coin-img-HYPEHYPE+1.93%coin-img-WHITEWHALEWHITEWHALE+63.67%coin-img-AAVEAAVE-2.44%coin-img-ZKCZKC+9.28%coin-img-UNIUNI-3.73%coin-img-COLLECTCOLLECT+100.50%coin-img-ETHETH-0.26%coin-img-BTCBTC-0.65%coin-img-HYPEHYPE+1.93%coin-img-WHITEWHALEWHITEWHALE+63.67%coin-img-AAVEAAVE-2.44%coin-img-ZKCZKC+9.28%coin-img-UNIUNI-3.73%coin-img-COLLECTCOLLECT+100.50%coin-img-ETHETH-0.26%coin-img-BTCBTC-0.65%coin-img-HYPEHYPE+1.93%coin-img-WHITEWHALEWHITEWHALE+63.67%coin-img-AAVEAAVE-2.44%coin-img-ZKCZKC+9.28%coin-img-UNIUNI-3.73%coin-img-COLLECTCOLLECT+100.50%coin-img-ETHETH-0.26%coin-img-BTCBTC-0.65%coin-img-HYPEHYPE+1.93%coin-img-WHITEWHALEWHITEWHALE+63.67%coin-img-AAVEAAVE-2.44%coin-img-ZKCZKC+9.28%coin-img-UNIUNI-3.73%coin-img-COLLECTCOLLECT+100.50%coin-img-ETHETH-0.26%coin-img-BTCBTC-0.65%
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Hannah Collymore

DefiLlama: RWAs surpass DEXs to rank fifth in DeFi TVL as of Dec. 2025

On December 29, 2025, DefiLlama data showed real‑world asset protocols overtook decentralized exchanges to become the fifth‑largest DeFi TVL category, behind lending, liquid staking, bridging, and restaking. RWA TVL is about $17 billion, up from $12 billion in Q4 2024, with growth tied to tokenized Treasurys, private credit, and a 2025 rally in gold and silver.
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