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tvl

TVL (Total Value Locked) refers to the total value locked in decentralized finance (DeFi) protocols, usually calculated in US dollars. TVL is an important indicator of the scale and popularity of DeFi projects, reflecting the total amount of cryptocurrency assets deposited by users in the protocol. A high TVL typically indicates higher liquidity and user trust in the platform, serving as a key reference for investors and analysts to assess the potential and market position of DeFi projects.
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first_img Stellar on-chain RWA assets exceed 3 billion USD, DeFi TVL is only 213 million

According to a report released by the oracle provider RedStone, the scale of tokenized real-world assets (RWA) on the Stellar chain surpassed $3 billion in July, while the total value locked (TVL) in the network's DeFi was only $213 million, showing a significant gap between the two. The report pointed out that the issuance speed of RWA far exceeds the development of the lending market and collateral pools, which has become a bottleneck restricting the use of on-chain assets.RedStone attributed the growth mainly to four products: Amundi and Spiko's overnight fund ($713 million), Spiko's government bond fund ($536 million), Ondo's USDY (over $533 million), and VuMe Bond 2030 ($500 million). Data from DefiLlama shows that the TVL of the Stellar network is $232.72 million, of which the lending protocol Blend has locked $150.03 million, but the funding pool accepting RWA as collateral is only about $2 million.The report believes that the settlement times of traditional government bonds, credit funds, and money market funds do not match the instant settlement requirements of on-chain lending, while 24/7 price oracles are key to making RWA usable as collateral. Currently, Stellar has connected to 55 SEP-40 price sources from RedStone, covering government bonds, corporate credit, tokenized gold, and money market funds. In addition, the report mentioned that the Depository Trust & Clearing Corporation (DTCC) plans to introduce custodial assets to Stellar by 2027, with a scale of custodial assets reaching $114 trillion.

Report: The concentration of the DeFi treasury market is significant, with the top 5 managers controlling 69% of the funds

Vaults.fyi released the report "2026 DeFi Custody Market Status," covering 856 vaults, 131 custodians, and 18 protocols, with a total locked value of approximately $11.29 billion. Over the past year, the TVL on the supply side of DeFi decreased by 41.8%, while the TVL of custody vaults grew by 39%, increasing market share from 5.24% to 12.51%. The top 5 custodians manage 69% of the funds, and the top 10 account for 79.1%. The leading landscape has changed dramatically, with Sentora and Concrete not making the list a year ago, now ranking second and fourth, respectively, while Usual dropped from fourth to thirty-fourth.Morpho ranks first among protocols with a custody TVL of 46.2%, with the remaining 53.8% distributed across the other 17 protocols. Bitcoin collateral accounts for 54.1% of Morpho's top 25 stablecoin vaults (approximately $3.71 billion). In terms of address concentration, weighted by TVL, a single address holds an average of 47% of vault shares, with the top ten addresses collectively controlling 74%. About 33% of the custody funds require a multi-step redemption process, with a 7-day annualized yield median of 4.82%, which is 98 basis points higher than instant redemption vaults.The report also points out that traditional financial institutions such as Société Générale, Apollo, and JPMorgan have begun to deploy custody vault strategies.

first_img Fluid Q2 TVL dropped to 3.4 billion USD, with revenue decreasing by 29% quarter-on-quarter

According to a report by Token Terminal, the DeFi protocol Fluid, developed by the Instadapp team, released data for the second quarter of 2026. The average TVL for the quarter was $3.4 billion, a decrease of 21.1% quarter-on-quarter, but an increase of 84.9% year-on-year; active loans were $1.5 billion, down 15.1% quarter-on-quarter, but up 92.9% year-on-year; trading volume was $18.1 billion, down 37.3% quarter-on-quarter; fees were $9.5 million, down 21.5% quarter-on-quarter; protocol revenue was $1.8 million, down 29.3% quarter-on-quarter, but up 9.8% year-on-year; monthly active users were 70.7 thousand, down 43.8% quarter-on-quarter.The capital structure continues to lean towards Jupiter Lend, which collaborates with Solana, with an average TVL of about $1.7 billion, accounting for nearly half and achieving quarter-on-quarter growth, becoming the largest lending deployment. At the beginning of the quarter, there was an outflow influenced by third-party events such as Resolv, but the Fluid contract was not attacked, and related bad debts were covered by the treasury and others, with no loss of user funds. During this period, Bitwise began managing the USDe market on Jupiter Lend, Liquidity-as-a-Service was launched with approximately $100 million in sUSDai liquidity facilities, and RWA-related assets such as Huma PST were also integrated into Fluid.The team stated that they will continue to promote institutional-level deployments, Jupiter DEX, and Sui expansion, introducing incremental capital and improving revenue efficiency through vertical products and institutional collaborations.

Binance Research: On-chain markets generally contracted in the first half of 2026, with DeFi TVL declining by 38%

The Binance research report shows that in the first half of 2026, the on-chain market contracted overall rather than experiencing capital rotation. The total locked value in DeFi across the entire chain decreased by $43.4 billion, a decline of 38%; the total market capitalization of the six major mainstream Layer 1 public chains covered in the report decreased by $246.5 billion, a decline of 42%. The Ethereum spot ETF holdings dropped from over 6 million ETH to 5.2 million, while the holdings of digital asset reserve companies increased from 6 million to 7.7 million, indicating a change in marginal holding structure.The report also pointed out that after the increase in Ethereum's Gas limit, the average Gas price decreased by 75% compared to 2025, and the number of transactions grew by about 50%, but the annual on-chain revenue is still expected to decline by 53%. User activity on Layer 2 general networks significantly weakened, with user operations dropping by about 77% from January to June 2026. The Solana network's REV fell from $40 million in January to $14 million in June.On the other hand, BNB Chain performed outstandingly in the field of tokenized stocks and tokenized real-world assets, with the market share of on-chain tokenized RWA increasing from 9.8% to 13.5% in the first half of the year. The report also mentioned that prediction markets, DEX, lending, and tokenized RWA remain among the few major directions that maintain activity.
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