Top 200 DeFi Projects Analysis: 2023 vs 2022

The current status and developments in the DeFi market.

Photo by rc.xyz NFT gallery on Unsplash

In this article, I analyze the current top 200 DeFi projects by total value locked (TVL) data from DefiLlama. I also examine how the market developed in 2023 compared to 2022.

As usual, this is not an academic study.

Let’s go!

Total Value Locked

The following chart shows the distribution of projects by TVL.

Same as in 2022, a total of 14 projects have a TVL of more than $1 Billion in 2023. The number of DeFi apps with a TVL between $100 Million and $1 Billion fell from 65 to 49. Accordingly, the number of top 200 DeFi projects with a TVL of less than $100 Million increased from 121 to 137.

Supported Blockchains

As for the blockchains used by the top 200 DeFis, there are three big winners in 2023:

• Ethereum continues to expand its dominance, growing 21% from 96 to 117 Dapp projects.