The post DeFi TVL climbs back toward $140b as Hyperliquid and rivals dominate appeared on BitcoinEthereumNews.com.

DeFi TVL rebounds near $140b as perp DEXs, spot volumes, and stablecoin flows jump, but hacks and regulation keep sentiment fragile. Summary DeFi TVL has rebounded to around $140b after a sharp drop from near $170b, still a small slice of multi-trillion crypto market cap. Perp and spot DEXs, led by Hyperliquid and a few rivals, now clear hundreds of billions in volume, outpacing many smaller CEXs. Stablecoin and TVL growth concentrate in blue-chip protocols like AAVE and Uniswap, while sentiment stays fragile amid hacks and regulatory risk. DeFi is expanding again. TVL is rising. Volatility stays high. The sector still lags the broader crypto market, but activity in derivatives and spot markets remains strong.​ DeFi TVL sits in a band around 140 billion dollars. It recovered from levels near 115 billion dollars after a sharp drop from a local peak close to 170 billion dollars earlier in the year. Global crypto market capitalization stands in the multi trillion dollar range, so DeFi still represents a modest share of total crypto value. The gap between aggregate market cap and DeFi TVL highlights that most value still sits in large cap assets such as BTC (BTC) and ETH (ETH).​ Aave is the only DeFi Protocol with $10B+ TVL after the correction, excluding LST/LRT protocols. They have spent years building their liquidity and track record, which are moats that can’t be easily replicated. pic.twitter.com/jg6UojHZAB — Tom Wan (@tomwanhh) December 9, 2025 On trading venues, activity is intense. Perpetual DEX markets now clear hundreds of billions of dollars in a single quarter, with some recent estimates pushing toward the one to two trillion dollar mark. Hyperliquid (HYPE) and a small group of rivals dominate this flow. They post cumulative volumes that exceed many smaller centralized exchanges. Spot DEXs also remain active, with daily…

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Filed under: News - @ December 9, 2025 1:29 pm