DeFi Markets

Global on-chain liquidity, the biggest protocols, stablecoin supply and DEX volume — combined into one view. Sourced from DefiLlama (open data).

The information on this page is market data and educational analysis, not financial advice. Past on-chain activity does not guarantee future results. Always do your own research.

Observation

Total DeFi liquidity is down 2.4% over the past 7 days, at $75.4B — Binance CEX leads by TVL.

Computed from the on-chain data on this page — no AI model involved. Educational, not financial advice.

Market regime — observed

Current conditions across crypto trend, on-chain liquidity and macro — three independent sources, one read.

Risk-onHigh confidence· 100%

Risk-offComposite +0.30Risk-on

Bitcoin 30d trendneutralBTC moved +6.1% over the last 30 days.CoinGecko
DeFi liquidity 30drisk-onTotal DeFi TVL moved +8.2% over 30 days.DefiLlama
Equity volatility (VIX)neutralVIX at 18.7 (below 17 reads calm, above 25 stressed).FRED
US dollar 30d trendneutralBroad dollar index moved -0.6% over 30 days (a rising dollar has historically pressured risk assets).FRED
Fed funds 90d directionneutralEffective fed funds rate fell 0.01 pts over 90 days (now 3.63%).FRED
Yield curve (10y-2y)risk-on10y-2y Treasury spread at +0.35 pts (positively sloped).FRED

2 of 6 measured signals point toward risk-on (composite +0.30 on a -1 to +1 scale).

Total DeFi TVL moved +8.2% over 30 days.

10y-2y Treasury spread at +0.35 pts (positively sloped).

Regime describes current observed conditions across market, on-chain and macro data — it is not a forecast and reverses without warning.

Token unlock calendarUpcoming vesting cliffs across 300+ protocols — dated, sized, USD-valued.Open →

Total DeFi liquidity (TVL)

$75.4B

7d -2.36%30d +8.23%

Macro backdrop

The monetary and rates context markets operate in. Source: FRED (Federal Reserve). YoY = change over the prior year — rates in basis points (bps), levels in %.

Fed balance sheet

$6.75T+1.3% YoY

Total assets held by the Federal Reserve — the base of dollar liquidity.

as of 2026-07-22

M2 money supply

$23.16T+5.5% YoY

Money in circulation and near-money deposits.

as of 2026-06-01

Fed funds rate

3.63%−70 bps YoY

The overnight policy rate set by the Federal Reserve.

as of 2026-07-27

US dollar index

120.71+1.0% YoY

Trade-weighted value of the dollar against major currencies.

as of 2026-07-24

Yield curve (10Y − 2Y)

0.35%−16 bps YoY

Spread between 10-year and 2-year Treasuries; negative = inverted.

as of 2026-07-28

Stablecoin supply (USD)

$309.7B

412 tracked · peg health →

DEX volume 24h

$7.3B

across all tracked DEXs

Chains tracked

450+

top 12 shown below

Top chains by liquidity

1Ethereum$41.3B
2Tron$4.8B
3BSC$4.8B
4Solana$4.8B
5Base$4.5B
6Bitcoin$4.2B
7

Largest protocols

1LidoLiquid Staking-0.75% 7d$17.8B
2Aave V3Lending-1.66% 7d$13.8B
3SSV NetworkStaking Pool-0.40% 7d$9.4B
4Morpho BlueLending+0.00% 7d$7.6B
5WBTCBridge-4.39% 7d$7.3B

Largest stablecoins

USDT Tether$183.8B
USDC USD Coin$72.5B
USDS Sky Dollar$6.5B
DAI Dai$4.8B
USD1 World Liberty Financial USD$4.1B
USDe Ethena USDe$3.9B

Data by DefiLlama (open data), refreshed hourly. Explore individual assets in Token Research . Educational information only — not financial advice.