DefiLlama: Complete Guide to DeFi Analytics, TVL Tracking & Aggregators

Understanding where value flows in decentralized finance can feel overwhelming when thousands of protocols compete for attention across hundreds of chains. DefiLlama has emerged as the go-to platform for tracking these metrics, offering traders, builders, and analysts a free, transparent window into the DeFi ecosystem. This guide walks you through everything you need to know about using DefiLlama effectively in 2025.

Quick Answer: What DefiLlama Is and Why It Matters in 2025

DefiLlama is a free, ad-free, open DeFi analytics dashboard launched in 2020 that tracks total value locked across thousands of protocols and hundreds of chains. The platform aggregates data directly from blockchain networks, providing real-time insights without requiring users to create an account or connect a wallet.

As of early 2025, DefiLlama monitors tvl for major ecosystems including Ethereum, Solana, Arbitrum, Optimism, BNB Chain, Avalanche, Base, and dozens more. The platform covers over 6,400 defi protocols spanning 469 blockchains and nearly 20,000 liquidity pools, making it one of the most comprehensive resources available for on-chain analysis.

Traders, builders, and analysts widely use DefiLlama to:

Compare defi protocols by tvl, fees, and revenue

Track trading volume across decentralized exchanges

Monitor yields and discover new opportunities in pools

Analyze chain-level trends and growth trajectories

Data is accessible both via the main site (defillama.com) and a public API, which makes it popular for custom dashboards, research, and algorithmic strategies. Many users export this data into tools like Google Sheets, Looker Studio, or BigQuery for deeper analysis.

Unlike aggregated finance data that lives inside walled gardens, DefiLlama’s community-driven approach ensures transparency and reliability that users can verify through open-source code.

What Is DefiLlama?

DefiLlama is an open-source DeFi analytics platform that focuses on tracking total value locked (TVL), protocols, chains, yields, oracles, and NFTs, providing a comprehensive overview of where crypto funds flow across the entire decentralized finance landscape.

The project started around late 2020, when DeFi tvl exploded past $10 billion during the yield farming boom. By 2025, the platform has expanded to track thousands of protocols on 150+ blockchains, maintained by a dedicated team of contributors. DefiLlama tracks thousands of protocols, covering nearly all DeFi activity.

DefiLlama covers key DeFi categories including:

DefiLlama Methodology and TVL Calculations

DefiLlama’s credibility depends on transparent, consistent rules for calculating tvl across all supported protocols and chains. Total Value Locked (TVL) represents the total assets staked or locked in DeFi protocols, indicating the scale of the ecosystem. Understanding this methodology helps you interpret the data correctly and avoid common misconceptions.

DefiLlama’s methodology includes regular data update processes to ensure TVL figures are accurate and current. TVL reached a peak of $255 billion in November 2021 before stabilizing due to market consolidation and increased Layer 2 adoption.

To maintain data reliability, DeFiLlama updates its data in real-time to reflect market changes, ensuring users always have access to the latest information.

What TVL Actually Measures

TVL represents the on-chain value of tokens deposited into a protocol’s smart contracts—liquidity pools, lending markets, staking contracts, and CDPs. This is fundamentally different from a project’s market cap or the prices of governance tokens.

Key methodology principles include:

Token pricing sources: Prices are primarily sourced from CoinGecko’s API, with fallbacks or custom oracles for illiquid or exotic assets.

Excluded tokens: Non-circulating tokens such as team-locked, vesting, or unissued tokens are excluded from tvl calculations, even if they sit in team-controlled smart contracts.

Double-counting prevention: If a user receives a receipt token (LP token, cToken, aToken) and redeposits it into another contract within the same protocol, it counts only once toward tvl.

Native staking exclusions: Pure native staking (delegating ATOM or SOL to validators) is typically excluded from tvl, whereas liquid staking protocols like Lido are treated as defi protocols.

Bridge attribution: Bridge tvl is tracked at the bridge level but is not added to the destination chain’s protocol tvl to avoid inflating per-chain totals.

