Published On Sep 22, 2025
Updated On Sep 22, 2025
Top DeFi Protocols 2025: Adoption, TVL, and Yield Insights
Why DeFi Still Matters in 2025
In 2020, the question was whether DeFi could attract liquidity at all. Incentives attracted users, but most ecosystems appeared fragile once the rewards disappeared.
By 2025, that debate is over. DeFi secures hundreds of billions across lending, staking, and swaps, and it now functions as the financial base layer of Web3.
The real question isn’t will liquidity come? But which protocols can hold it once it’s there?
Today’s leaders don’t rely on token subsidies. They compete on fundamentals:
- Efficiency: extracting more volume from the same pool of assets.
- Integrations: embedding directly into wallets, rollups, and apps.
- Stability: keeping liquidity sticky long after incentives fade.
For builders, DeFi is no longer an optional add-on; it is a necessity. For executives and investors, it remains the clearest signal of adoption, visible in fees, TVL, and sustainable fee capture.
This blog examines how DeFi has matured into the settlement layer of crypto and which protocols are positioned to lead in 2025.
Let’s get started.
How We Evaluate DeFi Protocols in 2025
Not every metric in DeFi tells the truth. Wallet counts and “daily active users” can be inflated by incentives, while TVL spikes often vanish as quickly as they appear.
What really matters is resilience: holding liquidity when rewards fade, generating consistent fees, and attracting builders who keep shipping.
To track that, we focus on five dimensions that are measurable across chains, comparable over time, and grounded in trusted data.
For fees data is taken from Token Terminal, liquidity from DeFiLlama, developer activity from Electric Capital and Artemis, and ecosystem baselines from L2BEAT.
For comparability, our analysis zeroes in on five core dimensions:
- TVL (Total Value Locked): Captures the depth of committed liquidity and user trust.
- Fees: A direct signal of user demand, since they only accrue when protocols deliver value.
- Revenue: Shows whether protocols convert usage into sustainable economics.
- Developer Activity: Highlights which ecosystems have builders consistently shipping code and integrations.
- Ecosystem Reach: Measures where protocols are deployed (Ethereum, L2s, Solana, Cosmos, etc.) and how deeply they’re integrated into w
- allets and aggregators.
Other factors like protocol-owned liquidity (POL), oracle risk, or reliance on DA layers are still critical, but they vary widely across protocols. Instead of forcing them into one table, we highlight them in the protocol deep dives, where their impact can be assessed in context.
Snapshot of the Top DeFi Protocols in 2025
Numbers reveal what narratives often conceal. If trends like intent-based trading or protocol-owned liquidity explain how DeFi is evolving, snapshots show who is executing on them today.
The table below brings together the signals that matter most for DeFi, like fees, revenue capture, developer activity, and ecosystem reach, so you can see which protocols are sustaining adoption, which are scaling across chains, and which are still struggling to convert usage into durable economics.
All figures are based on 30-day rolling windows, sourced from public platforms such as DeFiLlama, Token Terminal, and Artemis, and were last updated in September 2025.
Key Takeaways from the DeFi Snapshot
- Jupiter dominates fee generation – With ≈ $101.01M in 30-day fees and ≈ $24.6M revenue, Jupiter has become Solana’s default aggregator and the single largest fee earner in DeFi today.
- Aave balances scale and economics – ≈ $42.47B TVL, ≈ $96M fees, and ≈ $13.2M protocol revenue position Aave as the strongest credit market with sustainable treasury inflows.
- Lido anchors Ethereum’s security – With ≈ $38.3B TVL and ≈ $9.25M monthly fees, Lido is the backbone of ETH staking and a default collateral layer across L2s.
- MakerDAO / Sky makes RWAs systemic – ≈ $6.1B TVL, ≈ $37M fees, and ≈ $19.4M retained revenue show RWAs are no longer experiments; they’re stabilising DeFi treasuries.
- Pendle signals structured yield adoption – ≈ $13.3B TVL, ≈ $8.82M monthly fees, and unusually high revenue retention highlight how yield tokenisation and AI-driven vaults are reshaping income strategies.
