DeFi Ecosystem Overview
DeFi TVL
Share of Global DeFi TVL
24h DEX Volume (12-month avg)
TVL vs. Next-Largest Ecosystem
Ethereum is the Platform for DeFi Primitives
Ethereum's battle-tested, always-on infrastructure secures the largest pool of digital assets and liquidity, powered by the most developers and the broadest blockchain ecosystem. Ethereum doesn't lock users into a single chain, fostering a unified, global ecosystem where innovation and liquidity compound.
- Open standards
Ethereum's shared EVM, token, and smart contract standards provide interoperability across the entire DeFi ecosystem
- Deep liquidity
Ethereum has the deepest DeFi liquidity of any blockchain, hosting a single, efficient, global marketplace for digital assets
- Composable primitives
Open-source building blocks and protocols act as 'money legos' that developers can combine to build sophisticated products
- Permissionless innovation
Anyone can build or access new DeFi instruments, unlocking a dynamic landscape of innovation without gatekeepers
- Onchain yield
Access familiar instruments, like T-bills and short-duration products
DeFi Powers Enterprise Innovation
Institutions build on Ethereum's open DeFi primitives to advance transparent, efficient, and accessible tools for a global financial system
2025
Société Générale
(opens in a new tab)Euro and dollar stablecoins integrated with Uniswap and Morpho, for institutional clients to swap, lend, and borrow onchain
2024
Visa
(opens in a new tab)Visa Tokenized Asset Platform (VTAP) launched for financial institutions to issue fiat-backed ERC-20 tokens on Ethereum
2023
Siemens
(opens in a new tab)€60M digital bond issued onchain, sold directly to investors without engaging central securities depositories
2022
Monetary Authority of Singapore & J.P. Morgan
(opens in a new tab)Live foreign exchange transaction executed via Aave on Polygon L2 mainnet
Ethereum's DeFi Ecosystem
A small selection of DeFi applications that run on Ethereum and its Layer 2 networks
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Decentralized Exchanges (DEXs)
Explore onchain platforms where users can trade tokens anytime, 24/7
1inch
A DEX aggregator that sources liquidity from across DEXs and networks to find the best possible swapping routes and rates.
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Aerodrome
A decentralized exchange on the Base L2 that combines an AMM with a governance and protocol reward model designed to align incentives.
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Balancer
A DeFi protocol that acts as an automated portfolio manager and liquidity provider, allowing users to create or invest in customizable liquidity pools.
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CoWSwap
A DEX aggregator built around frequent batch auctions to provide MEV protection, find optimal liquidity, and minimize fees, matching trades peer-to-peer and sending unfilled orders to underlying AMMs.
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Curve
A DEX and AMM focused on efficient trading for stablecoins and volatile tokens, using a unique AMM formula to minimize slippage for similarly-priced assets.
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Uniswap
A DEX protocol that enables permissionless peer-to-peer trading, through a smart contract-based AMM system that allows anyone to create custom pairs and supply liquidity.
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(opens in a new tab)Lending & Borrowing
Borrow against onchain collateral and earn yield for supplying liquidity, via smart contracts with programmable terms
Aave
A non-custodial protocol where users can create liquidity markets and participate as suppliers or borrowers, earning interest on supplied digital assets and borrowing against them.
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Compound
An algorithmic, autonomous interest rate protocol that allows users to earn interest by lending digital assets to borrowers, designed for developers to build DeFi applications on top of.
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Euler
A permissionless protocol for lending, borrowing, and swapping digital assets, featuring asset tiers and reactive interest rates to manage risk, with a modular lending platform for developers to create and connect custom lending vaults.
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Fluid
A DeFi protocol that offers lending, borrowing, and trading on top of a unified liquidity layer, allowing users to maximize yield and optimize capital efficiency through integrated debt and liquidity products.
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Maple
A decentralized credit market that provides undercollateralized loans to institutional borrowers, and allows lenders to earn yield by supplying liquidity to these curated loans.
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Moonwell
An open lending and borrowing protocol designed to simplify the onchain user experience, featuring single-sided liquidity pools and overcollateralized borrowing across markets.
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Morpho
A decentralized protocol for overcollateralized, vault-based lending and borrowing, aiming to improve the capital efficiency of lending pools through isolated markets, risk curators, and portfolio allocators.
