According to the latest data from DeFi analysis tool TokenTerminal, two core protocols in the decentralized finance (DeFi) market, Aave and Lido, surpassed a combined Total Value Locked (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.
Currently, the total TVL of Aave and Lido is $54.7 billion, with Lido’s deposits of $33.8 billion ranking first and Aave coming in second with $20.9 billion. The TVL of these two protocols accounts for 45.5% of the total TVL of the top 20 decentralized applications, which amounts to $148 billion.
Revenue Data:
In terms of revenue, both Aave and Lido have performed well and are among the top earners in DeFi protocols. In the past 30 days, Aave’s revenue grew by 27.5% to reach $12.5 million, ranking as the tenth-largest protocol. Lido’s monthly revenue is $9.6 million with a growth rate of 24%, securing the twelfth position.
Recovery of the DeFi ecosystem:
Since 2024, the DeFi market has been steadily recovering, with notable performance 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, setting new records for daily, weekly, and monthly trading volumes. Meanwhile, a report by The Block indicated that the ratio of trading volume between decentralized exchanges (DEX) and centralized exchanges (CEX) reached 13.9% in October, the second-highest level in history.
Rapid growth in the lending market: The total active loans in December reached $21 billion, breaking the 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, where users borrow stablecoins using cryptocurrencies as collateral to enhance liquidity and increase exposure to crypto assets.
