10 Best DeFi Crypto Projects 2026

Wondering what the best DeFi projects and protocols are in 2026? From dexes to DAOs to lending protocols, we're looking at the top DeFi projects based on total value locked in 2026 for you to research.

What are the best DeFi protocols in 2026?

The biggest DeFi protocols by TVL are as follows:

Lido

• What? Liquid staking solution for Ethereum, Polygon, and Solana

• Built: 2020

• TVL: $20 billion

• Blockchains: 5

• Token: LDO

Lido stands as a pioneering decentralized liquid staking platform, recognized for its enduring popularity with a staggering TVL exceeding $20 billion. Although Lido's genesis was intertwined with Ethereum, it now supports four additional chains.

For the cryptocurrencies that remain supported, Lido's process is straightforward. Simply pick your preferred cryptocurrency for staking, connect your wallet, and specify the desired staking amount. Upon staking your cryptocurrency, you'll receive tokens representing your staked assets, for example, stETH for ETH.

These tokens are versatile and can be utilized across various DeFi protocols. Whether you aim to provide liquidity, employ them as collateral for loans, or deposit them to earn yields, Lido empowers you to maximize the benefits of non-custodial staking without compromising liquidity.

AAVE

• What? Lending protocol, including flash loans.

• Built: 2017

• TVL: $14 billion

• Blockchain: 21

• Token: AAVE

Aave is a lending DeFi protocol, originally built on the Ethereum network. Aave allows investors to lend and borrow cryptocurrency without having to go through a centralized intermediary. Aave hosts a range of cryptocurrencies, from stablecoins to altcoins. These cryptos can be borrowed for stable and variable interest rates, or users can lend cryptocurrencies into liquidity pools and earn interest on deposits.

Borrowers can swap a variable rate for a fixed rate and vice versa. This provides the user with the freedom to get the best interest rate possible at any given time.

The Aave lending protocol utilizes a native token called AAVE. The AAVE token is used for governance and can be staked on the Aave DeFi platform in return for fees and other rewards.

EigenLayer

• What? Restaking protocol

• Built: 2021

• TVL: $7.6 billion

• Blockchain: Ethereum

• Token: EIGEN

EigenLayer is a decentralized restaking protocol built on Ethereum that allows users to reuse their staked ETH to help secure additional decentralized applications and services. By enabling “restaking,” EigenLayer increases capital efficiency for Ethereum stakers while extending Ethereum’s security to a broader ecosystem of protocols.

Users can deposit native ETH or liquid staking tokens such as stETH and rETH into EigenLayer through supported restaking strategies. In return, stakers can earn additional rewards from actively validated services (AVSs), including decentralized infrastructure, middleware, and oracle networks built on top of Ethereum.

EigenLayer has rapidly become one of the largest DeFi platforms by TVL, thanks to growing demand for Ethereum-native yield opportunities and shared security infrastructure.

Morpho

• What? Lending protocol

• Built: 2021

• TVL: $7.4 billion

• Blockchain: 35

• Token: MORPHO

Morpho is a lending protocol designed to improve the efficiency of traditional DeFi lending markets. Originally launched as an optimization layer on top of protocols like Aave and Compound, Morpho has since evolved into Morpho Blue, a flexible lending infrastructure that allows developers and users to create customized lending markets.

The protocol enables users to lend and borrow cryptocurrencies directly through peer-to-peer matching while still benefiting from the liquidity and security of established DeFi lending pools. This hybrid approach helps users access improved interest rates compared to conventional lending protocols.

Its native governance token, MORPHO, allows token holders to participate in protocol governance, ecosystem development, and decisions relating to the future direction of the platform.

Sky

• What? An Ethereum-based CDP (Collateralized Debt Position)

• Built: 2014

• TVL: $6 billion

• Blockchain: Ethereum

• Token: SKY (formerly MKR) and USDC (formerly DAI)

Sky, formerly MakerDAO, is a decentralized autonomous organization (DAO) that develops and operates Sky, a smart contract platform for borrowing, saving, and issuing stablecoins. The Multi-Collateral system enables users to generate a stablecoin called stablecoins by collateralizing assets accepted by the community. USDS (formerly DAI) is soft-pegged to the U.S. dollar, and its stable value makes it a good cryptocurrency with which to issue loans, send remittances, and hedge against volatility.

USDS can be purchased from centralized and decentralized exchanges. Investors can also generate USDS when opening a Maker Collateral Vault. Previously known as collateralized debt positions (CDPs), vaults are smart contracts that run on the Ethereum blockchain and hold collateral in escrow until the borrowed Dai has been returned.

