The DeFi selector has gone through a mighty transformation through total price locked (TVL) when comparing 2021 and 2025. In this respect, Aave has maintained its main position among dApps at some stage in each and each years, while the opposite high players of 2021 would possibly possibly possibly well well also now now not stable any high-10 position, with the exception of Lido. As per CryptoRank, the TVL has moved from process-led entities to uncommon balance-sheet infrastructure. Attributable to this fact, this highlights a stable structural shift through capital deployment within the DeFi ecosystem.
DeFi TVL Has Shifted From Remark to Steadiness-Sheet Infrastructure
The comparability highlights a structural shift within the set DeFi TVL concentrates. In 2021, high protocols had been a quantity of all the intention through DEXs, CDPs, and yield aggregators. By 2025, TVL is overwhelmingly concentrated in… pic.twitter.com/62dXRuZA1u
— CryptoRank.io (@CryptoRank_io) December 28, 2025
Aave Remains Top dApp in DeFi TVL in December 2021 and December 2025
In particular, Aave has successfully maintained its 1st position among the pinnacle ten dApps in 2021 and 2025. Support in 2021, the process-driven platforms had been making primary development in TVL. On the opposite hand, in 2025, the balance-sheet infrastructure is attracting TVL. Moreover, Lido has additionally made a prime growth, leaping from the seventh position of 2021 to the 2nd location in 2025.
Support in December 2021, Aave stood at $26.13B within the case of TVL. Nonetheless, in December 2025, it hit the staggering $54.98B, showing a appreciable spike. Moreover, Lido’s TVL equalled $10.61B in price in December 2021. On the opposite hand, in December 2025, the platform reached $25.85B. As an alternative of that, the players esteem Curve, MakerDAO, Compound, Convex, Hex, Uniswap, Anchor, and PancakeSwap, which dominated in December 2021, are now now not within the pinnacle checklist in December 2025.
Lending, Staking, and Restaking Platforms EigenCloude, WBETH, and Morpho Dominate DeFi
On the opposite hand, the opposite names enjoy come forward amid the trend shift. In this respect, the lending, staking, and restaking platforms enjoy occupied most of the pinnacle-10 spots. Namely, EigenCloude, which is a restaking platform, has turned into the third high dApp in December 2025 with its TVL reaching $12.34B. Attributable to this fact, the liquid staking dApp WBETH has gained the 4th position with $10.43B in its TVL.
Inspiring on, CryptoRank’s checklist of high-10 dApps by TVL in December 2025 contains Morpho and Spark in fifth and sixth ranks. Attributable to this fact, the lending platforms instruct $9.08B and $8.59B in their TVLs. Attributable to this fact, with $8.21B, Ether.FI, which is a restaking platform, occupies the seventh position. Moreover, Sky and Ethena account for $6.64B and $6.49B in TVL at eighth and Ninth spots. By the pause, Babylon is the tenth high dApp by TVL in December 2025.
