Spotlight
Sandwich attacks and the limits of private routing: what THORChain does differently
Ask a DeFi user about sandwich attacks today and most of them probably won’t be too concerned.
DefiLlama Research1 Oct 2026
What percentage of DeFi hacks could AI reproduce today?
In April 2026, DefiLlama records show Lazarus hit three crypto projects in eighteen days.
DefiLlama Research30 Sep 2026
Ratings in Motion
DefiLlama’s Universal Token Ratings dashboard is now a month old.
DefiLlama Research25 Sep 2026
Kalshi’s “Fake Volume” hides a real fee engine
With monthly notional volume jumping from $6.57B in December 2025 to $40.0B in August 2026, more than 6x in nine months, Kalshi’s growth looks spectacular.
DefiLlama Research24 Sep 2026
There’s only one A-Tier decentralized exchange
Do your own research. You hear it often in crypto. It’s an admirable directive, encouraging self-reliance and trust in one’s own judgement. But it can feel impossible given the cacophony of chains, protocols, tokens, and exchanges.
DefiLlama Research22 Sep 2026
MotoSwap’s playbook for building liquidity and trading activity
With the launch of MotoSwap on Ethereum, one important question is whether the platform can build meaningful and lasting market share in an already competitive DeFi environment.
DefiLlama Research21 Sep 2026
Anatomy of a Highly Rated Token
Three weeks have passed since we released Universal Token Ratings.
DefiLlama Research17 Sep 2026
Morpho Trades Above Aave on Zero Revenue. A Rational Bet on Growth?
Morpho's fully diluted value sits 27% above Aave's.
DefiLlama Research17 Sep 2026
Deep Enough to Trade: Gate’s Case For Tokens And Stocks
The tokenized-equity conversation over the past year has been one of magnificent growth.
DefiLlama Research17 Sep 2026
Sentora Brings Huma's Payment Credit to Morpho: A Spotlight on the New PST Vault
Sentora just shipped a purpose-built vault that lets PYUSD holders earn yield by lending directly against Huma Finance's PayFi Strategy Token ($PST).
DefiLlama Research15 Sep 2026
Confidential Onchain Yield: The Missing Infrastructure for Institutional Capital
Executive Summary A new DeFi category is forming around a simple premise: institutions want the composability of public blockchains without broadcasting their positions to every competitor and MEV bot watching the chain.
DefiLlama Research15 Sep 2026
Variational Swaps
Order book DEXs, by design, can only do so much: they’re built to match buyers and sellers without ever taking a side themselves.
DefiLlama Research9 Sep 2026
Universal Token Ratings: The Disclosure-Performance Gap
We partnered with Forgd to build Universal Token Ratings, a tool that measures token disclosure and tracks token performance in real-time.
DefiLlama Research9 Sep 2026
Universal Token Ratings: What the First 100 Scores Reveal
A leaderboard invites a single question: “Who's on top?” But dig a little deeper into DefiLlama’s Universal Token Ratings.
DefiLlama Research4 Sep 2026
Flare's tokenomics revamp: the transition to activity-linked economics
FIP.16 passed on April 24 with 98.06% in favor, one of the strongest mandates in Flare's governance history.
DefiLlama Research4 Sep 2026
Are Prediction Markets Still Hot?
According to Google Trends, searches for Prediction Markets peaked in March, and the latest data shows a decline — from 86 points in July, to 36 points in August.
DefiLlama Research3 Sep 2026
As CEXs shut down, DeFi deserves a revisit: the case for THORChain
The past twelve months have been rough on centralized venues, with major exchanges such as BitMart and BitMEX announcing shutdowns of their operations.
DefiLlama Research2 Sep 2026
Bought, Not Levered: What Actually Drove Bitcoin's August Rally
Bitcoin spent the first eighteen days of August going nowhere, trading between $62,000 and $66,000.
DefiLlama Research1 Sep 2026
The rise of HIP-3 pre-IPO markets, and how to price them
Hyperliquid has become the de facto venue for onchain perpetual futures, clearing roughly $220B in perp volume a month with over $13B in open interest.
DefiLlama Research31 Aug 2026
The Infrastructure Behind Stellar’s RWA Boom
Real-world assets (RWAs) have proven to be one of crypto industry’s most bustling segments over the recent years, growing from $10.5 billion to $36 billion in total value across all chains year on year.
DefiLlama Research27 Aug 2026
A Rating You Have to Keep Earning: Forgd and DefiLlama Introduce Universal Token Ratings
Crypto has never had a shortage of badges.
