The cryptocurrency ecosystem is experiencing a powerful revival in 2025. In the first half of the year, total value locked (TVL) surged to a historic high of $375 billion, signaling a strong inflow of capital into DeFi, stablecoins, and tokenized real-world assets (RWA).

šŸ”¹ Ethereum remains the dominant force, attracting the majority of value through decentralized protocols and tokenized government bonds.

šŸ”¹ According to Token Terminal and DeFiLlama data, uncertainty is fading and investors are returning to yield-generating applications.

Total value locked reflects a change in apps and protocols, with a growth for DeFi lending, as well as an expanding supply of stablecoins. | Source:Ā Token Terminal.

šŸ“ˆ Whatā€™s Driving the Growth?

šŸ”¹ Stablecoins like USDT and USDC continue to serve as the foundation of liquidity.

šŸ”¹ Key protocols such as EtherFi, Aave, and Morpho are gaining traction thanks to attractive yields and stronger risk management.

šŸ”¹ The top 10 projects alone account for $322 billion, with the rest spread across Solana, credit protocols, cross-chain routers, and DEXs.

šŸŖ™ Ethereum Takes the Lead

šŸ”¹ Ethereum itself secures over $238 billion in TVL ā€” thanks to lending, staking, and decentralized exchanges.

šŸ”¹ A major driver of growth is the surge in staked ETH, which is nearing all-time highs.

šŸ”¹ While applications like Aave and Tether generate the bulk of fees, Solana paradoxically produces more daily protocol fees despite a lower total TVL.

šŸ’¼ Tokenized Real-World Assets (RWA) on the Rise

šŸ”¹ The BUIDL fund by BlackRock has significantly contributed to the rise in tokenized bonds, with their value tripling since summer 2024.

šŸ”¹ The total value of tokenized assets now exceeds $12.7 billion, with Ethereum hosting $9.8 billion of that.

šŸ”¹ RWA remains a strong narrative, although full integration with DeFi is still developing.

šŸ” DeFi Still Below Its Peak, But Gaining Strength

šŸ”¹ DeFi protocols hold over $112 billion, still below the 2021 peak.

šŸ”¹ However, theyā€™re becoming more resilient to liquidations, which explains a steadier growth trajectory.

šŸ”¹ TVL doesnā€™t always reflect fee generation or user activity but signals strong investor confidence.

šŸ§­ Conclusion: Ethereum Leads, Bitcoin DeFi Still Emerging

Despite the expansion of L1 and L2 chains and Bitcoin DeFi experiments, Ethereum remains the undisputed leader in TVL. With over $62 billion in locked value and ETH priced around $2,500, there's still significant room for upside.

Key players like BlackRock, Tether, and Aave provide liquidity, while decentralization and tokenization of real-world assets are becoming new investment pillars.




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