About This Dashboard

This dashboard compares the scale of DeFi with traditional finance metrics to provide context on crypto's relative size in the global financial system.

Data sources: DefiLlama and Federal Reserve Economic Data (FRED), Federal Reserve Bank of St. Louis.

Metrics Explained

Total TVL (Total Value Locked): The total value of assets deposited in DeFi protocols across all chains. Data from DefiLlama.
Stablecoin Supply: Total circulating supply of all stablecoins (USDT, USDC, DAI, etc.). Data from DefiLlama.
Lending TVL: TVL in lending protocols (Aave, Compound, etc.) and CDP protocols (MakerDAO), including both deposits and borrowed amounts. This represents the total capital engaged in DeFi lending markets. Data from DefiLlama.
M2 Money Supply: A measure of the money supply that includes cash, checking deposits, and easily convertible near money. Live data from the Federal Reserve (FRED M2SL series).
US Bank Deposits: Total deposits at all commercial banks in the United States. Live data from the Federal Reserve (FRED DPSACBW027SBOG series).
Stablecoins / M2: The ratio of total stablecoin supply to M2 money supply, showing how stablecoins compare to the broader money supply.
Lending / US Bank Deposits: The ratio of DeFi lending TVL to US bank deposits, comparing the size of DeFi lending markets to traditional banking.

Key Insights

DeFi TVL is still a tiny fraction (<0.5%) of traditional finance metrics like M2 or bank deposits
Stablecoin supply often exceeds total TVL because stablecoins are used outside DeFi (exchanges, payments, remittances)
Lending protocols represent a significant portion of total TVL
M2 contracted in 2022-2023 due to Fed tightening, while DeFi TVL also declined during the bear market
The Stablecoins/M2 ratio shows crypto's growing share of the money supply, currently around 1-2% of M2
DeFi lending remains a tiny fraction (<0.5%) of US bank deposits, indicating significant room for growth

Explore on DefiLlama

DefiLlama — DeFi TVL Rankings — browse protocols ranked by total value locked
Chain TVL Comparison — compare TVL across Ethereum, Solana, Arbitrum, and other chains
Stablecoin Dashboard — track total stablecoin supply and market share by issuer
Protocol Categories — see TVL breakdown by DeFi category (lending, DEX, bridges, etc.)

Related Tools

Bitcoin vs M2 Money Supply — Compare Bitcoin price to M2 money supply with adjustable lag
Yield Comparison Dashboard — Compare DeFi yields to traditional finance benchmarks
Stablecoin Yield Screener — Find the best stablecoin yields across DeFi protocols
TVL Explained — Understand what TVL measures and its limitations