Top 10 DApps by TVL in 2021 and 2025
In 2021, the leading protocols were highly diversified and included decentralized exchanges, CDP platforms, and profit aggregators.
However, in 2025, the majority of TVL is concentrated in lending, liquid staking, and restaking protocols.
This evolution shows that the market is gradually moving away from activity-based models and towards capital-based structures and more stable returns.
