DeFi looks vast with $160B in TVL but capital concentrates in a handful of protocols
The DeFi market is stabilizing at $160.56 billion in TVL, but data shows a liquidity split between spot and derivatives, while collateral remains clustered in just a few major venues. Meanwhile, spot, perpetuals, and stablecoin bases are expanding in parallel, suggesting that order flow and collateral are recycled across fewer but more efficient protocols.
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