DefiLlama: The Definitive Guide to DeFi Data and Analytics

DefiLlama is a leading data aggregator for decentralized applications (dApps) and blockchains, providing key metrics such as Total Value Locked (TVL), transaction fees, and revenue. Tracking over 2,400 protocols across 150 blockchains, DefiLlama leverages API connections and reputable news sources for comprehensive data accuracy. Launched in 2020, it has rapidly become a cornerstone in the crypto space, boasting over 9 million monthly visits (according to Similarweb).

Why Use DefiLlama?

DefiLlama has garnered widespread adoption among retail investors and prominent figures in the crypto community for several key reasons:

• Track Project TVL and Revenue: TVL and revenue are crucial indicators of a project’s health and potential. TVL represents the total value of assets locked within a protocol, while revenue reflects its profitability. Higher TVL and revenue generally suggest stronger fundamentals and increased user trust.
• Monitor Ecosystem Growth: Beyond network-wide metrics, DefiLlama enables users to track dApp performance within specific ecosystems. This allows investors to identify promising projects and burgeoning blockchain networks.
• Airdrop Hunting: While less conventional, DefiLlama is also utilized by some for identifying potential airdrop opportunities within the crypto market.

Beyond these primary uses, DefiLlama offers a wealth of features providing investors with comprehensive market insights and data.

Key Features of DefiLlama

Let’s explore some of the most popular and frequently used features:

Overview: A Market Pulse at a Glance

The Overview section serves as DefiLlama’s main dashboard, offering a panoramic view of the crypto market and individual blockchain networks. Key metrics displayed include:

• Total Value Locked (TVL) across the entire crypto market.
• Stablecoin Market Capitalization.
• 24-Hour Trading Volume.
• Derivatives trading volume, fundraising totals, and other relevant indicators.

The Overview section presents data not only numerically but also visually through interactive charts, facilitating trend analysis and market monitoring.

1. Network Selection: Users can select “All” for an aggregate market overview or choose a specific blockchain to view ecosystem-specific data.
2. Interactive Charts: Line charts visualize the historical performance of key metrics like TVL, trading volume, transaction fees, and network revenue.
3. dApp Rankings: A table ranks dApps within each network by TVL, also displaying TVL change, daily fees, daily revenue, and project category.

Tracking Project TVL and Revenue:

1. Search: Use the search bar to find the desired project (e.g., Uniswap).

Searching for a project on DefiLlama

2. Metrics Display: TVL and revenue (or fees) are displayed on the project page. Select “TVL” and “Revenue” for chart visualizations.

Viewing project metrics on DefiLlama

If revenue isn’t directly available, utilize fee data to estimate revenue based on the project’s fee structure.

Chains: Comparing Ecosystem Performance

The Chains section provides a comparative analysis of blockchain networks using pie charts to visualize TVL distribution. Users can segment networks by categories like EVM compatibility, Rollup solutions, and Cosmos-based chains. Beyond TVL, Chains also displays stablecoin market cap, transaction fees, dApp count, and revenue for each network.

1. Network Categorization: Filter networks by specific categories to refine data and chart displays.
2. TVL Comparison: A pie chart visually compares the TVL across different blockchain networks.

Analyzing Ecosystem dApps: Navigate to “Chains,” select the desired ecosystem (e.g., Sui), and review the ranked list of dApps by TVL.

Analyzing dApps within an Ecosystem

Note: While comprehensive, DefiLlama may not capture every project. Supplement your research with other sources for a holistic view.

Bridge TVL: Tracking Cross-Chain Activity

This section ranks bridges by TVL, offering insights into cross-chain capital flows. High volatility in a bridge’s TVL might indicate increased activity within the connected ecosystem. Key metrics include:

• Total Bridged: Total Value Locked (TVL) within the bridge.
• 24h Change: Percentage change in bridged volume over the past 24 hours.
• Native/Canonical/Own Tokens: Breakdown of bridged assets by type.

Compare Chains: Visualizing Network Metrics

Compare Chains allows users to compare various network metrics using line charts. These metrics include TVL, network fees, revenue, and token market capitalization.

Airdrops: Identifying Potential Opportunities

This section highlights dApps that may potentially conduct future airdrops, ranked by TVL. Higher TVL often suggests a greater likelihood of substantial airdrop rewards.

Navigating the Airdrops Section:

1. Select “Airdrops.”

2. Review the listed protocols.

Important Note: Exercise caution as the Airdrops section may contain inaccuracies, including projects that have already conducted airdrops or are unlikely to do so. Always conduct thorough research before participating in any airdrop opportunity.

Treasuries: Assessing Project Resources

The Treasuries section displays the asset holdings of various projects. A robust treasury often indicates a project’s financial capacity for future development and ecosystem growth. Metrics include:

• Stablecoin/Major (BTC, ETH)/Own Token Holdings: Breakdown of treasury assets.
• Total excl. own token/Total Treasury: Total asset value with and without the project’s own token.

Oracles: Comparing Data Providers

This section compares oracle providers based on Total Value Secured (TVS), representing the total value of assets protected by each oracle. It also lists integrated projects and networks for each oracle.

Forks: Tracking Project Replications

The Forks section highlights prominent projects that have been frequently forked by other developers. It displays the number of forks, their aggregate TVL, and the ratio of forked TVL to the original project’s TVL.

Top Protocols: Identifying Leaders by Category

This section lists the leading protocols within various categories and across different blockchain networks. For example, it might showcase the top Liquid Staking protocol on Ethereum or the leading Restaking project.

Comparison: Direct Protocol Comparisons

This feature allows for direct comparison between specific protocols and dApps, similar to the Compare Chains functionality.

Protocol Expenses: Analyzing Operational Costs

This section details the operational expenses of various protocols, offering insight into their financial efficiency.

Token Usage: Understanding Token Utility

Token Usage tracks the utilization of specific tokens across different dApps and protocols, highlighting where particular tokens are predominantly used.

Categories: Tracking Sector Performance

This section categorizes protocols by their function (e.g., Liquid Staking, DEXs), allowing users to track the performance and TVL dominance of different sectors within the DeFi landscape.

Yield: Exploring Yield Farming Opportunities

The Yield section provides a comprehensive overview of yield farming opportunities within the DeFi space, including:

• Pools/Delta Neutral/Long-short Strats/Leverage Farming/Stablecoin Pools: Different strategies and opportunities for yield generation.

The Team Behind DefiLlama: Llama Corp

DefiLlama is developed and maintained by Llama Corp, a company also responsible for projects like Chainlist, DL News, and LlamaNodes. Key figures include:

• Charlie: Co-Founder of DefiLlama (@0xLlam4 on X).
• 0xngmi: Co-Founder of DefiLlama (@0xngmi on X).

Similar Projects in the Space

• Arkham: Provides insights into on-chain activities of major entities within the crypto market.
• DeBank: A multi-functional Web3 platform offering portfolio tracking, on-chain data analysis, and wallet management tools.