Wallet exclusions: Funds in smart contract wallets like Gnosis Safe and Argent multisigs are excluded unless they are part of a recognized DeFi protocol’s contracts.

TVL Attribution Example

Consider this step-by-step example:

You deposit 10 ETH into Aave on Ethereum

You receive aETH tokens representing your deposit

TVL attribution: 10 ETH counted toward Aave’s Ethereum tvl

If you then use aETH as collateral within Aave, it still counts as 10 ETH (no double counting)

This methodology ensures that when you view tvl rankings, you’re seeing actual locked value rather than inflated numbers from circular deposits.

DefiLlama Features and Core Dashboards

When you land on defillama.com, you’ll find several core dashboards that help you explore the DeFi ecosystem from multiple angles. Let’s take a tour of what’s available.

Global TVL Overview

The homepage displays a line chart of total DeFi tvl since 2020, with key milestones clearly visible:

Peak tvl of approximately $255 billion in November 2021

Significant drawdowns throughout 2022

Gradual recovery through 2023-2025

You can filter this view by date range, compare specific time periods, and track how major market events affected overall defi activity.

Protocol Rankings

The protocol rankings section presents sortable tables showing:

TVL by protocol (current and historical)

Daily and weekly tvl change percentages

Fees and revenue metrics

Category classification

Familiar names like Lido, Uniswap, Aave, MakerDAO, and Curve typically appear at the top, but you can filter by category to discover smaller projects gaining traction.

Chain Rankings

This view shows tvl per chain, allowing you to compare ecosystems like Ethereum, Solana, Tron, Arbitrum, Optimism, Base, Polygon, BNB Chain, and Avalanche. You can filter for Layer 1 versus Layer 2 networks and track how value migrates between chains over time.

Yields Section

The yields dashboard lists pools and strategies with:

Current APY

Underlying assets

Risk categorization

TVL per pool

Historical yield trends

This is where yield farmers spend considerable time, filtering by asset type and chain to discover opportunities. For example, you might filter for USDC pools on Ethereum L2s with over $1 million tvl and yields exceeding 10%.

Additional Verticals

DefiLlama also supports dashboards for:

Oracles (Chainlink, Band Protocol, API3)

Bridges (cross-chain value transfer)

Forks (protocols derived from existing code)

Fees and revenue

Stablecoin market data

Many users first discover specific protocol or chain pages via Google Search (searching for terms like “Lido TVL” or “Arbitrum DefiLlama”), highlighting how search engines complement specialized analytics tools.

Chains: Layer 1 and Layer 2 Coverage

DefiLlama tracks smart-contract-capable blockchains where DeFi activity occurs, spanning both base layers and scaling networks.

Layer 1 coverage includes:

Ethereum as the largest and oldest DeFi chain

Solana for high throughput and low fees

BNB Chain with significant retail activity

Tron, Avalanche, and others with sizable tvl

Layer 2 coverage has expanded significantly:

Arbitrum (Ethereum rollup)

Optimism (Ethereum rollup)

Base (Coinbase’s L2)

zkSync and Linea (zk-rollups)

Chain pages show aggregate tvl, leading protocols on that chain, tvl change over month and year timeframes, and sometimes bridge inflows and outflows.

Researchers frequently export chain-level tvl data to cloud data warehouses like Google BigQuery for macro DeFi analysis, combining on-chain metrics with off-chain market data.

Oracles, Forks, and Ancillary Dashboards

Beyond core tvl tracking, DefiLlama provides valuable context through additional dashboards.

Oracle tracking covers projects like Chainlink, Band Protocol, and API3, showing metrics like the number of integrated protocols and the total value secured by their price feeds.

Fork dashboards categorize protocols that are code derivatives of earlier projects. For example:

Original Protocol

Notable Forks

Uniswap

SushiSwap, PancakeSwap, Quickswap

Aave

Radiant, Seamless

Compound

Venus, Benqi

These views help you understand how DeFi innovation often builds on existing open-source code and how liquidity fragments across ecosystems.

