A prominent decentralized finance (DeFi) project, Flamingo Finance ($FLM), saw the highest weekly growth on Total Value Locked (TVL). According to data shared by Phoenix Group, which is derived from DeFiLlama, FLM hit a raised TVL of 153%. With a relatively modest market capitalization of $16.5 million, the protocol now has $15.2 million in locked assets.
TOP PROJECTS BY WEEKLY #TVL GROWTH$FLM $SOLV $NOTE $QUICK $HYPE $CHESS #Polymarket $BLUE $PENDLE $LON $VELO $XCN $ENA $ZEUS $MORPHO pic.twitter.com/BGDOStfazW
— PHOENIX – Crypto News & Analytics (@pnxgrp) May 18, 2025
$SOLV and $NOTE were two of the top gainers after FLM. Total value locked for $SOLV saw a 51.8% increase and currently stands at $1.1 billion. On the other hand, $NOTE gained 45.2% with $10 million in TVL. The native token of QuickSwap, $QUICK, increased by 44%, taking its TVL to $214.3 million. This showed this project’s traction in their ecosystem increasing activity from the user and liquidity side.
Moderate Growth Seen in HYPE, CHESS, Polymarket, and Others
Other protocols also grew, but modestly. Accordingly, $HYPE and $CHESS records weekly increases at 21.2% and 19.8%, respectively. $HYPE currently manages $44.6 million locked in assets while $CHESS controls $134.6 million. The next, Polymarket, followed with an 18% increase in TVL, coming in at $31.2 million which does not seem to have a reported market cap figure in the dataset.
$BLUE, $PENDLE, and $LON also observed TVL growth of 15.4%, 13.3%, 11.8%, and 11.4%, respectively. However, $PENDLE and $LON occupied $4.1 billion and $850,700, respectively, in TVL. Though lower in absolutes, these weekly percentage gains show increased momentum in their protocols.
Gradual Growth Continues Among Lower-Ranked Protocols
On the lower end, the TVL changes of $VELO, $XCN, $ENA, $ZEUS, and $MORPHO range from 10% to 6.1%. $VELO’s TVL skyrocketed to $103.6 million, and $XCN’s increased to $136.3 million. Another factor worth noting was that $ENA reported a TVL of $5bn and a 9.2% increase in TVL, while ZEUS and $MORPHO had TVL growth of 6.7% and 6.1%, respectively.