Ether.fi

• What? Restaking, lending & on-chain capital allocator

• Built: 2023

• TVL: $5.2 billion

• Blockchain: Ethereum

• Token: ETHFI

Ether.fi is a liquid staking protocol built on Ethereum. When users stake ETH through Ether.fi, they receive eETH, a liquid staking token that can be used throughout other DeFi protocols. These tokens can be supplied to liquidity pools, used as collateral, or integrated into yield-generating strategies across supported protocols.

Ether.fi has rapidly expanded beyond liquid staking into broader on-chain capital markets and other DeFi services. The platform now offers lending, borrowing, vault strategies, and payment products through Ether.fi Cash, allowing users to spend against their on-chain assets while continuing to earn yield. Ether.fi has also integrated with DeFi protocols such as Aave, Pendle, and Gearbox, helping position it as a growing on-chain wealth management and capital efficiency platform.

Ethena

• What? Basis trading & RWA

• Built: 2023

• TVL: $4.5 billion

• Blockchain: Ethereum

• Token: ENA

Ethena is a decentralized finance protocol built on Ethereum that focuses on creating a crypto-native synthetic dollar called USDe. Unlike traditional stablecoins backed by fiat reserves held in banks, USDe maintains its peg through a combination of crypto collateral and delta-neutral hedging strategies using derivatives markets.

Users can mint USDe by depositing supported collateral assets such as ETH or liquid staking tokens. Ethena then utilizes hedging mechanisms to reduce exposure to market volatility while generating yield opportunities for users through its “Internet Bond” model.

The protocol has quickly gained traction in DeFi due to its innovative approach to stable assets and yield generation. Ethena’s native governance token, ENA, is used for governance decisions and ecosystem incentives.

Securitize

• What? Real-world asset (RWA) tokenization platform

• Built: 2017

• TVL: $4.3 billion

• Blockchains: 8

• Token: None (yet!)

Securitize is a digital asset platform focused on the tokenization of real-world assets (RWAs), including private equity, credit funds, real estate, and other traditional financial products. The platform enables institutional asset managers to issue tokenized securities on public blockchains while remaining compliant with financial regulations.

Securitize provides infrastructure for the issuance, management, and trading of tokenized assets, bridging traditional finance and decentralized finance ecosystems. The platform has partnered with major financial institutions and asset managers to expand blockchain-based access to investment products that were historically limited to institutional investors.

As interest in RWAs continues to grow across the crypto industry, Securitize has become one of the leading platforms driving institutional blockchain adoption through regulated tokenized investment offerings.

Ondo Finance

• What? Tokenized real-world asset and yield protocol

• Built: 2021

• TVL: $3.6 billion

• Blockchains: 12

• Token: ONDO

Ondo Finance is a DeFi project focused on bringing tokenized real-world financial products on-chain. The protocol offers blockchain-based access to traditional financial instruments such as U.S. Treasuries, money market funds, and fixed-yield products through tokenized assets.

One of Ondo’s most popular offerings is its tokenized U.S. Treasury products, which allow crypto investors to gain exposure to low-risk yield-bearing assets directly from within the DeFi ecosystem. The platform aims to bridge traditional finance and crypto by making institutional-grade financial products more accessible through blockchain infrastructure.

Ondo Finance has expanded across multiple blockchains, including Ethereum, Solana, and Polygon, helping increase accessibility and liquidity for tokenized assets. Its native governance token, ONDO, is used for protocol governance and ecosystem participation.

JustLend

• What? Lending protocol for the TRON blockchain

• Built: 2020

• TVL: $3.6 billion

• Blockchain: TRON

• Token: JST

JustLend is a DeFi lending protocol developed on the Tron network. It empowers users to seamlessly lend and borrow TRON, TRC-20, and TRON stablecoins like USDT, without the intervention of traditional centralized financial systems. JustLend encompasses a diverse suite of cryptocurrencies, ranging from established stablecoins to emerging tokens.

Stablecoins can either borrow these cryptos at fluctuating or fixed interest rates or provide their own cryptocurrency to liquidity pools, thereby earning interest on their contributions. As well as this, the platform allows investors to stake USDT in order to earn steady rewards.

Integral to the JustLend ecosystem is its native token, JST. This token facilitates governance decisions and can be utilized within the JustLend platform at a 1:1 ratio on proposals for votes.

Don't forget the tax implications...

While most tax offices haven't yet got around to releasing guidance on the tax implications of DeFi, that doesn't mean your DeFi transactions are tax-free. Learn more about how DeFi is taxed.