Ask about Lemma · freeLemma
Total Value Locked$9,396
TVL by Chain
OP Mainnet$9,396
Protocol Information
Lemma is a decentralized finance (DeFi) protocol with two products: leveraged basis trading vault and USDL, a stablecoin that is fully decentralized, 100% capital efficient and USD pegged. It also has a spot exchange that allows traders to swap spot assets using perpetual futures markets much deeper liquidity called LemmaSwap.
Audits:
Methodology
TVL: Total value of all coins held in the smart contracts of the protocolView code on GitHubCompetitors
Lemma history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Sep 28, 2022 to Oct 19, 2026.
All-time high TVL: $570,463 on Dec 9, 2024. All-time low TVL: $1,409 on Sep 28, 2022.
Daily TVL, Sep 20, 2026 to Oct 19, 2026
| Date | TVL |
|---|---|
| Sep 20, 2026 | $9,557 |
| Sep 21, 2026 | $9,581 |
| Sep 22, 2026 | $9,657 |
| Sep 23, 2026 | $9,661 |
| Sep 24, 2026 | $9,605 |
| Sep 25, 2026 | $9,607 |
| Sep 26, 2026 | $9,608 |
| Sep 27, 2026 | $9,615 |
| Sep 28, 2026 | $9,581 |
| Sep 29, 2026 | $9,606 |
| Sep 30, 2026 | $9,593 |
| Oct 1, 2026 | $9,603 |
| Oct 2, 2026 | $9,621 |
| Oct 3, 2026 | $9,592 |
| Oct 4, 2026 | $9,612 |
| Oct 5, 2026 | $9,643 |
| Oct 6, 2026 | $9,627 |
| Oct 7, 2026 | $9,543 |
| Oct 8, 2026 | $9,513 |
| Oct 9, 2026 | $9,431 |
| Oct 10, 2026 | $9,442 |
| Oct 11, 2026 | $9,451 |
| Oct 12, 2026 | $9,485 |
| Oct 13, 2026 | $9,433 |
| Oct 14, 2026 | $9,455 |
| Oct 15, 2026 | $9,381 |
| Oct 16, 2026 | $9,389 |
| Oct 17, 2026 | $9,388 |
| Oct 18, 2026 | $9,371 |
| Oct 19, 2026 | $9,372 |
TVL at each month end, Nov 2024 to Oct 2026
| Date | TVL |
|---|---|
| Nov 30, 2024 | $440,020 |
| Dec 31, 2024 | $457,451 |
| Jan 31, 2025 | $449,492 |
| Feb 28, 2025 | $312,611 |
| Mar 31, 2025 | $273,779 |
| Apr 30, 2025 | $8,872 |
| May 31, 2025 | $9,466 |
| Jun 30, 2025 | $9,458 |
| Jul 31, 2025 | $10,561 |
| Aug 31, 2025 | $11,082 |
| Sep 30, 2025 | $10,862 |
| Oct 31, 2025 | $10,550 |
| Nov 30, 2025 | $9,851 |
| Dec 31, 2025 | $9,837 |
| Jan 31, 2026 | $9,606 |
| Feb 28, 2026 | $8,988 |
| Mar 31, 2026 | $9,062 |
| Apr 30, 2026 | $9,255 |
| May 31, 2026 | $9,053 |
| Jun 30, 2026 | $8,688 |
| Jul 31, 2026 | $8,954 |
| Aug 31, 2026 | $9,385 |
| Sep 30, 2026 | $9,593 |
| Oct 19, 2026 (latest) | $9,372 |
TVL at each year end, Dec 31, 2022 to Dec 31, 2025
| Date | TVL |
|---|---|
| Dec 31, 2022 | $197,604 |
| Dec 31, 2023 | $392,762 |
| Dec 31, 2024 | $457,451 |
| Dec 31, 2025 | $9,837 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/lemma
Frequently asked questions
What is Lemma's TVL?
As of Oct 19, 2026, Lemma has $9,396 in total value locked. TVL has decreased 1.6% over the past 30 days.
What chains does Lemma operate on?
Lemma operates on OP Mainnet. OP Mainnet holds the largest share at 100%.
How does Lemma's TVL compare to similar protocols?
Among Derivatives protocols tracked by DefiLlama, Lemma ranks #166 by TVL. The category holds $1.973b across 423 protocols, and Lemma accounts for <0.1% of that total. Other leading protocols include Aevo Perps, Contango V2, MUX Perps, ApeX Pro, Perpetual Protocol, Derive V2, Vest Markets, Pika, Lynx, and Pika V4.