The DeFi selector has gone through a noteworthy transformation in terms of total value locked (TVL) when comparing 2021 and 2025. In this respect, Aave has maintained its leading position among dApps during both years, while the other top players of 2021 could not secure any top-10 position, except Lido. As per CryptoRank, the TVL has moved from activity-led entities to exclusive balance-sheet infrastructure. Hence, this highlights a solid structural shift in terms of capital deployment in the DeFi ecosystem.
DeFi TVL Has Shifted From Activity to Balance-Sheet Infrastructure
The comparison highlights a structural shift in where DeFi TVL concentrates. In 2021, top protocols were diversified across 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
Particularly, Aave has effectively maintained its 1st position among the top ten dApps in 2021 and 2025. Back in 2021, the activity-driven platforms were making notable growth in TVL. However, in 2025, the balance-sheet infrastructure is attracting TVL. Additionally, Lido has also made a notable progress, jumping from the 7th position of 2021 to the 2nd spot in 2025.
Back in December 2021, Aave stood at $26.13B in the case of TVL. Nonetheless, in December 2025, it hit the staggering $54.98B, showing a considerable spike. Additionally, Lido’s TVL equalled $10.61B in value in December 2021. However, in December 2025, the platform reached $25.85B. Apart from that, the players like Curve, MakerDAO, Compound, Convex, Hex, Uniswap, Anchor, and PancakeSwap, which dominated in December 2021, are not in the top list in December 2025.
Lending, Staking, and Restaking Platforms EigenCloude, WBETH, and Morpho Dominate DeFi
On the other hand, the other names have come forward amid the trend shift. In this respect, the lending, staking, and restaking platforms have occupied most of the top-10 spots. Specifically, EigenCloude, which is a restaking platform, has become the 3rd top dApp in December 2025 with its TVL reaching $12.34B. Subsequently, the liquid staking dApp WBETH has gained the 4th position with $10.43B in its TVL.
Moving on, CryptoRank’s list of top-10 dApps by TVL in December 2025 includes Morpho and Spark in 5th and 6th ranks. Hence, the lending platforms claim $9.08B and $8.59B in their TVLs. Subsequently, with $8.21B, Ether.FI, which is a restaking platform, occupies the 7th position. Additionally, Sky and Ethena account for $6.64B and $6.49B in TVL at 8th and 9th spots. By the end, Babylon is the 10th top dApp by TVL in December 2025.