- Uniswap leads in usage but misses revenue – v3 + v4 generate ≈ $77M in monthly fees, yet protocol revenue remains zero since fee switches are off, and adoption is unmatched, but sustainability is unresolved.
The snapshot makes one thing clear: DeFi’s leaders aren’t defined by TVL alone, but by how they balance usage, economics, and reach.
Here, we keep the lens on DeFi alone to understand where liquidity and resilience really sit today.
Next, we’ll move into Protocol Deep Dives: Grouped by Function to see how these protocols stack up within trading, credit, staking, and derivatives.
Top DeFi Protocols by Category in 2025
Not every DeFi protocol solves the same problem, and comparing them side by side without context can be misleading. To bring clarity, we’ve grouped the leaders into four functional categories that reflect how builders and users actually interact with DeFi in 2025:
- Trading & Liquidity Hubs – Platforms like Uniswap v4, Curve v2, and Jupiter now act as the rails for swaps, stable asset exchange, and intent-based routing.
- Lending & Credit Markets – Aave v3 and MakerDAO’s Sky system anchor money markets and stablecoin liquidity, pricing risk and powering credit flows across ecosystems.
- Staking & Yield Infrastructure – Lido and Pendle channel billions into proof-of-stake networks and structured yield strategies, turning staking into programmable capital.
- Derivatives & Perpetuals – Synthetix v3, GMX v2, and dYdX v4 drive leveraged trading and structured products, providing risk markets that extend far beyond spot assets.
Each category represents a distinct layer of DeFi’s evolution, i.e. from liquidity rails to credit backbones to yield and risk markets.
In the next sections, we’ll explore what these protocols do, the 2025 signals that define their performance, and why they matter for builders, analysts, and investors.
Trading & Liquidity Protocols in 2025
Liquidity is the lifeblood of DeFi. It’s where users first touch the system, like swapping tokens, providing collateral, and routing stablecoins, and it’s where builders get the strongest signal of adoption.
In 2025, liquidity hubs have evolved far beyond the simple AMMs of 2020. They now offer programmable execution, stable FX rails, and aggregator networks that turn intent into outcomes.
Let’s look at how the leading liquidity protocols like Uniswap v4, Curve v2, and Jupiter are shaping this landscape.
Uniswap v4: Intent-Based Liquidity Routing
Uniswap v4 pushes beyond the AMM model by introducing “hooks”, which are modular extensions that let developers customise how liquidity pools behave.
Instead of traders manually picking which pool to use, they can now define outcomes like lowest slippage or best execution, and the protocol automatically finds the path.
For developers, hooks unlock new design space: dynamic fee structures, custom AMM logic, and even built-in MEV protection.
The result is a shift from manual pool selection to intent-driven execution, making Uniswap v4 less of a single protocol and more of a platform for programmable liquidity.
Key 2025 signals
- TVL: ≈ $830.13M locked across liquidity pools (DeFiLlama, Sept 2025)
- Fees (30d): ≈ $18.24M (DeFiLlama, Sept 2025)
- Revenue (30d): $0 (protocol fee toggle remains off)
- Developer activity: High, third-party hooks are becoming a mini-ecosystem in themselves, with builders experimenting on top of Uniswap rather than forking it.
- Ecosystem reach: Deployed across Ethereum, Unichain, Arbitrum, and Polygon.
Why it matters
For builders, Uniswap v4 reduces integration overhead: instead of custom routing logic, apps can rely on hooks to deliver outcomes.
Builder takeaways
- For apps: Hooks simplify integrations; instead of building custom routing logic, you can plug into Uniswap v4’s outcome-driven execution (best price, lowest slippage) straight out of the box.
- For protocols: The hook ecosystem creates a new design space for experimentation (dynamic fees, custom AMMs, MEV protection), making Uniswap less a DEX and more a programmable liquidity layer.