The fees and revenue dashboards track how much protocols earn from their operations, which governance token holders and potential investors watch closely as indicators of sustainability.

DefiLlama Swap and Borrow Aggregator

DefiLlama has expanded beyond pure analytics to offer tools that help you take action on the insights you discover.

Swap Aggregator

The swap feature functions as a meta-DEX aggregator, aggregating quotes from other DEX aggregators like 1inch, 0x, Matcha, and Paraswap. Currently in beta, it supports multiple EVM and non-EVM chains.

Key benefits include:

No fees from DefiLlama’s side (you only pay on-chain transaction and protocol fees)

Best route discovery across multiple aggregators

Support for connecting popular Web3 wallets (MetaMask, Rabby, Coinbase Wallet)

Transparent price impact and slippage information

This differentiates DefiLlama from commercial aggregators that may charge additional fees on top of DEX costs.

Borrow Aggregator

The borrow aggregator lets users compare borrowing and lending rates across protocols like Aave, Compound, Spark, Morpho, and Venus for assets including ETH, WBTC, USDC, USDT, and DAI.

Metrics displayed include:

Supply APY (what you earn by depositing)

Borrow APY (what you pay to borrow)

Utilization ratio

Collateral factors

Chain availability

2025 Rate Comparison Example:

Protocol

Chain

USDC Borrow APY

Supply APY

Aave v3

Arbitrum

4.2%

2.8%

Compound v3

Ethereum

5.1%

3.2%

Spark

Ethereum

4.8%

3.0%

This saves you from manually checking each protocol UI when searching for the most capital-efficient borrowing options.

Teams sometimes export rate history from DefiLlama’s API into Google Sheets or cloud-based BI tools to backtest strategies or monitor funding conditions over time.

How to Use DefiLlama: Practical Walkthrough

This section provides a step-by-step guide for navigating DefiLlama, suitable for both beginners and experienced DeFi users.

Step 1: Visit defillama.com

Navigate to the homepage where you’ll see:

Global tvl chart with historical data

Top protocols by tvl

Navigation menu for different sections

You can switch between views (TVL, fees, volume) using the top navigation bar.

Step 2: Explore Protocols

Click “Protocols” in the navigation to access the full protocol rankings. From here:

Sort by tvl, category, or chain

Click any protocol name to view its detail page

Review historical tvl charts and chain distribution

Check fee and revenue metrics where available

For example, clicking on Aave shows you its tvl across Ethereum, Arbitrum, Polygon, and other supported chains.

Step 3: Compare Chains

Use the “Chains” view to compare ecosystems:

Select the chains you want to compare

Review tvl rankings and growth trajectories

Identify trends in value migration between L1s and L2s

In early 2025, you might observe Arbitrum and Base growing faster in percentage terms than established L1s.

Step 4: Find Yields

Navigate to the yields section to discover earning opportunities:

Filter by asset (USDC, ETH, stETH)

Filter by chain (Ethereum, Arbitrum, Solana)

Sort by APY or tvl

Review risk labels before committing funds

Always understand what you’re depositing into. High APY often correlates with higher risk from impermanent loss, smart contract vulnerabilities, or unstable underlying assets.

Step 5: Use the Swap Aggregator

To execute trades through DefiLlama:

Connect your wallet (MetaMask, Rabby, etc.)

Select source and destination tokens

Enter the amount you want to swap

Review the routes and price impact

Confirm the transaction in your wallet

The aggregator shows you which underlying DEX or aggregator provides the best rate.

Step 6: Check Borrow Rates

To compare lending and borrowing options:

Navigate to the borrow section

Select an asset (WBTC, ETH, USDC)

Review rates across Aave, Compound, and other protocols

Compare chains to find the most efficient option

Factor in gas costs when choosing which chain to use

Step 7: Export or Integrate Data

For developers and analysts:

Access DefiLlama’s public API for programmatic data retrieval

Pipe tvl and rate data into custom dashboards

Export to Google Sheets for quick analysis

Build data pipelines to cloud-based analytics stacks

The API documentation is available directly on the DefiLlama site and GitHub repository.

