The total value locked (TVL) in decentralized finance (DeFi) platforms reached a peak of $171.9 billion in October 2025, but subsequently declined by 25.5% due to market corrections and economic uncertainty. Lending and borrowing protocols led the DeFi sector, accounting for 27.33% of the market share in 2025.
The global DeFi market was valued at $26.94 billion in 2025, with forecasts indicating a significant increase to $37.27 billion by 2026. The growth of tokenized real-world assets and decentralized exchanges (DEX) is expected to drive this expansion.
Decentralized exchanges generated $4.49 billion in revenue in 2025, while tokenized real-world asset platforms are projected to experience the fastest growth through 2031, with a compound annual growth rate (CAGR) of 67.7% from 2026 to 2033.