Ask about Phase · freeTotal Value Locked$88.54
TVL by Chain
Base$88.54
The chart plots Staking as its own series; it is not part of the TVL above.
Key Metrics
Staked$0
Protocol Information
Phase aims to be a liquidity platform, allowing users to borrow a rock-solid stablecoin while earning yield at the same time. Using your collateral, even while borrowing CASH, you can earn interest.
Audits:
Methodology
TVL: Counts the TVL of the Phase vaults. Counts total borrows. Counts $CASH in the bond.View code on GitHubCompetitors
Phase history
TVL is the default DefiLlama definition, which excludes Staking. Daily values are UTC snapshots from Oct 23, 2023 to Nov 3, 2026.
All-time high TVL: $11,215 on Dec 6, 2023. All-time low TVL: $67 on Jun 26, 2026.
Daily TVL, Oct 5, 2026 to Nov 3, 2026
| Date | TVL |
|---|---|
| Oct 5, 2026 | $100 |
| Oct 6, 2026 | $99 |
| Oct 7, 2026 | $96 |
| Oct 8, 2026 | $95 |
| Oct 9, 2026 | $93 |
| Oct 10, 2026 | $93 |
| Oct 11, 2026 | $94 |
| Oct 12, 2026 | $94 |
| Oct 13, 2026 | $93 |
| Oct 14, 2026 | $94 |
| Oct 15, 2026 | $90 |
| Oct 16, 2026 | $92 |
| Oct 17, 2026 | $91 |
| Oct 18, 2026 | $91 |
| Oct 19, 2026 | $91 |
| Oct 20, 2026 | $91 |
| Oct 21, 2026 | $92 |
| Oct 22, 2026 | $92 |
| Oct 23, 2026 | $91 |
| Oct 24, 2026 | $90 |
| Oct 25, 2026 | $90 |
| Oct 26, 2026 | $88 |
| Oct 27, 2026 | $89 |
| Oct 28, 2026 | $89 |
| Oct 29, 2026 | $88 |
| Oct 30, 2026 | $86 |
| Oct 31, 2026 | $87 |
| Nov 1, 2026 | $87 |
| Nov 2, 2026 | $87 |
| Nov 3, 2026 | $87 |
TVL at each month end, Dec 2024 to Nov 2026
| Date | TVL |
|---|---|
| Dec 31, 2024 | $2,375 |
| Jan 31, 2025 | $2,338 |
| Feb 28, 2025 | $1,982 |
| Mar 31, 2025 | $1,794 |
| Apr 30, 2025 | $1,794 |
| May 31, 2025 | $2,070 |
| Jun 30, 2025 | $2,070 |
| Jul 31, 2025 | $2,109 |
| Aug 31, 2025 | $2,253 |
| Sep 30, 2025 | $2,209 |
| Oct 31, 2025 | $127 |
| Nov 30, 2025 | $106 |
| Dec 31, 2025 | $105 |
| Jan 31, 2026 | $98 |
| Feb 28, 2026 | $78 |
| Mar 31, 2026 | $81 |
| Apr 30, 2026 | $86 |
| May 31, 2026 | $81 |
| Jun 30, 2026 | $69 |
| Jul 31, 2026 | $77 |
| Aug 31, 2026 | $91 |
| Sep 30, 2026 | $98 |
| Oct 31, 2026 | $87 |
| Nov 3, 2026 (latest) | $87 |
TVL at each year end, Dec 31, 2023 to Dec 31, 2025
| Date | TVL |
|---|---|
| Dec 31, 2023 | $5,164 |
| Dec 31, 2024 | $2,375 |
| Dec 31, 2025 | $105 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/phase
Frequently asked questions
What is Phase's TVL?
As of Nov 3, 2026, Phase has $88.54 in total value locked. TVL has decreased 10.6% over the past 30 days.
How does Phase's TVL compare to similar protocols?
Among CDP protocols tracked by DefiLlama, Phase ranks #165 by TVL. The category holds $6.711b across 197 protocols, and Phase accounts for <0.1% of that total. Similar protocols include Reservoir Protocol, BTCFi CDP, QiDao, Parallel Protocol V3, Preon Finance, Vaultedge, Base Dollar, URM, Meridian Finance, and Button Wrappers.