Why Traders, Builders, and Institutions Use DefiLlama

DefiLlama has become a default resource for DeFi monitoring for several compelling reasons:

Breadth of coverage: Tracking hundreds of chains and thousands of protocols in one place eliminates the need to visit dozens of separate dashboards.

Transparent methodology: Open-source adapters mean you can verify exactly how tvl is calculated for any protocol.

No direct cost: The core platform is free to use, with no ads or sponsored rankings skewing the data.

Individual Traders

Traders use DefiLlama to:

Track protocol health by monitoring tvl trends

Detect liquidity inflows and outflows before they impact prices

Scout new opportunities in emerging protocols before they trend on social media

Compare yields across hundreds of pools to optimize returns

DeFi Teams and DAOs

Protocol teams rely on DefiLlama to:

Benchmark their tvl against competitors

Present metrics in investor or governance reports

Track how protocol updates affect user deposits

Monitor fork activity and competitive dynamics

Research Desks and Institutions

Institutional users integrate DefiLlama data with:

Off-chain market data and macro indicators

Google Cloud-based analytics platforms

Custom risk models and portfolio tracking systems

Historical analysis for trend identification

This combination of on-chain and off-chain data provides a more complete view of DeFi markets and helps institutional players make informed decisions about capital allocation.

The Broader Data Ecosystem

DefiLlama’s public approach complements the broader internet data ecosystem. Users often begin with Google Search to find specific protocols or chains, then dive deeper into on-chain analytics through DefiLlama, and finally combine everything in cloud-based tooling for comprehensive research.

As DeFi evolves beyond 2025—into real-world assets, cross-chain liquidity, and more advanced derivatives—transparent, open analytics platforms like DefiLlama will remain critical for understanding risk and opportunity. The questions you can answer with reliable on-chain data will only multiply as the ecosystem matures.

Start exploring defillama.com today to track the protocols that matter to your strategy, compare yields across chains, and make data-driven decisions in the rapidly evolving world of decentralized finance.

DefiLlama FAQ

If you’ve spent any time in decentralized finance, you’ve likely encountered DefiLlama—the largest tvl aggregator in crypto. This practical FAQ page answers the most common questions about using DefiLlama in 2024–2025, covering everything from TVL data interpretation to API access, chain support, and security best practices.

DefiLlama is a free, open-source DeFi analytics dashboard that tracks total value locked, volume, yields, funding rounds, airdrops, and more across 200+ chains and thousands of protocols. Whether you’re a complete beginner trying to make sense of on-chain metrics or an advanced user building dashboards, this FAQ delivers fast, actionable answers without requiring a deep dive into lengthy documentation.

All examples and metrics here reference current DeFi activity—Ethereum, Solana, Arbitrum, Base, EigenLayer, Jito, Aerodrome—to keep answers concrete and relevant to how the market actually works today.

This FAQ covers:

What DefiLlama is and who maintains it

How to interpret TVL, volume, and yield metrics

Navigating the interface effectively

Using data for research and strategy

API access for developers

Security considerations and common mistakes

Airdrop hunting and tokenless protocols

General Questions About DefiLlama

These foundational questions help users understand what DefiLlama is, how it works, and what makes it valuable for DeFi research.

What is DefiLlama?

DefiLlama is a neutral DeFi data aggregator founded around 2020, built to track TVL, dex volume, yields, fees, stablecoins, NFTs, funding rounds, and token unlocks across many blockchains. It emerged as a response to the explosive growth of DeFi when the sector’s fragmentation across different chains made manual data compilation nearly impossible. Today, it covers over 3,000 protocols across 242 Layer 1 and Layer 2 chains, monitoring 11,000 pools to provide users with accurate data about the DeFi ecosystem.

Is DefiLlama free to use?

