Analysis from WhaleHub, which draws on DefiLlama figures, showed a similar split in locked value. As of 6 October 2026, the lending protocol Blend held $162.8 million, Aquarius $39.5 million and Stellar’s native order book $17.7 million, together making up about four-fifths of the chain total counted by DefiLlama.
What Aquarius Does
Aquarius is described by its developers as a liquidity management layer for Stellar. In its introductory post, the project said it was designed to bring more liquidity to the Stellar DEX and give the community control over how that liquidity is distributed across market pairs. AQUA holders use the token for rewards and on-chain voting, which directs incentives toward the pairs where liquidity is needed most.
DeFiLlama’s page for the protocol shows how volume has moved over time. It lists 30-day DEX volume of $95.08 million on Stellar for Aquarius at the time of the snapshot, along with cumulative volume of $803.45 million. DeFiLlama figures update continuously, so readers should check the live dashboard for current numbers.
A short-term volume spike does not by itself show lasting growth. WhaleHub noted that Aquarius ended the first nine months of 2026 with about the same total value locked as at the start of the year, despite record volume months in June and September. Weekly swings in volume can reverse quickly, and volume rising while locked liquidity stays flat suggests more trading through existing pools rather than new capital entering.
For $XLM holders and Stellar builders, the data shows both the traction of the network’s largest DEX and the extent to which the ecosystem relies on a few protocols.
Sources
DefiLlama: Aquarius Stellar TVL, Fees, Revenue and Volume
Messari: State of Stellar Q1 2026
WhaleHub: Stellar DeFi TVL in 2026
