According to the latest data from DeFi analytics tool TokenTerminal, two core protocols in the decentralized finance (DeFi) market, Aave and Lido, exceeded a total locked value (TVL) of $70 billion for the first time in December, demonstrating a strong recovery of the DeFi ecosystem.
The following analysis data shows that the DeFi market has not only steadily grown in terms of funding size, but also achieved new highs in trading volume and revenue, among other dimensions.
Currently, the TVL of Aave and Lido stands at $54.7 billion, with Lido leading at $33.8 billion in deposits and Aave following at $20.9 billion. The combined TVL of these two protocols accounts for 45.5% of the total TVL of the top 20 decentralized applications, which is $148 billion.
Revenue Data
In terms of revenue, both Aave and Lido have performed impressively and are among the top earners in the DeFi protocol revenue rankings. Over the past 30 days, Aave’s revenue has grown by 27.5% to reach $12.5 million, ranking as the tenth-largest protocol. Lido, on the other hand, has a monthly revenue of $9.6 million, with a growth rate of 24% and a stable twelfth-place ranking.
DeFi Ecosystem Recovery
Since 2024, the DeFi market has been steadily recovering, with notable performances in trading volume and the lending market:
Record-breaking decentralized exchange (DEX) trading volume: According to DefiLlama data, the total trading volume in November reached nearly $380 billion, with daily, weekly, and monthly volumes all hitting new records. At the same time, The Block’s report indicated that the ratio of decentralized exchange (DEX) trading volume to centralized exchange (CEX) trading volume reached 13.9% in October, the second-highest level in history.
Rapid growth in the lending market: The total active loan amount reached $21 billion in December, setting a new monthly record.
Stablecoin market size: According to Artemis data, the current stablecoin market size is close to $200 billion. The growth in active loans has driven the stablecoin market, with users borrowing stablecoins against their cryptocurrency collateral to enhance liquidity and increase exposure to cryptocurrencies.