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DeFi TVL Has Shifted From Activity to Balance-Sheet Infrastructure
The comparison highlights a structural shift in where DeFi TVL concentrates. In 2021, top protocols were diversified across DEXs, CDPs, and yield aggregators. By 2025, TVL is overwhelmingly concentrated in lending, liquid staking, and restaking protocols, signaling a move away from activity-driven primitives toward balance-sheet infrastructure, where capital can remain deployed passively for extended periods.
The dominance of Aave, Lido, and restaking protocols suggests TVL growth is driven less by user demand and more by capital efficiency and yield layering. Lending fits this structurally: overcollateralization, reusable collateral, and leverage loops mechanically inflate TVL. Restaking goes one step further by monetizing already-staked assets, adding incremental yield without requiring capital reallocation.
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