List of Protocols That Control the Capital in Crypto
Unsurprisingly, stablecoin issuers dominate the chart, controlling the largest share of locked capital in the crypto ecosystem:
- Tether (USDT) alone holds $151.2 billion, accounting for a staggering 43.8% of total TVL.
- Circle (USDC) follows with $58.3 billion, or 16.9% of the total.
Together, these two players alone represent over 60% of the capital in crypto, reflecting stablecoins central role in DeFi, trading, and cross-border settlement.
Lending and Liquid Staking Gain Ground
- Aave, the leading DeFi lending protocol, controls $36.5 billion (10.6%), solidifying its dominance in the lending vertical.
- Lido Finance, the top player in liquid Staking" >staking, holds $23.2 billion, or 6.7% of the total.
Staking involves actively participating in transaction validation (similar to mining) on a PoS-based blockchain. Users who hold the minimum required balance of a specific cryptocurrency can validate transactions and earn rewards. These rewards are set by the network and are then sent to the users wallet.
These protocols show that capital is also heavily concentrated in credit markets and staking infrastructure, which are key to DeFi functionality.
DEXs and Other Protocols Round Out the Space
Decentralized exchanges (DEXs) like Uniswap, Curve, and others represent a smaller but essential portion of the ecosystem. Additional categories, such as derivatives, bridges, and asset management tools, make up the Other category, indicating a more fragmented landscape in emerging areas.
Capital in crypto is far from evenly distributed. The top stablecoin issuers and core DeFi Decentralized Finance (DeFi) refers to a broad category of finance-related decentralized applications (dApps) built on public blockchains.
As the crypto economy grows, so will the battle for capital dominance.
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