- For chains: Having Uniswap v4 deployed can bootstrap liquidity flows and integrations quickly, since wallets and aggregators default to Uniswap’s rails.
Curve v2: Stable Liquidity and Protocol-Owned Capital
Curve remains the backbone of stable asset swaps and FX pools.
Curve v2 extends this with dynamic pricing curves and POL strategies, where Curve itself supplies liquidity rather than depending only on outside LPs. This reduces fragility during liquidity shocks.
Key 2025 signals
- TVL: $2.38B (DeFiLlama, Sept 2025)
- Fees (30d): ≈ $3.15M
- Revenue (30d): ≈ $1.52M
- Developer activity: Medium, steady governance and integrations, less rapid than Uniswap.
- Ecosystem reach: Multi-chain across Ethereum and L2s, with depth in stable routing.
Why it matters
Curve’s value isn’t in raw volume anymore; it’s in stability. Its POL experiments are early signs of DeFi protocols building resilience into their own liquidity base, instead of renting mercenary capital.
Builder takeaways
- For apps: Curve’s stable liquidity pools remain the most reliable rails for stablecoins and FX swaps, especially during volatile markets.
- For DAOs/treasuries: POL strategies reduce reliance on mercenary liquidity, making Curve a safer venue to park and route treasury assets.
- For ecosystems: Deploying Curve v2 pools can anchor predictable, stable liquidity and attract integrations from aggregators and lending protocols.
Jupiter: Solana’s Intent Router
Jupiter has become Solana’s default aggregator, handling intent-style trades across dozens of DEXs.
It’s where most Solana swaps happen, and it’s integrated by default into wallets and apps across the ecosystem.
Key 2025 signals
- TVL: $12.496B (DefiLama, Sept 2025)
- Fees (30d): ≈ $101.01M
- Revenue (30d): ≈ $24.6M
- Developer activity: High, Solana-native teams integrate Jupiter as default routing infra.
- Ecosystem reach: Solana-native, but the sheer dominance of integration makes it equivalent to a protocol standard.
Why it matters: Jupiter shows that intent-based trading isn’t just an Ethereum trend. On Solana, it’s the default.
For builders, it means a single integration brings access to the majority of Solana liquidity. For analysts, it’s proof that aggregators can become ecosystems in themselves.
Liquidity hubs decide where trades clear and assets move. But lending and stablecoin systems decide what those assets can actually do, whether they earn, borrow, or back credit flows.
Lending & Credit Protocols in 2025
Credit rails decide how capital gets priced and where leverage shows up.
For builders, these protocols are the backbone for deposits, borrowing, and stablecoin liquidity; for analysts, they’re where revenue models and risk controls get tested in the open.
In 2025, Aave v3 and MakerDAO’s Sky are the ones defining that layer.
Aave v3: multi-chain money markets with real fee capture
Aave v3 lets users supply assets to earn yield and borrow against collateral across multiple L2s and L1s.
The v3 design adds isolation mode, efficiency mode, and risk tooling that allow new assets without blowing up systemic risk.
Key 2025 signals (last 30 days):
- TVL: $42.47B DeFi Llama
- Fees: ≈ $95.95M (user-paid activity)
- Protocol revenue: ≈ $13.18M (flows to the DAO/treasury)
- Borrowed outstanding: ≈ $29.6B (scale of credit utilisation)
Why it matters:
- Sustainable economics: Aave doesn’t just move volume; it captures revenue that funds audits, risk work, and grants.
- Distribution: Being live across major L2s makes Aave the default money market where new users and assets land first.
Builder takeaways:
- Treat Aave as your credit primitive: faster launch paths for deposit/borrow features and collateralised products.
- For chains courting apps, a native Aave deployment is a liquidity magnet; it bootstraps borrowing demand without bespoke risk infra.
MakerDAO / Sky: stablecoin base and RWA income engine
Maker(Sky) mints a decentralised stablecoin and allocates collateral heavily into real-world assets (e.g., U.S. Treasuries) to generate a predictable yield that backs the system.
