Analysis of Total Value Locked Growth (TVL) in DeFi in the Third Quarter

The total value locked (TVL) in the decentralized finance ecosystem (DeFi) experienced a notable increase of 41% during the third quarter of 2025, exceeding $160 billion. This growth marks the first significant rise since May 2022, with Ethereum and Solana leading the expansion with increases of 50% and 30% respectively.

Breakdown of Growth by Platforms

The increase in TVL reflects renewed confidence in the DeFi sector. Ethereum, in particular, showed robust growth, raising its TVL from $54 billion to $96.86 billion. Meanwhile, Solana recorded a 10.5% increase, rising from $10 billion to $11.5 billion.

Performance of Featured DeFi Protocols

Several DeFi protocols recorded substantial gains:

• Aave: Grew by 58% since July, reaching over $41 billion in TVL.
• Lido: Experienced a 77% increase, reaching nearly $39 billion, driven by the growing demand for liquid staking derivatives.
• EigenLayer: The TVL value of the protocol increased by 66% since July, surpassing $20 billion.

Mike Maloney, CEO and founder of Incyt, pointed out that the biggest beneficiaries are the protocols that offer decentralized products responsibly, highlighting Lido, EigenLayer, and Aave for their ethical and transparent approach.

Impact of Cryptocurrency Price Increases

The growth in the DeFi ecosystem was partly driven by the increase in the prices of major cryptocurrencies:

• Ethereum reached an all-time high of $4,946 on August 24, an 82% increase since the beginning of July.
• Bitcoin reached $124,457 on August 14, marking a 14% increase over the same period.

Doug ColKitt, initial contributor of Fogo, attributed this growth to the confluence of two factors: the rise in cryptocurrency prices and the rotation of capital in search of yield towards on-chain platforms. He noted that the increase in Bitcoin and Ether prices rapidly expands collateral values, driving TVL.

Leadership of Solana in the Decentralized Applications Ecosystem

Solana emerged as a leader in the decentralized applications ecosystem (dApps), generating $217.39 million in revenue in the last month, surpassing Ethereum which generated $87.76 million. In the second quarter, Solana generated a total of $570 million in revenue, representing approximately 46.3% of the total dApps revenue.

Developer confidence in the Solana ecosystem remains high, as evidenced by the Colosseum hackathon with over 10,000 participants and the launch of its third acceleration cohort in July.

Regulatory Implications and Future Perspectives

The growth of the DeFi ecosystem has been supported by recent regulatory developments in the United States. In July, the House of Representatives passed three key bills, including the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act.

The increase in DeFi's TVL during the last quarter is based on the growth observed since April, rising from $86 billion to $126 billion by mid-July, representing a 46% increase over three months.