DefiLlama Research26 Aug 2026
White-label Aave deployment: the risk function an operator cannot rebuild alone
On 4 May 2026, Tydro suspended every market it operated.
DefiLlama Research25 Aug 2026
Stocks On The Blockchain - Do They Have Product-Market Fit?
In the past year the industry has seen the growth of stocks on blockchain rails, both on spot and on perpetual DEXes.
DefiLlama Research20 Aug 2026
Inside Gate’s Reserve Position: Diversified & Comfortably Over-Collateralized
Gate's derivatives-heavy trading book sits on top of a reserve base that's both verifiably substantial onchain and, by the exchange's own broader accounting, comfortably over-collateralized.
DefiLlama Research20 Aug 2026
Hyperliquid and the RWA retention question: what the data shows
Do these newly onboarded users actually stay on the platform and trade frequently? Asked simply, is retention good on both markets and for both cohorts?
DefiLlama Research13 Aug 2026
Bitget's Tokenized Stocks Gain Traction as Retail Demand Accelerates
For years, financial executives touted the revolutionary potential of tokenized equities.
DefiLlama Research7 Aug 2026
Forgd's Market Maker Leaderboard Is Now Live on DefiLlama, Offering Traders a New Source of Alpha
NEW YORK, August 5, 2026 — Crypto traders and analysts can now evaluate market-maker performance the same way they evaluate volume, TVL, and fees.
DefiLlama Research6 Aug 2026
bStocks After Hours: Who is Capturing Liquidity When Markets Close?
Tokenization makes stocks more accessible, more liquid, and in principle tradable 24/7, from anywhere.
DefiLlama Research4 Aug 2026
Hylo xSOL: No Liquidation, No Funding - But What Are the Real Costs?
If nobody was liquidated despite the leverage, where did the extra loss go, and who ended up paying for it?
DefiLlama Research30 Jul 2026
Hyperliquid and the RWA onboarding question: what the data shows
When Hyperliquid activated HIP-3 in October 2025, it made a structural bet.
DefiLlama Research22 Jul 2026
LlamaSwap: the ‘aggregators of aggregators’ puts safety first
Launched by DefiLlama in 2023, LlamaSwap queries the price of trades on 1inch, CoW Swap, and several other aggregators. If those aggregators offer the cream of the crop, LlamaSwap is an attempt at offering la crème de la crème.
DefiLlama Research13 Jul 2026
Tranching in DeFi: Can the Junior Buffer actually survive an exploit?
Most tranche buffers remain small, with loss-absorption thresholds ranging from 8.84% to 38.64%, and most sit between 9% and 17%.
DefiLlama Research10 Jul 2026
LlamaAI: the LLM for crypto and TradFi
Researchers can squeeze incredible value out of general-purpose large language models like Claude and ChatGPT.
DefiLlama Research29 Jun 2026
Stocks onchain: how Binance Stocks and bStocks cover the full equities spectrum
Over the past 18 months, the tokenised equities market has grown at a pace few anticipated.
DefiLlama Research26 Jun 2026
Investor Relations Dashboard: bespoke, DefiLlama-vetted data
The typical DefiLlama dashboard features standardized data, which allows users to compare protocols and chains on an apple-to-apple basis.
DefiLlama Research22 Jun 2026
LlamaPay: Payroll for the onchain economy
The cherry on top: Yearn is now a LlamaPay user
DefiLlama Research15 Jun 2026
How BoxFun is turning meme coins into collectibles
BoxFun is built to elevate that culture by giving communities a visible object that can be collected, displayed, rewarded, and eventually traded.
DefiLlama Research4 Jun 2026
Octra Bridge: the rail between public liquidity and encrypted state
It is time to dive into how you can actually start using the Octra network and benefit from its privacy features.
DefiLlama Research1 Jun 2026
How Starknet is reimagining privacy with STRK20
In crypto right now, a lot of that information is just out there in the open, which is actively hurting adoption from institutions that don’t want to leak information, and the lack of privacy also makes it harder to use crypto for daily activities like payroll or paying your bills, as nobody wants that information to be public.
DefiLlama Research9 Jun 2026
The AI discovery layer: how LLMs are shaping the Crypto exchange visibility
People are increasingly asking AI directly as they would use a browser, and getting a single synthesised answer rather than a list of options to sift through.
