DeFi in a bear market, Money LEGO in a new shape
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Data: DefiLlama, rwa.xyz, Treasury.gov, protocol reports. Numbers do not refresh automatically. Information, not investment advice.
What's rising, what's flat, what's fading
Trend strength on a 1-5 scale and one sentence of evidence with a number. Status assigned from research.
Total DeFi TVL since January 2024
Value deposited in protocols. In a bear market it also falls because collateral reprices, not only because capital leaves.
Money LEGO stacks that actually work today
The bar shows the range of annual net yield; bar thickness shows the capital in the stack. Ranges for leveraged loops are calculations from current rates: when borrowing gets more expensive, the result drops below zero (red). Amounts overlap.
| Stack | Building blocks, step by step | Capital | Net yield | Leverage |
|---|
The dollar layer: RWA is growing, yield-bearing crypto dollars are shrinking
Change in size over 12 months
What an on-chain dollar pays versus US T-bills
Largest stablecoins
Where the activity lives
Chain TVL: today and a year ago
Share of on-chain perp open interest
Largest protocols by TVL
| Protocol | Category | TVL | Fees, 30 days |
|---|
Who earns and shares with token holders
Last 30 days. “To holders” is the part of revenue returned to token holders: buybacks, burns or distributions.
| Protocol | Fees | Revenue | To holders | Buyback |
|---|
Risks: hacks, depegs, cascades
Hack statistics cover all of crypto, including centralized exchanges.
Funds stolen per year
Depegs and collapses of on-chain dollars
| Date | Asset | Low |
|---|
Largest incidents, 2025-2026
| Date | Target | Loss | Attack vector |
|---|
What to do with $100 in DeFi as a US resident
Three plans to start with
Net result range after 12 months: the low end uses rates realized in 2026 and the cost of entering through Kraken, the high end uses 30-day rates with no entry cost. Own research calculations.
Yield versus risk: all scenarios
Each dot is a scenario: further right means higher yield (spot), higher up means higher risk (1-5). The dashed line is the 13-week US T-bill. Color shows whether a US person can use it.
Scenarios step by step
Click a scenario to see the steps, risks, loss scenario and verdict. “Net on $100” is the result after 12 months net of on-chain costs, excluding the cost of entering through an exchange.