Yes. All core features—dashboards, charts, historical data, and basic API access—are completely free. There’s no subscription, no sign-up required, and no paywall blocking essential metrics. This open approach has helped DefiLlama attract over 10 million monthly users who rely on it for protocol research and market analysis.

Do I need to connect a wallet to use DefiLlama?

Browsing data never requires a wallet connection. You can explore every protocol, chain, and yield opportunity without signing anything. You only connect a wallet for specific tools like LlamaSwap (their DEX aggregator) or the loan aggregator, where you’re actually executing transactions.

Which blockchains and protocols does DefiLlama support?

DefiLlama supports hundreds of blockchains including Ethereum, Solana, BNB Chain, Arbitrum, Optimism, Base, Polygon, Avalanche, Tron, and many emerging networks. On the protocol side, it tracks thousands of projects across categories like DEXs (Uniswap, Aerodrome), lending platforms (Aave, Compound), liquid staking (Lido, Jito), bridges, derivatives, and more.

Who runs DefiLlama?

The platform is maintained by a team of passionate individuals distributed globally, working alongside open-source contributors from thousands of protocols. Updates are coordinated via GitHub and community channels, with adapters for new protocols regularly submitted and reviewed by the community. This decentralized maintenance model helps ensure the tool remains neutral and isn’t captured by any single interest.

TVL, Volume & Other Key Metrics on DefiLlama

Understanding how DefiLlama’s most important on-chain metrics work is essential for interpreting the data correctly. This section breaks down what each metric actually measures.

Total Value Locked (TVL)

TVL represents the total amount of crypto assets deposited into smart contracts within a defi protocol. It’s calculated as the USD value of all tokens locked in a protocol’s contracts at any given moment. Users treat high tvl as a rough indicator of liquidity, trust, and protocol size—though it’s not a complete picture of security or quality.

For context, DeFi TVL peaked above $200 billion in late 2021, crashed below $40 billion during the 2022 bear market, and has recovered past $100 billion by 2024. DefiLlama’s charts let you track these trends in depth across any timeframe.

Trading Volume

DefiLlama distinguishes between several volume types:

Volume Type

What It Measures

Example Protocols

Spot DEX Volume

Token swaps on decentralized exchanges

Uniswap, Aerodrome, Raydium

Perpetuals Volume

Leveraged derivatives trading

GMX, Hyperliquid, dYdX

Bridge Volume

Assets moving between chains

Stargate, Across, Hop

Sustained volume growth on major DEXs often correlates with returning market interest and liquidity. The platform tracks these separately so you can assess each category on its own terms.

APY / APR on Yields

The Yields page displays annual percentage yields across thousands of pools. These rates can change rapidly based on token prices, liquidity depth, and incentive programs. When evaluating yields, account for:

Gas fees on the chain

Potential impermanent loss for AMM pools

Token volatility of reward tokens

Lock-up periods and exit fees

Active Users / Unique Addresses

Where available, DefiLlama shows unique address counts interacting with protocols. Keep in mind these metrics can over-count real human users since one person might control multiple wallets. Still, address growth trends provide insight into adoption patterns.

Other Notable Metrics

Beyond TVL and volume, DefiLlama exposes:

Protocol fees and revenue (useful for comparing protocol sustainability)

Stablecoin market caps (USDT, USDC, DAI, etc.)

Funding rounds and investors

Token unlock schedules (helpful for anticipating sell pressure)

Always combine these metrics with your own research before making decisions.

How to Navigate the DefiLlama Interface

DefiLlama’s homepage centers around TVL as the primary metric, with navigation organized into top-level tabs: Protocols, Chains, Yields, DEX Volume, Stablecoins, Airdrops, Funding, and various Tools.

Homepage Overview

The homepage displays a global TVL chart showing historical trends, followed by top protocols ranked by TVL. You can filter by chain and category, and use date-range selectors to compare different periods—for example, the late-2021 peak versus the 2022–2023 drawdown and subsequent recovery.

