The total value locked (TVL) across Ethereum-based decentralized finance (DeFi) protocols has surged 57% since April, rebounding to $137 billion from an April low of $87 billion. This recovery aligns with a broader cryptocurrency market rally and reflects renewed institutional interest in DeFi ecosystems.
Ethereum continues to dominate the sector with approximately 60% of the total TVL ($80 billion). Other notable contributors include Solana, Tron, and Binance Smart Chain, which individually hold between $5 billion and $9 billion in locked value. The resurgence has been partly fueled by key protocols such as lending platform Aave, which recently surpassed $50 billion in cumulative deposits, alongside staking solution Lido and restaking innovator EigenLayer.
Despite the significant rebound, the current DeFi TVL remains nearly 30% below its all-time peak of $177 billion recorded in November 2021. Analysts highlight a persistent correlation between Ethereum’s price performance and DeFi TVL metrics, with both currently trading approximately 30% below their historic highs.