Crypto сapital boom: TVL reaches new all-time high
Total value locked in crypto protocols now stands at $375B
The total value locked (TVL) in crypto protocols has surged to an all-time high of approximately $375 billion, signaling renewed confidence in decentralized finance (DeFi) and tokenized asset sectors.
According to data from Token Terminal, this marks the most capital ever secured across DeFi ecosystems.
Key takeaways
- Record TVL milestone: Total value locked in crypto protocols now stands at $375B, the highest ever.
- Top sectors by locked value: Dominated by stablecoins, DeFi lending, liquid staking, DEXs, and RWA issuers.
- Investor confidence grows: The rise reflects stronger market trust in decentralized infrastructure.
A new peak for crypto market infrastructure
Total value locked (TVL)—a key metric used to evaluate the capital committed to DeFi platforms—has hit a historic $375 billion. This figure includes funds staked, lent, or otherwise deposited across thousands of blockchain-based protocols. The previous peak, set during the bull cycle of late 2021, has now been eclipsed, driven in part by institutional adoption and regulatory clarity.
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The growth is driven by increased activity across several key sectors, including stablecoin issuers, lending protocols, liquid staking platforms, decentralized exchanges (DEXs), and real-world asset (RWA) issuers—all of which are contributing to crypto’s evolving financial stack.
Sectors driving the surge
The largest contributors to this milestone are stablecoin providers, which serve as the backbone of crypto liquidity; lending markets, such as Aave and Compound; and liquid staking solutions, which offer yield on assets like ETH without locking them up. DEXs like Uniswap and RWA platforms tokenizing traditional assets are also capturing significant capital flows.
Top 10 projects by ecosystem total value locked. Source: Token Terminal
Underlying momentum
The renewed TVL record comes as the broader crypto market sees rising on-chain activity and new capital inflows, suggesting that investors are positioning for a more mature, utility-driven blockchain era. The ability to extract yield, access liquidity, and leverage assets across decentralized protocols is transforming how capital is deployed globally.
With $375 billion now locked in decentralized systems, the crypto economy is entering a new phase of capital efficiency and structural resilience. As DeFi and tokenized assets expand their reach, total value locked will likely remain a key bellwether for market strength and adoption.
Earlier we wrote whales bet big on ETH but market shows signs of overvaluation and risk.
