Gate News bot message, DeFi TVL distribution has undergone a structural shift between 2021 and 2025. In 2021, top protocols were diversified across DEXs, CDPs, and yield aggregators. By 2025, TVL has become overwhelmingly concentrated in balance-sheet infrastructure.
DeFi TVL Distribution Shifts from Activity-Based Protocols to Balance-Sheet Infrastructure
Gate News bot message, DeFi TVL distribution has undergone a structural shift between 2021 and 2025. In 2021, top protocols were diversified across DEXs, CDPs, and yield aggregators. By 2025, TVL has become overwhelmingly concentrated in balance-sheet infrastructure.