Key 2025 signals (last 30 days):
- TVL: 6.14B (DeFiLlama, Sept 2025)
- Fees: ≈ $36.89M in system revenues, driven by CDPs and real-world asset (RWA) yields
- Protocol revenue: ≈ $19.44M retained at the protocol level, strengthening treasury and governance funding (DeFiLlama, Sept 2025).
- RWA momentum: Tokenised RWAs have surpassed $15B in total value across protocols, making them one of the fastest-growing collateral categories.
Why it matters:
- Predictable base yield: RWA income provides a steady revenue stream, making stablecoin liquidity less reliant on speculative cycles. This creates a defensible cash-flow backbone for the protocol.
- Systemic role: Maker/Sky has become the go-to option when builders or DAOs need durable stablecoin rails for treasuries, payments, or credit enhancements. Its low-volatility design sets it apart from more incentive-driven models.
Builder takeaways:
- For apps: If your product relies on stable, programmatic yield (treasuries, reserves, payment rails), Sky’s RWA-backed stability is a stronger foundation than purely cyclical DeFi returns.
- For chains: Integrating RWAs or offering Sky-aligned vaults can attract sticky, institution-friendly liquidity that’s less prone to flight during market shifts.
Credit markets price capital, but the security and yield base comes from staking. Without staking and structured yield, the system has no backbone.
Staking & Yield Protocols in 2025
Staking and structured yield have become the circulatory system of crypto.
ETH stakers provide the base security layer for rollups and apps, while protocols like Pendle turn future yield into a programmable market.
In 2025, these rails aren’t just passive income tools; they’re the foundation that underpins liquidity, governance, and even restaking economies.
Today, Lido and Pendle are at the centre of that layer.
Lido: the liquid staking backbone
Lido lets users stake ETH and receive liquid tokens (stETH), which can be used in DeFi while still earning validator rewards. It anchors billions in PoS security.
Key 2025 signals (latest):
- TVL: Over $38.32B in staked ETH, making Lido the single largest DeFi protocol by value locked.
- Revenue: Roughly $9.25M in monthly revenue generated from staking commissions.
- Developer activity: Strong integration momentum across L2 ecosystems and restaking protocols, embedding stETH as a default collateral asset.
Why it matters:
- Lido isn’t just a staking protocol; it’s a security primitive. ETH staked via Lido secures the chain that every rollup and AVS depends on.
- Builders rely on stETH as “base collateral” across money markets, DEXs, and treasuries.
Builder takeaways:
- For apps: If your product relies on ETH-backed liquidity, integrating stETH isn’t optional in 2025; it’s the default collateral standard across DeFi.
- For ecosystems: Securing a Lido deployment brings instant credibility and sticky collateral, anchoring both liquidity and developer adoption.
Pendle: programmable yield and AI-driven strategies
Pendle lets users split yield-bearing tokens into principal and yield components. This enables hedging, trading, or structuring yield in more complex ways.
Key 2025 signals:
- TVL: ≈ $13.3B locked in structured yield markets (DeFiLlama, Sept 2025).
- Fees: ≈ $8.82M in monthly trading fees, with most retained as protocol revenue (Token Terminal, Sept 2025).
- Developer Activity: Medium to high, with active growth in vault strategies and integrations on Ethereum L2s.
- Ecosystem Reach: Expanding across Ethereum mainnet, Arbitrum, and Optimism; integrations with DAOs and treasuries using Pendle for treasury yield optimisation.
Why it matters:
- Pendle turns yield into a tradable asset class, not just passive income.
- It’s one of the clearest examples of DeFi maturing into capital markets infrastructure.
Builder takeaways:
- Yield rails like Pendle open up structured products (fixed income, leveraged yield, hedging tools) without centralised intermediaries.
- For DAOs, Pendle provides ways to optimise treasury yield while managing risk exposure.
Yield powers liquidity, but governance and RWA integration decide whether protocols can adapt and plug into the broader economy. That’s where the next layer comes in.
