DeFi market sees surge in trading volume and real-world asset deposits

The decentralized finance (DeFi) sector is experiencing a shift in capital allocation and a resurgence in trading activity. While total deposits in DeFi lending and trading venues fell by approximately 15 percent between Q2 2025 and Q2 2026 due to lower crypto prices and investor withdrawals, interest in tokenized real-world assets (RWAs) has surged. Deposits in RWAs, primarily tokenized Treasury funds and private credit, grew from $2.3 billion to $7.4 billion.

In August, decentralized exchange (DEX) spot trading volumes reached roughly $506 billion, nearing the all-time high set in January. When including perpetual trading, combined volume exceeded $1.15 trillion for the first time. Hyperliquid emerged as a major driver, contributing approximately $405.8 billion in perpetual volume.

Total value locked (TVL) across DeFi protocols also saw a significant increase, rising by roughly $21 billion during August to reach approximately $83.2 billion. Notably, Ethereum reclaimed its position as the leading chain for spot DEX volume, processing around $140 billion during the month.