Top DeFi Platforms by Total Value Locked (TVL)

Decentralized Finance (DeFi) platforms are ranked by their Total Value Locked (TVL), indicating the total capital deposited in their smart contracts.

The top 3

Three Largest DeFi Lending Protocols by TVL: Aave leads as the largest and most trusted DeFi lending protocol with a TVL of $14.6 billion, followed by Morpho at $7.4 billion and Sky Lending (formerly Maker DAO) at $5.6 billion as of July 2026.
Top Three Fastest-Growing DeFi Protocols: Morpho has quickly emerged as one of the fastest-growing DeFi lending protocols since its 2022 launch, while Ether.fi, a liquid restaking platform, reached a record $6.5 billion TVL in June 2024, and Kelp DAO crossed $1 billion TVL by May 2024 after launching in January of the same year.
Major Competitors to Ether.fi in Liquid Restaking: Ether.fi, the largest liquid restaking platform, faces competition from leading protocols such as Renzo, Puffer Finance, and Kelp DAO, all of which leverage technologies like EigenLayer to offer enhanced DeFi opportunities and increased yields for ETH stakers.