DeFi Lending Protocols Approach $6 Billion TVL… Institutional Entry and RWA Expansion Accelerate

The total value locked (TVL) in decentralized finance (DeFi) lending protocols has approached $6 billion.

According to CoinDesk on the 18th (local time), based on a joint report from Artemis and Vaults.fyi, the TVL of leading DeFi lending protocols such as Aave, Euler, Spark, and Morpho is nearing $6 billion. This figure represents an increase of about 60% year-on-year. The report stated, “These platforms are rapidly institutionalizing as modular financial networks, moving beyond simple yield seeking.”

DeFi protocols are also actively engaged in the tokenization of real-world assets (RWAs), such as U.S. Treasury bonds and credit funds. These assets are being used as collateral or combined into complex strategy products to generate returns. Some protocols, including Pendle, are posting TVL of over $4 billion centered on tokenized stablecoin yield products.

The report stated, “On-chain asset managers like Gauntlet, Re7, and Stakehouse Financial are playing increasingly significant roles in DeFi governance and capital allocation,” adding, “these asset managers’ current assets under management have risen more than fourfold compared to January this year ($1 billion).”