Decentralized finance or DeFi became less important within the overall crypto market, after its market share declined in 2022. This decline continued over the course of that year, when the DeFi TLV - total value locked, essentially the market size - decreased more and more. What exactly is DeFi, however? Whilst there is no general consensus what this market entails exactly, it generally refers to financial applications built atop Ethereum (ETH) especially. Applications can consist of decentralized exchanges or DEXs, such as Uniswap or PancakeSwap, or crypto protocols regarding lending and borrowing, such as Aave. These applications, on their turn, are powered by their own cryptocurrencies: The Uniswap DEX uses the Uniswap token (UNI) for governance. Nevertheless, the price development of ETH was heavily influenced by the growing popularity of DeFi.
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DeFi dominance, or DeFi market capitalization as a share of the overall crypto market cap, worldwide from June 1, 2021 to May 19, 2025
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Statista. (May 19, 2025). DeFi dominance, or DeFi market capitalization as a share of the overall crypto market cap, worldwide from June 1, 2021 to May 19, 2025 [Graph]. In Statista. Retrieved July 04, 2025, from https://www.statista.com/statistics/1262836/defi-dominance/
Statista. "DeFi dominance, or DeFi market capitalization as a share of the overall crypto market cap, worldwide from June 1, 2021 to May 19, 2025." Chart. May 19, 2025. Statista. Accessed July 04, 2025. https://www.statista.com/statistics/1262836/defi-dominance/
Statista. (2025). DeFi dominance, or DeFi market capitalization as a share of the overall crypto market cap, worldwide from June 1, 2021 to May 19, 2025. Statista. Statista Inc.. Accessed: July 04, 2025. https://www.statista.com/statistics/1262836/defi-dominance/
Statista. "Defi Dominance, or Defi Market Capitalization as a Share of The Overall Crypto Market Cap, Worldwide from June 1, 2021 to May 19, 2025." Statista, Statista Inc., 19 May 2025, https://www.statista.com/statistics/1262836/defi-dominance/
Statista, DeFi dominance, or DeFi market capitalization as a share of the overall crypto market cap, worldwide from June 1, 2021 to May 19, 2025 Statista, https://www.statista.com/statistics/1262836/defi-dominance/ (last visited July 04, 2025)
DeFi dominance, or DeFi market capitalization as a share of the overall crypto market cap, worldwide from June 1, 2021 to May 19, 2025 [Graph], Statista, May 19, 2025. [Online]. Available: https://www.statista.com/statistics/1262836/defi-dominance/
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