Derivatives & Perpetual Protocols in 2025
If liquidity hubs move spot assets and credit markets price capital, derivatives decide how traders take risk and hedge exposure.
By 2025, this layer has matured from experimental synths into a core trading infrastructure that rivals centralised venues.
Two protocols define the category today: dYdX and Synthetix v3.
dYdX v4: Perps on an App-Chain
dYdX has been the flagship for decentralised perpetuals since 2021. With v4, the protocol made its boldest move yet: migrating from Ethereum L2s to a standalone Cosmos-based app-chain.
The shift gives dYdX full control over blockspace and sequencing, designed to scale high-volume perps trading with faster execution and reduced gas costs.
Key 2025 signals
- TVL: ≈ $307.39M staked/secured on the dYdX chain (DeFiLlama, Sept 2025).
- Fees (30d): ≈ $1.34M in trading fees
- Revenue (30d): ≈ $1.34M retained by the protocol, one of the few perpetual platforms with near-full fee capture.
- Developer activity: Medium–high, with active contributions to chain infrastructure, matching engine upgrades, and integrations into Cosmos tooling.
- Ecosystem reach: Native to Cosmos, but connected through IBC; integrations are growing with wallets and aggregators in the Cosmos ecosystem.
Why it matters
dYdX v4 shows that perpetuals don’t have to live inside Ethereum’s rollup orbit.
By becoming an app-chain, it’s testing whether specialised blockspace can offer better performance and economics for high-frequency traders.
For analysts, it demonstrates that app-chains can support real trading markets if they pair deep liquidity with fast matching engines.
Builder takeaways
- For apps: If you’re building on Cosmos, integrating with dYdX v4 gives instant access to one of DeFi’s highest-volume perps venues.
- For traders/institutions: The fee capture and app-chain design reduce execution costs, making it competitive with centralised exchanges.
- For ecosystems: dYdX proves that app-chains can attract liquidity and developers if the trading product is strong enough, a signal for other sector-specific chains.
Synthetix v3
Synthetix has long been the backbone of on-chain derivatives.
With v3, it enables permissionless creation of synthetic assets, from FX pairs and commodities to new yield-bearing instruments, backed by pooled liquidity.
This shift makes Synthetix less of a single-product system and more of a derivatives infrastructure layer.
Key 2025 signals:
- TVL: ≈ $87.25M (DeFiLlama, Sept 2025).
- Fees: ≈ $0 in 30-day fees, whereas the cumulative fee till now is $2.48M..
- Revenue: ≈ $0 retained by the protocol over 30 days, and the cumulative fee till now is $720k.
- Developer Activity: Medium to high, with active governance participation and steady upgrades focused on v3 pools.
- Ecosystem Reach: Deep integrations with Optimism and Base; new permissionless derivatives pools expanding availability for builders.
Why it matters
- Derivatives efficiency: Even with relatively modest TVL, Synthetix drives outsized fee generation thanks to high trading volumes, proving derivatives amplify liquidity efficiency.
- Market creation: Permissionless pools open the door for builders to spin up synthetic markets without centralised order books.
- Governance strength: DAO-driven governance with high delegate engagement ensures protocol evolution is both transparent and adaptable.
Builder takeaways
- For apps needing exposure to synthetic assets, Synthetix v3 provides infrastructure without requiring bespoke liquidity design.
- Ecosystems integrating Synthetix pools gain access to derivatives markets that deepen user activity and fee generation.
Conclusion: Why DeFi Protocols Are the First Filter in 2025
DeFi in 2025 isn’t an add-on; it’s the liquidity base and financial infrastructure that everything else builds on. The leaders are the ones who moved past incentives and built durability through integrations, security, and multi-chain reach.
For builders, DeFi is the first filter: if the liquidity isn’t durable and integrations aren’t compounding, the rest of the stack won’t matter.
For investors and analysts, it signals which ecosystems can weather shifts and still generate real fees.
At Lampros Tech, we help teams cut through noise, design token-efficient systems, and align with the protocols that last.
Astha Baheti
Growth Lead