Protocols Page

Sort protocols by TVL, 7-day change, or 30-day change to spot trends. Filter by category (DEX, lending, liquid staking, derivatives, bridges) and by chain to narrow your focus. For example, you might compare Aave’s performance on Ethereum against Jito’s liquid staking growth on Solana.

Chains Page

This page ranks blockchains by TVL, separating Layer 1s (Ethereum, Solana, BNB Chain) from Layer 2s (Arbitrum, Optimism, Base, zkSync, Scroll). The 7-day change column helps identify trending networks—useful during incentive campaigns when chains like Manta or Blast experience rapid TVL rise.

Other Key Tabs

Tab

Primary Use

Yields

Compare APYs across pools and chains

DEX Volume

Track on-chain trading activity and market pulse

Stablecoins

Monitor supply, market share, and peg stability

Airdrops

Discover tokenless protocols with potential distributions

Funding

Review recent VC investments in DeFi projects

Each tab follows a consistent layout with sortable columns and filters, making it straightforward to explore different angles of the DeFi ecosystem.

Using DefiLlama Data for Research & Strategy

This section covers practical workflows for applying DefiLlama’s charts and tables to real-world DeFi research on popular chains like Ethereum, Solana, Arbitrum, and Base.

Finding Protocols by Category

Use category filters to find protocols matching your interest. Looking for liquid staking options beyond Lido? Filter by “Liquid Staking” and sort by chain to see alternatives like Jito on Solana or Rocket Pool on Ethereum. Want to explore lending platforms? The “Lending” category surfaces Aave, Compound, and dozens of other options.

Spotting Growth Trends

The 7-day and 30-day TVL change columns help identify protocols gaining traction. However, be cautious: rapid TVL growth might be driven by short-term incentive programs rather than organic adoption. During 2023–2024, protocols like EigenLayer and Manta saw massive TVL surges tied to points campaigns—valuable to track, but context matters.

Comparing Yields Across Chains

The Yields tab lets you compare APYs for similar strategies across different chains. A USDC stablecoin pool on Arbitrum might offer different returns than the same strategy on Ethereum mainnet. Factor in:

Gas fees (significantly lower on L2s)

Protocol risk and audit status

Liquidity depth and exit availability

Using Volume Data

DEX volume trends signal broader market activity. Sustained volume growth on major DEXs like Uniswap, Aerodrome, or Raydium often indicates returning interest. Compare volume alongside TVL to understand whether protocols are generating actual usage or just holding idle funds.

Cross-Checking Protocol Pages

Before committing any money, drill into individual protocol pages. Check:

TVL composition (which tokens are locked)

Historical TVL chart for stability

Links to audits and security notes

Any incident history or warnings

DefiLlama provides a starting point—but always verify details independently.

DefiLlama API & Developer Access

DefiLlama offers a public, JSON-based api used by traders, researchers, and developers to power dashboards, bots, and analytics tools.

Getting Started

No API key is needed for core endpoints. You can start making simple HTTP GET requests immediately from scripts, web apps, or even spreadsheet integrations. This accessibility has made DefiLlama’s API a popular choice for building custom research tools.

Available Data Types

The API exposes:

Global TVL and TVL by chain

Per-protocol TVL history

DEX volume data

Stablecoin supplies

Funding rounds

Token unlock schedules

Yield data across pools

Understanding Slugs

Endpoints use protocol and chain slugs to identify specific resources. For example:

/protocol/uniswap returns Uniswap’s TVL and metrics

/chain/arbitrum returns Arbitrum’s aggregate data

You can discover available slugs by querying the /protocols or /chains endpoints, or by noting the URL structure when browsing the website.

Integration Examples

Responses come in standard JSON format, making integration straightforward. Common use cases include:

Building Telegram or Discord bots that alert on TVL drops

Creating Google Sheets dashboards for portfolio tracking

Powering custom research platforms with real-time data

Running backtests on historical TVL and volume trends

Detailed endpoint documentation is available on DefiLlama’s official docs, including rate limit information and response schemas.

