DeFi hits $237 billion TVL. This is its highest ever. However, dApp wallet usage? Down by approximately 22%. Capital is pouring in, users are stepping out. Something is off. So, stick around as we try to put a finger on what it is.
Context
DeFi has just set a record, rising from $160 billion at the end of Q3 2024 to $237 billion in locked value by the end of Q3 2025. But behind that headline lies a paradox: daily user activity crashed by 22%. Something is shifting.
Key Takeaways
Total Value Locked (TVL) in DeFi surged to a new all-time high of $237 billion in Q3 2025.
At the same time, the number of daily active dApp wallets declined by about 22%, indicating a decrease in user engagement.
The drop in activity was especially sharp in SocialFi and AI-based dApps, which lost users at a faster rate than financial DeFi apps.
Ethereum remains the leader in DeFi TVL, with almost $120 billion locked, although it has seen a modest decline.
Meanwhile, BNB Chain’s DeFi TVL rose by about 15%, boosted by growth in its perpetual DEX “Aster” protocol.
Why It Matters
This divergence between capital and users is a flashing amber light. It suggests that money is entering DeFi, but users aren’t following in equal measure. That hints at institutional ingress, yield chasing, or capital stacking, and not organic consumer adoption. The risk is clear: if those capital flows slow or reverse, the infrastructure may be left hanging. The question now is: which side will the user base return to, or will capital compensate further?
DeFi has reached $237 billion in TVL, marking a significant milestone. But the real story may be the drop in wallets. DeFi’s next chapter hinges not just on liquidity, but on whether real users return.
