The Provenance blockchain hit a new milestone on Wed. Feb. 11, as its total value locked (TVL) climbed to an all-time high of $1.2 billion.
This marks a 7% increase in TVL over the past 24 hours, and a roughly 570% jump since early November 2025, when TVL stood at about $179.9 million, according to DeFiLlama data.
Notably, Figure Markets is currently the only protocol tracked on Provenance by DeFiLlama, meaning the network’s entire TVL is essentially tied to Figure’s activity. Figure Markets is described as a decentralized custody platform, which offers spot trading, crypto-backed lending, and yield-bearing assets.
DeFiLlama data shows Figure Markets’ TVL at approximately $1.22 billion, with about $301 million currently borrowed. The protocol has generated roughly $3.84 million in annualized fees and revenue, while 30-day decentralized exchange volume stands at approximately $2.08 billion.
Figure Technologies, the entity behind Figure Markets and Provenance, currently leads in the tokenized private credit space, accounting for $15 billion of the market’s $20 billion active loans, per RWAxyz. The company is also the largest non-bank home equity line of credit (HELOC) originator in the U.S.
Meanwhile, Provenance’s native token, HASH, was the second-best performing token on the day, rising about 8% in 24 hours to trade near $0.018, according to CoinGecko. Figure’s HELOC token is currently trading at $1.02, down 1% on the day.
Provenance’s TVL increase comes amid renewed attention towards tokenized real-world assets (RWAs), which have grown 14% over the past month to a distributed asset value of over $24.7 billion.
Experts are Divided
Still, not everyone views the milestone as a structural breakthrough. Brian Huang, co-founder of Glider, told The Defiant that tokenizing assets on a standalone or siloed blockchain does not necessarily increase their utility.
“Assets aren’t any more useful on chain than offchain unless they have composability. Provenance has no composability,” Huang said. “Overall, I wouldn’t read into the $1.2 billion in assets. In the long term, tokenization will favor open protocols like Ethereum and Solana.”
Danny Nelson, Research Analyst at Bitwise Asset Management, took a different viewpoint, calling Provenance’s business “very real.”
“It’s the secret sauce fueling Figure Markets’ rise to become the largest non-bank home equity loan (HELOC) business in the U.S,” Nelson said. “Figure Markets purpose built Provenance Chain to handle its HELOCs.”
He explained that Figure represents all loan-related paperwork, contracts, and finances as tokens on the blockchain. “There, it can process everything much faster than a traditional lending business can,” Nelson added. “Figure is cutting the costs of creating each loan, and speeding up its processing, by handling the entire loan lifecycle on Provenance.”
Provenance’s growth follows a January announcement from Figure launching the On-Chain Public Equity Network (OPEN) on Provenance. The move allowed companies to list their equity natively on-chain.
“Unlike other tokenization efforts, OPEN equities are blockchain-registered, not a tokenized version of Depository Trust and Clearing Corporation (DTCC) securities,” the announcement reads.
Figure said its own stock will be the first public equity trading natively on the blockchain, with market makers including Jump Trading preparing to support the platform.
The Defiant reached out to Figure and Provenance for comment, but has not heard back at the time of publishing.
