DeFi TVL Crosses New Cycle High as Real-World Assets Take Center Stage
Tokenized treasuries, restaking and onchain credit are driving DeFi total value locked to a new cycle high with a very different composition.
A different kind of TVL
Total value locked across DeFi protocols has crossed a new cycle high, but the composition looks nothing like the summer of 2021. Real-world assets, tokenized treasuries and restaking now make up a growing share of onchain collateral.
That shift matters. It signals that DeFi is being used as infrastructure by traditional financial institutions rather than solely by degen liquidity mercenaries.
The RWA super-cycle
Tokenized US treasuries alone have crossed multi-billion dollar mandates. Asset managers are using DeFi rails to offer 24/7 collateral mobility, instant settlement and programmable yield.
Onchain credit protocols are also seeing real traction, with private credit funds using them to originate and service loans transparently.
Risks worth watching
The convergence of DeFi and TradFi is not risk-free. Custody, oracle assumptions, restaking rehypothecation and regulatory perimeter risk all need to be priced honestly.
The next major stress test will reveal which protocols have truly graduated from crypto-native experiments to financial infrastructure.