DefiLlama Research26 May 2026
Sentora PRIME and the next phase of RWA vault curation
This article explores how PRIME works, why its Morpho launch matters, and how Sentora’s approach to vault curation reflects the next phase of RWA adoption.
DefiLlama Research25 May 2026
Pharos Launches Pacific Ocean Mainnet as RWA Sector Surges Past $25 Billion
Pharos has launched its Pacific Ocean Mainnet and $PROS token, aiming to tackle one of the biggest bottlenecks in the booming real-world asset (RWA) sector: fragmented distribution and liquidity across onchain markets.
DefiLlama Research28 Apr 2026
Octra: The fully homomorphic encryption breakthrough
Data privacy has evolved from a consumer preference into a critical infrastructure requirement.
DefiLlama Research13 Apr 2026
The SlowFi Thesis: Why Bitcoin’s Friction Could Power the Next DeFi Summer
One of the most nostalgic and still widely referenced periods in crypto is DeFi Summer.
DefiLlama Research13 Apr 2026
Onchain Real Estate: Technically Mature, Institutionally Constrained
Real estate is the largest asset class in the world, valued at more than $380 trillion.
DefiLlama Research3 Mar 2026
Regulation Is the Real Bottleneck in RWAfi
RWAfi is often framed as the next big unlock for crypto.
DefiLlama Research1 Apr 2026
A Closer Look at Tokenised Private Credit
Private credit has been one of the most talked-about asset classes when it comes to tokenisation, and for good reason.
DefiLlama Research25 Mar 2026
Tokenised Commodities: Real Assets, Rebuilt Onchain
This spotlight is one of three sector deep-dives produced ahead of the upcoming State of RWAfi report, developed in collaboration with DefiLlama.
DefiLlama Research17 Mar 2026
Tokenised Stocks: What’s Really Under the Hood
Tokenised stocks have quickly become one of the fastest-growing onchain asset classes.
DefiLlama Research10 Mar 2026
When Markets Stop Closing: Binance and the Shift to 24/7 Finance
Financial markets are entering a phase of convergence, where the historical separation between traditional finance and crypto is gradually breaking down.
DefiLlama Research26 Mar 2026
T-REX Network and Zama launch institutional-grade confidentiality infrastructure for Real-World Asset tokenization
Press release: LONDON, UK and ZUG, SWITZERLAND — 25th March 2026 — T-REX Network, the multi-chain RWA orchestration layer supported by Apex Group, which services $3.5 trillion in assets, has partnered with Zama, the pioneer in Fully Homomor
DefiLlama Research25 Mar 2026
The $5.6 billion treasury gap: new Keyrock research spotlights opportunity cost of idle capital
Brussels, March 12, 2026: Billions of dollars in crypto treasury capital sits idle today, putting protocols at risk of severe drawdowns and collapsing balance sheets during bearish conditions.
DefiLlama Research12 Mar 2026
Ship in Days, Not Months: How Builders Are Scaling DeFi with the SODAX SDK
The Ethereum Layer 2 ecosystem grew and splintered.
DefiLlama Research20 Mar 2026
Sentora raises Firelight deposit cap to 65 million FXRP
Following strong community demand after the Phase 1 launch, the deposit cap on the Firelight Protocol was raised to 65 million FXRP.
DefiLlama Research18 Mar 2026
The Largest TVL Opportunity: The BTCFi Chain Future Is Bright
It feels as if institutions, treasuries, and long-term investors have increasingly announced they hold Bitcoin as part of their operations.
DefiLlama Research12 Mar 2026
PlayKami: Rewiring the Mechanics of Collecting
The Trading Card Game (TCG) sector generates roughly $15 billion annually, commanding the passion of lifelong hobbyists and the heavy capital of serious investors.
DefiLlama Research12 Mar 2026
Stablecoins on BNB Chain: Passive Assets or Fuel for a Complete DeFi Ecosystem?
Digital asset markets entered 2026 under renewed volatility.
DefiLlama Research25 Feb 2026
Kyan: The End of Wasted Capital
The onchain derivatives market is currently a tale of two distinct realities.
DefiLlama Research25 Feb 2026
Adoption Paradox: Surprises from the Bybit World Crypto Rankings Report
We often treat crypto adoption indices as scoreboards.
DefiLlama Research18 Feb 2026
Building Beyond Bridges: How the SODAX SDK Delivers Outcome-Oriented Cross-Network Execution
As developers gather for ETHDenver 2026, industry discourse around interoperability continues to gain prominence.
DefiLlama Research17 Feb 2026