In the first half of 2025, crypto liquidity recorded a breakthrough, with total value locked (TVL) surpassing $375 billion. This trend was mainly driven by stablecoins and tokenized real assets (RWA), reflecting the diverse and sustainable development of the DeFi ecosystem and DeFi protocols. The overview of crypto liquidity not only provides attractive investment opportunities but also demonstrates the level of organization and deep expertise of leading projects such as Ethereum, Aave, and Uniswap. The content below analyzes in detail the liquidity trend, distribution across major blockchains, and important impacts on the current crypto space, providing in-depth insights for interested investors and users.
Overview of Cryptocurrency Liquidity in the First Half of 2025
In the first 6 months of 2025, the total value of assets locked hit a new record of over 375 billion USD, according to data from Token Terminal. This shows that the cryptocurrency market is not only recovering but also expanding strongly under the positive influence of real asset tokenization and stablecoins.
Major sectors in the ecosystem are growing, with stablecoins in particular playing a central role in providing locked liquidity. This diversification helps increase market stability and promotes the growth of DeFi (DeFi) activities.
The Role of Stablecoins and RWAs in Cryptocurrency Liquidity
Stablecoins like Tether and Circle remain the dominant source of liquidity in the market, accounting for the majority of total value locked. At the same time, the tokenization of real assets (RWA) is gaining traction, with over $14.2 billion in tokenized value from private credit markets and over $7 billion from U.S. government bonds.
While RWAs are not yet fully integrated into the DeFi ecosystem, this trend expands the range of liquidity values, helping to attract new capital flows and increase diversity for crypto portfolios.
Distributing liquidity across crypto platforms and protocols
Among major blockchains, Ethereum leads in total value locked, accounting for over $238 billion in its ecosystem. Applications like EtherFi, Aave, and Morpho have seen significant liquidity growth in recent weeks.
Uniswap remains the largest decentralized exchange by value locked, while Aave continues to hold the top spot in the lending protocol space. Meanwhile, platforms like Solana, despite having lower total value locked, are recording high transaction fee revenue, reflecting the dynamism in application usage.
Whale Influence and Staking Strategy on Ethereum
Large investors, also known as Ethereum whales, play an important role in the ecosystem by not selling ETH but focusing on staking and passive income. ETH staking value is near record highs, enhancing the security of the network while supporting liquidity in DeFi.
This strategy both ensures stability for ETH value and promotes collateral-based lending protocols, contributing to building a long-term investment environment and minimizing market volatility.
TVL development trends and future potential
While pure DeFi accounts for a smaller share of liquidity at over $112 billion, this is still below the 2021 all-time high. However, protocols are focusing on improving sustainability and limiting liquidation risk, and ETH price remains a key factor influencing the value of locked assets in the ecosystem.
In addition, the tokenization of real assets brings a new dimension to overall liquidity, opening up opportunities to connect DeFi with traditional financial markets. This helps increase trust and expand investment opportunities for diverse market participants.
Top 5 blockchains leading in total value of assets locked
Despite the diversity of Layer 1 and Layer 2 blockchains, Ethereum still holds the top spot in terms of total value locked. According to data from DefiLlama, over $62 billion of Ethereum's TVL comes from lending, re-staking, and DEX trading.
Ethereum TVL value is directly dependent on ETH price movements, with the ability to rebound to historical highs during strong bull markets. The presence of ETH whales and innovative DeFi projects contribute significantly to the potential for sustainable growth.
Source: https://tintucbitcoin.com/gia-tri-khoa-crypto-lap-ky-luc/
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