Crypto TVL hits $375B as stablecoins, lending, and staking lead renewed inflows across DeFi and tokenized asset protocols.
DEXs and RWAs post notable growth as capital shifts into real-world exposure and on-chain trading infrastructure after Q4 2024.
Stablecoins now hold a larger share of locked value than in previous cycles, showing rising demand for liquidity and utility.
Total value locked in crypto has reached a new peak of approximately $375 billion, surpassing all previous highs. The data reflects renewed capital flow into on-chain finance, with stablecoin issuers and DeFi sectors driving the expansion.
Stablecoins, Lending, and Staking Dominate On-Chain Capital
Stablecoin issuers now control the largest share of locked value, driven by growing demand for liquidity and transaction stability. In a post by Lucky, the sector was named as the top contributor to the current all-time high in TVL.
https://twitter.com/LLuciano_BTC/status/1939651614119203304
Lending platforms and liquid staking protocols follow closely, showing consistent capital buildup since early 2023. Their expansion indicates that users are actively seeking yield opportunities while keeping assets deployed across chains.
DEXs and real-world asset (RWA) issuers have also posted notable increases in locked value. These sectors benefit from rising on-chain trading activity and tokenized exposure to external markets, especially after Q4 2024.
Report Flags Five Sectors Fueling the Record Surge
According to data from Tokenterminal, the five sectors leading this rally include stablecoin issuers, lending, liquid staking, DEXs, and RWA protocols. The data segments total locked value by vertical, revealing how each layer contributes to the cumulative $375 billion.
RWA issuers, in particular, have gained momentum as institutions tokenize real-world income streams and collateral. DEXs are regaining dominance as on-chain swaps and permissionless trading volume continue to accelerate.
Smaller sectors such as infrastructure, derivatives, and bridges have grown steadily, though they remain secondary in absolute volume. Asset management and prediction markets show the least traction, with minimal TVL growth throughout the observed window.
Capital Rebound Reshapes Sector Weight After Market Dip
TVL dropped hard between early 2022 and mid-2023, then bounced back stronger. Stablecoins led that rebound, followed by staking and lending, both pulling in fresh capital fast.
Growth picked up after Q3 2023, breaking past the 2021 peak. But this time, stablecoins take a bigger slice, marking a clear shift in how value spreads across sectors.
New Priorities Reshape On-Chain Finance
More capital is now sitting in liquid, yield-focused, or real-world-linked tools than ever before. That includes stablecoins, RWAs, and protocols that pay users to stay in.
As of January 2025, the market isn’t just bigger-it’s more focused. Capital isn’t everywhere. It’s moving with intention, flowing into infrastructure that gets used.
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