Report
Variational and the Shift to Onchain Brokerage
Perp DEXs have evolved into one of the most significant markets in crypto, but most are still designed for highly liquid assets like BTC, ETH, and SOL.
DefiLlama Research16 Jun 2026
Katana: Bringing ve(3,3) to the Chain Level
Katana in One Paragraph Katana is a ve-native, chain-level system that coordinates liquidity and emissions across the network.
DefiLlama Research10 Feb 2026
The State of RWAfi: Q1 2026
Scope of the research report [Chart: BlackRock BUIDL vs Ondo Yield Assets vs Centrifuge] Tokenisation is expanding rapidly across financial markets.
DefiLlama Research23 Apr 2026
Tokenized Equities Approach $1B as Institutional Rails Emerge
The tokenized equities market has crossed $963.04 million in value as of January 2026, representing a ~2,878% YoY increase from approximately $32 million in January 2025.
DefiLlama Research30 Jan 2026
The Year of Risk-Aware DeFi: Credora Ratings As The $1T Unlock Primitive
Report by DL Research based on content provided by RedStone [Chart: RedStone Oracles] Key Takeaways Credora introduces DeFi-native risk ratings that translate complex protocol risks into an A–D scale based on Probability of Significant Loss
DefiLlama Research11 Feb 2026
State of DeFi 2025
[Chart: Aave V3 vs Lido vs Ethena] Executive summary: DeFi in 2025 In 2025, DeFi moved further away from a cycle-defined speculative arena and closer to a durable financial system with recognisable primitives, maturing market structure, and
DefiLlama Research23 Dec 2025
Curation as an Infrastructure Layer: kpk’s Design Philosophy
Purpose and scope of the report This report examines how kpk structures and operates curated vaults, and what that implies for liquidity, risk controls, and governance under stress and real market conditions.
DefiLlama Research17 Feb 2026
An Analysis of the Role of Vote Buying in DAO Governance
In recent months, vote buying has become one of the most widely debated practices in DAO governance.
DefiLlama Research7 Jul 2025
Analyst Notes: Insights After Dencun
Ethereum Transactions Post-Dencun The Ethereum ecosystem has undergone significant changes since the Dencun upgrade (EIP-4844) went live in March 2024.
DefiLlama Research26 Aug 2024
Keyrock: A New Playbook for Crypto’s $5.6B Treasury Opportunity
Key Findings 93% ($5.2 billion) of crypto treasury wealth sits idle as protocols fall short on capital efficiency.
DefiLlama Research27 Mar 2026
Zircuit: L2 with AI-Enabled Security
The layer 2 (L2) ecosystem has truly taken off, transforming how we interact with blockchains and opening up a host of new use cases.
DefiLlama Research14 Oct 2024
Zeta Markets: Perpetual Growth
Tristan Frizza - Co-founder, Zeta Markets Could you provide some insights on what sets Zeta Markets apart from other perpetuals exchanges?
DefiLlama Research10 Jun 2024
Polkadot is Levelling Up
A brainchild of Ethereum co-founder Gavin Wood, the Polkadot network has been at the forefront of blockchain innovation since its mainnet launch in May 2020.
DefiLlama Research10 Jun 2024
Kontos: AI-Powered Omnichain Infrastructure Pioneering Chain Abstraction
Mainstream adoption of blockchain technology hinges on two components—interoperability and user experience (UX).
DefiLlama Research15 Aug 2024
Hemi: One Bitcoin, Two Systems, and the Link Between
The years 2024 and 2025 were significant for the institutionalization of BTC.
DefiLlama Research10 Nov 2025
The DeFi Yield Renaissance
Five key takeaways DeFi yields are transitioning from token rewards to sustainable, fee-driven revenue models, surpassing $6B in fees earned in 2024.
DefiLlama Research3 Feb 2025
Enso: Taking DeFi from Fragmented to Functional
Even the staunchest proponents of blockchain tech would agree that complexity has limited blockchain’s mass adoption despite its transformative potential.
DefiLlama Research16 Jan 2025
Solving the DeFi Yield Maze: The Rise of Gen 3 Optimizers
Key Takeaways This DL Research report, in collaboration with YO, examines the evolution of yield optimizers from Gen 1 to today’s rising Gen 3 architecture.
DefiLlama Research14 Oct 2025
iYield: The Ultimate Financial Planning Tool for Crypto Natives
iYield is the first comprehensive financial planning tool designed for crypto natives born out of necessity.
DefiLlama Research10 Mar 2025
The Return of Uncollateralised Lending in Crypto: A Sector of Risk and Reward
In traditional finance, unsecured lending powers trillions in consumer and business credit.
DefiLlama Research17 Jun 2025
The State of Digital Assets in Europe
Overview Benefitting from pent-up demand for new investment products and ongoing efforts to regulate the sector, Europe’s digital assets industry has grown fast in recent years.
DefiLlama Research12 Jun 2025
Building the Foundation for an Open AI Economy: The Case for 0G
The AI Infrastructure Challenge Artificial intelligence has become the defining compute market of the next decade.
DefiLlama Research10 Nov 2025
Evaluating Risk in DeFi
Understanding DeFi risk Why risk matters in DeFi DeFi is redefining the foundations of global finance.
DefiLlama Research14 May 2025
Hemi: A Modular L2 Connecting the Bitcoin and Ethereum Ecosystems
So far, interoperability between Bitcoin and Ethereum has been limited, preventing the seamless integration of Bitcoin’s security and liquidity with Ethereum’s flexibility and diverse ecosystem of protocols and assets.
DefiLlama Research18 Nov 2024
DeFi 3Q24 Report
Through Q3 2024, the decentralised finance (DeFi) ecosystem experienced a turbulent journey.
DefiLlama Research17 Oct 2024
The Katana Flywheel: Rethinking Incentives and Liquidity for Sustainability
Katana is purpose-built for DeFi.
DefiLlama Research6 Nov 2025
YieldBasis: The Future of Bitcoin Yield
Decentralised exchanges are a critical component in DeFi, allowing assets to trade seamlessly without centralised order books.
DefiLlama Research30 Sep 2025
RedStone: The Fastest-Growing Blockchain Oracle
Report by DL Research based on content provided by RedStone Key Takeways [Chart: RedStone Oracles] ➤ Oracles are DeFi's foundational backbone, powering the entire $205+ billion ecosystem by transforming static blockchains into programmable
DefiLlama Research18 Sep 2025
Plasma: Redefining Stablecoin Settlement
Key Insights Stablecoins are now the dominant form of onchain money, but usage remains fragmented across chains and infrastructures.
DefiLlama Research17 Sep 2025
From Idle GPUs to Global Infrastructure: The Shaga Model
Key Findings Edge over incumbents: Shaga delivers compute at the true edge through idle GPUs, achieving latency under 40ms and operating at a cost base twenty-six times lower than centralised providers.
DefiLlama Research1 Sep 2025
Owning or Renting Liquidity? A Study of Incentives and POL for Sustainable Models
Why Liquidity Matters Liquidity is the lifeblood of decentralised finance.
DefiLlama Research20 Oct 2025
Solv Protocol: The Onchain Bitcoin Reserve
Bitcoin, the largest and most globally recognisable cryptocurrency, has seen meteoric growth, more than doubling in the past year.
DefiLlama Research21 Jan 2025
The World Crypto Rankings: Resilience, Innovation, and Leadership
Key Findings The World Crypto Rankings 2025 compares adoption across four pillars: user penetration, transactional use, institutional readiness, and cultural penetration.
DefiLlama Research10 Dec 2025