Decentralized finance (DeFi) is making a strong return after months of stagnation. In Q3 2025, total value locked (TVL) surged by 41%, surpassing $160 billion — its highest level since May 2022. Ethereum reinforced its dominance, while Solana once again led the decentralized applications market with over $217 million in revenues in August alone.
Ethereum Drives Growth, Solana Shines in Performance
Ethereum remains the primary engine of growth. Its TVL surged by 50%, climbing from $54 billion to $96.86 billion. Solana posted a 10.5% increase, raising its TVL to $11.5 billion.
🔹 Aave: +58% since July, now holding over $41 billion in TVL
🔹 Lido: +77%, nearly $39 billion, driven by demand for liquid staking derivatives
🔹 EigenLayer: +66%, surpassing $20 billion, fueled by ETH’s price rally
Mike Maloney (Incyt) praised protocols like Lido, EigenLayer, and Aave as “the biggest winners” because they responsibly provide decentralized products that attract sustainable capital.
Crypto Price Records Fuel DeFi Expansion
The surge in TVL has also been powered by major crypto price gains:
🔹 Ethereum hit an all-time high of $4,946 on August 24
🔹 Bitcoin reached a record $124,457 on August 14
Doug ColKitt, an early Fogo contributor, explained that the increase reflects a healthier cycle compared to previous years. This time, TVL growth is backed by real capital tied to actual products like RWAs and LSTs, showing a structural shift in the ecosystem.
Solana: The dApps Revenue Leader
While Ethereum dominates TVL, Solana is leading the pack in performance. According to DefiLlama:
🔹 August 2025: Solana generated $217.39 million in revenues
🔹 Ethereum followed with $87.76 million
🔹 In Q2, Solana reported $570 million, equal to 46.3% of all dApps revenues
Developer confidence in Solana remains high. The Colosseum hackathon, held in July with over 10,000 participants, underscored the network’s strong ecosystem engagement.
U.S. Regulation and DeFi’s Revival
Momentum is also supported by U.S. regulation. In July, Congress passed three landmark bills — the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act. President Trump signed the GENIUS Act, establishing a legal framework for stablecoins. Although criticized for potential conflicts of interest, the law is seen as a breakthrough for the crypto industry.
👉 Q3 has proven that DeFi is far from over. With record TVL, new crypto all-time highs, and Solana’s revenue dominance, decentralized finance is back in the spotlight. If this momentum holds, 2025 could go down as a historic year for DeFi.
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DeFi Sees a Comeback: TVL Jumps 41% to Three-Year High, Solana Dominates dApps Revenues
Decentralized finance (DeFi) is making a strong return after months of stagnation. In Q3 2025, total value locked (TVL) surged by 41%, surpassing $160 billion — its highest level since May 2022. Ethereum reinforced its dominance, while Solana once again led the decentralized applications market with over $217 million in revenues in August alone.
Ethereum Drives Growth, Solana Shines in Performance Ethereum remains the primary engine of growth. Its TVL surged by 50%, climbing from $54 billion to $96.86 billion. Solana posted a 10.5% increase, raising its TVL to $11.5 billion. 🔹 Aave: +58% since July, now holding over $41 billion in TVL
🔹 Lido: +77%, nearly $39 billion, driven by demand for liquid staking derivatives
🔹 EigenLayer: +66%, surpassing $20 billion, fueled by ETH’s price rally Mike Maloney (Incyt) praised protocols like Lido, EigenLayer, and Aave as “the biggest winners” because they responsibly provide decentralized products that attract sustainable capital.
Crypto Price Records Fuel DeFi Expansion The surge in TVL has also been powered by major crypto price gains:
🔹 Ethereum hit an all-time high of $4,946 on August 24
🔹 Bitcoin reached a record $124,457 on August 14 Doug ColKitt, an early Fogo contributor, explained that the increase reflects a healthier cycle compared to previous years. This time, TVL growth is backed by real capital tied to actual products like RWAs and LSTs, showing a structural shift in the ecosystem.
Solana: The dApps Revenue Leader While Ethereum dominates TVL, Solana is leading the pack in performance. According to DefiLlama:
🔹 August 2025: Solana generated $217.39 million in revenues
🔹 Ethereum followed with $87.76 million
🔹 In Q2, Solana reported $570 million, equal to 46.3% of all dApps revenues Developer confidence in Solana remains high. The Colosseum hackathon, held in July with over 10,000 participants, underscored the network’s strong ecosystem engagement.
U.S. Regulation and DeFi’s Revival Momentum is also supported by U.S. regulation. In July, Congress passed three landmark bills — the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act. President Trump signed the GENIUS Act, establishing a legal framework for stablecoins. Although criticized for potential conflicts of interest, the law is seen as a breakthrough for the crypto industry.
👉 Q3 has proven that DeFi is far from over. With record TVL, new crypto all-time highs, and Solana’s revenue dominance, decentralized finance is back in the spotlight. If this momentum holds, 2025 could go down as a historic year for DeFi.
#solana , #defi , #sol , #Ethereum , #CryptoMarket
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies! Notice: ,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“