of March 14, 2022 ÌÇÐÄÆÆ½â°æ, /statistics/1296148/defi-market-cap-of-various-protocols/ (last visited July 14, 2026)
Market capitalization of the 25 biggest cryptocurrencies used in Decentralized Finance (DeFi) as of March 14, 2022 [Graph], Messari, March 14, 2022. [Online]. Available: /statistics/1296148/defi-market-cap-of-various-protocols/