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Sky
A DeFi protocol (created by the MakerDAO community) that offers a suite of tools for trading, converting, staking, and earning yield from digital assets, including the USDS stablecoin.
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(opens in a new tab)Real-World Assets (RWA) & Onchain Yield
Tokenized offchain assets, like T-Bills, commodities, or real estate, and onchain comparables to familiar yield instruments
Centrifuge
An asset-agnostic lending protocol that aims to make credit more accessible to businesses, allowing them to tokenize real-world assets and use them as onchain collateral.
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Circle
A global financial technology firm that provides payments and financial infrastructure, tokenized money market funds, and more, best known for issuing the fully-regulated USD Coin (USDC) stablecoin.
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Ethena
A synthetic dollar protocol focused on providing a crypto-native solution for money, offering USDe, a stablecoin backed by crypto assets and corresponding short futures positions, and a dollar-denominated savings account.
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Franklin Templeton BENJI
A mobile app that allows investors to browse tokenized securities, digital assets, and invest in the Franklin OnChain U.S. Government Money Fund (BENJI), the first tokenized money fund natively issued on a blockchain.
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Frax
A fractional-algorithmic stablecoin ecosystem that aims to provide scalable, decentralized, and algorithmic money in place of fixed-supply digital assets.
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Ondo
A DeFi protocol focused on making institutional-grade financial products and services, like tokenized U.S. Treasuries, accessible onchain.
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Pendle
A DeFi protocol for trading interest rate derivatives via the tokenization of future yield, allowing users to lock in future yield from yield-bearing tokens, speculate on yield movements, and provide liquidity for yield-bearing tokens.
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Securitize
A platform for tokenizing real-world assets and issuing and managing digital asset securities onchain, allowing businesses to raise capital and investors to trade tokenized shares in funds and private companies.
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(opens in a new tab)Sky
A DeFi protocol (created by the MakerDAO community) that offers a suite of tools for trading, converting, staking, and earning yield from digital assets, including the USDS stablecoin.
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Tether
Issuer of the the USDT stablecoin, a stablecoin pegged to the U.S. dollar that's focused on using fiat currencies onchain.
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Veda
A vault infrastructure platform for institutions to launch and manage custom onchain products at scale.
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WisdomTree
A global asset manager that offers a range of exchange-traded products (ETPs), including physically-backed crypto ETPs.
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(opens in a new tab)Staking & Restaking
Stake ETH through a staking network to help secure Ethereum and earn rewards, or restake LSTs to help secure other protocols
EtherFi
A restaking platform to earn additional rewards on stablecoins, liquid staking tokens, and other digital assets, with deposits represented by a liquid restaking token that can be used across DeFi, and automated strategy vaults.
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EigenCloud
A platform built on EigenLayer restaking that provides verifiable computing for AI and other complex applications, leveraging Ethereum's security through restaked ETH and restaked liquid staking tokens.
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Lido
A DAO-managed liquid staking network that allows users to stake their ETH and other PoS assets to earn staking rewards, with staked assets represented by stETH, a liquid staking token that can be used in DeFi and is issued to represent staking rewards.
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Liquid Collective
A liquid staking network built to provide a secure, decentralized way to stake ETH across operators and platforms, with staked assets represented by LsETH, a liquid staking token that can be used in DeFi while accruing staking rewards that's designed to meet institutional security and compliance requirements.
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Rocket Pool
A liquid staking protocol focused on decentralization and censorship resistance, allowing users with as little as 0.01 ETH to participate in staking and receive a liquid staking token (rETH) that can be used in DeFi while it continues to accrue staking rewards.
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Stakewise
A liquid staking platform that offers both solo and pooled staking options, backed by a decentralized network of custom staking vaults, with a unified liquid staking token (osETH) that can be used in DeFi while it continues to accrue staking rewards.
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Symbiotic
A restaking protocol that enables users to secure additional blockchain networks by restaking their existing staked assets and liquid staking tokens, with a flexible and modular system for networks to manage independent rewards and penalties.
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(opens in a new tab)Predictions & Synthetics
Trade on the outcome of future events via smart contract, or access tokens that track the value of any asset
Polymarket
A decentralized prediction market where users can bet on the outcomes of real-world events by buying and selling shares in different possible outcomes.
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Synthetix
A liquidity protocol for creating synthetic digital assets that track the value of any asset, allowing users to gain exposure to a wide range of instruments without holding them directly.
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