DeFi TVL Reclaims $200B as Restaking Narrative Returns
Liquid restaking tokens and points programs drive the largest single-quarter TVL increase since 2021.
Total value locked across DeFi protocols crossed $200B for the first time since the 2021 cycle peak, with restaking and liquid restaking tokens (LRTs) accounting for over a third of the quarterly inflows.
EigenLayer's slashing activation last month removed the largest remaining objection from institutional capital, and LRT issuers report a steady ramp of TradFi-aligned vaults coming online. The composability story has matured — LRTs now flow into money markets, perp DEX collateral, and structured products.
Risks remain concentrated: a handful of LRT issuers control most of the float, and on-chain liquidity for LRT-to-ETH swaps remains thin relative to the underlying staked balances. A coordinated unstaking event would test the queue mechanics for the first time at scale.