Security, Data Accuracy & Limitations

DefiLlama is a read-only analytics platform and does not custody funds. Still, users should understand how data is sourced and where limitations exist.

Data Sourcing Methodology

DefiLlama sources data directly from blockchains via adapters—small pieces of code that query on-chain contracts. These adapters are open source and maintained on GitHub, where the community reviews and updates them. This transparency helps ensure the methodology remains verifiable.

Known Limitations

While TVL data is generally reliable, some caveats apply:

Double-counting bridged assets: Assets bridged across chains may appear in TVL on multiple chains

Update lag: Smaller or newer chains may experience brief delays

Network congestion: During high activity, data may temporarily lag behind actual on-chain state

Adapter accuracy: Depends on correct implementation and timely updates

Protocol Information

Protocol pages often include links to audits, incident history, and external explorers. These are informational resources—not endorsements or guarantees of safety. Always conduct your own research and review smart contracts independently when funds are involved.

Security Best Practices

DefiLlama never requests seed phrases or private keys. You only sign transactions directly with your wallet when using tools like LlamaSwap. Be extremely cautious of any site claiming to be DefiLlama that requests sensitive information—always verify you’re on the correct URL.

Risk Disclaimer: DeFi involves substantial risk. TVL, volume, and yield data are informational tools, not investment advice. High APYs often come with proportionally high risks. Verify everything independently before depositing funds anywhere.

Common Beginner Mistakes When Using DefiLlama

Many new users misinterpret DefiLlama data, especially around TVL, yields, and airdrop hunting. Avoiding these mistakes can save you from being completely lost—or worse, losing funds.

Assuming “High TVL = Safe Protocol”

High tvl indicates that significant assets are deposited, but it says nothing about code quality, audit status, or operational security. Protocols with billions in TVL have still suffered exploits. Always check audit reports, incident history, and team reputation separately.

Chasing the Highest APYs Without Research

The Yields page shows some pools offering extremely high APYs. Before depositing:

Research the reward token—is it inflationary or has value?

Understand impermanent loss risks for AMM pools

Check lock-up terms and withdrawal fees

Consider smart contract risk

Misreading Short-Term TVL Spikes

Rapidly rising TVL might indicate genuine growth—or it might reflect temporary incentive programs. During 2023–2024, many protocols ran points campaigns that inflated deposits temporarily. Look at multi-month trends rather than week-over-week changes.

Treating “Tokenless = Guaranteed Airdrop”

DefiLlama’s airdrop tools help identify tokenless protocols, but using a protocol does not guarantee an airdrop. Teams can choose any distribution criteria, delay launches indefinitely, or not launch tokens at all. Track these opportunities, but manage expectations.

Ignoring Gas Fees and Transaction Costs

A 10% APY means nothing if gas fees consume your returns. Compare yields relative to typical transaction costs on each chain. L2s like Arbitrum and Base often make smaller positions more viable than Ethereum mainnet.

DefiLlama Airdrops, Tokenless Protocols & Funding Data

DefiLlama maintains dedicated views for tokenless protocols, airdrop opportunities, and VC funding deals—popular among users seeking early-stage opportunities.

Tokenless Protocols View

This section lists protocols that haven’t launched tokens yet. You can sort by TVL, 7-day change, and 30-day change to identify heavily used projects without tokens. Protocols like EigenLayer gained significant attention in this category during 2023–2024 as users speculated on future distributions.

Useful filters include:

Chain (focus on ecosystems you’re active in)

Category (liquid staking, restaking, perps, etc.)

TVL range (higher TVL may indicate more resources for airdrops)

Funding Tab

The Funding section lists recent investment rounds including:

Date and amount raised

Lead investors and participants

Project category and chain focus

Well-funded projects often launch tokens eventually, and understanding the investor base can provide insight into project legitimacy. New perps exchanges, L2s, and infrastructure projects funded in 2023–2024 frequently appear here.

