Lemma
Total Value Locked$8,984
TVL by Chain
OP Mainnet$8,984
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:
Lemma history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Sep 28, 2022 to Nov 13, 2026.
All-time high TVL: $570,463 on Dec 9, 2024. All-time low TVL: $1,409 on Sep 28, 2022.
Daily TVL, Oct 15, 2026 to Nov 13, 2026
| Date | TVL |
|---|---|
| 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 |
| Oct 20, 2026 | $9,362 |
| Oct 21, 2026 | $9,406 |
| Oct 22, 2026 | $9,397 |
| Oct 23, 2026 | $9,358 |
| Oct 24, 2026 | $9,343 |
| Oct 25, 2026 | $9,329 |
| Oct 26, 2026 | $9,307 |
| Oct 27, 2026 | $9,287 |
| Oct 28, 2026 | $9,327 |
| Oct 29, 2026 | $9,326 |
| Oct 30, 2026 | $9,219 |
| Oct 31, 2026 | $9,234 |
| Nov 1, 2026 | $9,258 |
| Nov 2, 2026 | $9,271 |
| Nov 3, 2026 | $9,238 |
| Nov 4, 2026 | $9,254 |
| Nov 5, 2026 | $9,391 |
| Nov 6, 2026 | $9,230 |
| Nov 7, 2026 | $9,234 |
| Nov 8, 2026 | $9,226 |
| Nov 9, 2026 | $9,151 |
| Nov 10, 2026 | $9,131 |
| Nov 11, 2026 | $9,081 |
| Nov 12, 2026 | $9,071 |
| Nov 13, 2026 | $9,044 |
TVL at each month end, Dec 2024 to Nov 2026
| Date | TVL |
|---|---|
| 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 31, 2026 | $9,234 |
| Nov 13, 2026 (latest) | $9,044 |
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 Nov 13, 2026, Lemma has $8,984 in total value locked. TVL has decreased 5% 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 #162 by TVL. The category holds $1.753b across 425 protocols, and Lemma accounts for <0.1% of that total. Similar protocols include Aevo Perps, MUX Perps, Contango V2, ApeX Pro, Perpetual Protocol, Pika, Derive V2, Lynx, Pika V4, and Vest Markets.