Using This Data Responsibly

None of this constitutes investment advice or promises of airdrops. It’s raw data to help you build your own thesis. Cross-reference funding information with actual protocol usage, team backgrounds, and community activity before committing time or capital.

Frequently Asked Questions (Detailed)

This section expands on rapid-fire answers to the most common DefiLlama questions, grouped for easy scanning.

How often is DefiLlama data updated?

Most data updates in near real-time, typically within minutes of on-chain changes. Some metrics like yields or smaller chain TVL may have slightly longer refresh intervals. During extreme network congestion, brief delays can occur.

Is there a mobile app for DefiLlama?

DefiLlama’s website is mobile-optimized and works well in mobile browsers. As of current writing, the primary access method remains the web interface, which adapts to smaller screens.

Can I export data from DefiLlama?

Yes. Many pages offer CSV export options for offline analysis. The API provides programmatic access for building custom exports, and you can integrate API calls into Google Sheets or Excel for ongoing tracking.

How do I request a new chain or protocol to be added?

New adapters are submitted via GitHub. You can open an issue describing the protocol, or submit a pull request if you have development skills. The community and maintainers review submissions and integrate approved adapters.

Does DefiLlama show historical charts?

Yes. Most protocol and chain pages include multi-year historical TVL and volume charts. You can zoom, adjust date ranges, and export historical data for research.

Do I need KYC to use DefiLlama?

No. Browsing data and using public tools never requires identity verification. You only encounter KYC requirements on external exchanges or protocols that require it—DefiLlama itself is permissionless.

What’s the difference between TVL and “Total Value” on some protocols?

Some protocols display variations like “Total Value” or “TVL (includes borrowed)” to account for double-counted or borrowed assets. DefiLlama’s filters help separate these methodologies for cleaner comparisons.

Can I track my own portfolio on DefiLlama?

The portfolio tracker tool lets you monitor personal holdings across chains with real-time calculations. This requires connecting your wallet address (read-only) or manually entering positions.

How DefiLlama Fits Into a Broader Crypto Research Stack

DefiLlama excels at on-chain metrics, but it’s most powerful when combined with other tools for comprehensive research.

A Typical Workflow

Discovery: Start on DefiLlama to find protocols by TVL, category, or chain

Initial Research: Check protocol pages for TVL composition, historical trends, and linked resources

Verification: Visit official protocol websites and documentation

On-Chain Review: Use explorers like Etherscan or Solscan to examine contract addresses and transactions

Community Check: Review Discord, Twitter, and governance forums for team responsiveness and user sentiment

Building Custom Alerts

Advanced users combine DefiLlama API data with custom dashboards or bots. Common setups include:

Telegram alerts when favorite protocol TVL drops by 10%+

Spreadsheet dashboards tracking yield changes across pools

Automated reports comparing weekly volume trends

Who Benefits

Both individual users exploring DeFi for the first time and institutions building systematic strategies can use this stack approach. DefiLlama provides the data layer; you add the context and judgment.

Wrapping Up & Next Steps

DefiLlama remains the comprehensive, free analytics platform that helps users understand DeFi markets through TVL, volume, yield, stablecoin, and funding data. Its open-source methodology and neutral stance have made it the default starting point for DeFi research.

Getting Started

Visit the homepage and explore the global TVL chart

Drill into the Protocols tab to find projects in categories you’re interested in

Check the Chains page to understand where DeFi activity is happening

Use the Yields tab to compare opportunities (while accounting for risk)

Bookmark This FAQ

Return to this guide as you gain more DeFi experience. Revisit sections on metrics, security, and API access as your needs evolve.

Stay Secure

When leaving DefiLlama to interact with any protocol:

Verify you’re on the correct official URL

Double-check contract addresses against multiple sources

Never share seed phrases or private keys

Start with small amounts when testing new protocols

DeFi analytics tools like DefiLlama provide valuable insight into market trends and protocol performance—but the responsibility for secure, informed decisions always rests with you.