BNB Chain has reaffirmed its position as a key force in decentralised finance (DeFi), with the latest figures showing a total value locked (TVL) of $9.87 billion across its ecosystem. The growth highlights not only the scale of capital flowing into the chain but also the breadth of applications it supports, spanning decentralized exchanges (DEXs), lending platforms, yield protocols, and the tokenization of real-world assets (RWAs).
Leading Projects Dominate TVL
Much of the chain’s momentum is driven by three flagship projects: PancakeSwap (CAKE), Venus Protocol (XVS) and Lista DAO. Together, they account for over $6.19 billion, representing roughly three-quarters of the chain’s locked value.
- PancakeSwap (CAKE) remains the largest contributor, holding a 25.37% share of the ecosystem with $2.18 billion in TVL. As the most established DEX on BNB Chain, it anchors liquidity and trading activity.
- Venus Protocol (XVS), the lending platform, comes in second with $2.03 billion locked, equivalent to 23.62% of the total. Its prominence underscores the strong demand for decentralised borrowing and lending solutions.
- Lista DAO, which blends lending with collateralised debt positions (CDPs), ranks third with $1.98 billion locked, about 23.04% of the ecosystem.
These three giants highlight the concentration of capital on BNB Chain, yet their leadership also reflects user trust in long-standing protocols.
Expanding Beyond the Giants
Beyond the top three, several projects are carving out significant niches. Solv, a platform focused on tokenising real-world assets, has locked $497.14 million, accounting for 5.79% of the ecosystem’s value. Its rise signals growing investor appetite for bridging traditional finance with DeFi.
Yield and farming platforms are also adding depth to the ecosystem:
- DeSyn, a farming protocol, has drawn $373.12 million in value.
- Pendle, a yield-based protocol, has secured $370.92 million.
Each represents just over 4% of the ecosystem’s locked value, showing that yield strategies remain a core part of DeFi activity on BNB Chain.
Mid-Tier Players Strengthening Diversity
A cluster of mid-tier projects provides essential balance and diversity within the ecosystem.
- ASTER, another DEX, contributes $325.64 million, equal to 3.79% of TVL.
- AAVE, one of the most established global lending platforms, has extended operations to BNB Chain, adding $293.10 million (3.41%).
- AVL, a CDP-based initiative, has locked $284.16 million, or 3.31% of the total.
These projects showcase that while capital concentration is significant among the top protocols, a robust second layer of platforms supports innovation, liquidity and competition. Together, they strengthen BNB Chain’s resilience and ensure that its ecosystem is not overly dependent on a handful of projects.
Specialised Protocols Carving Their Space
Further down the rankings, smaller yet specialised platforms like COW Protocol are demonstrating the ability of BNB Chain to nurture diverse DeFi use cases. COW contributes $258.61 million, or 3.01% of TVL. While modest compared with giants like PancakeSwap, such yield-oriented platforms play a critical role in experimenting with new financial strategies and attracting niche user bases.
These projects highlight a trend where both large-scale leaders and agile, smaller protocols coexist, creating a layered and flexible ecosystem. The diversity of players ensures that BNB Chain continues to serve different segments of the DeFi market.
Global Significance of BNB Chain in DeFi
Crossing the $9.87 billion TVL threshold reinforces BNB Chain’s global competitiveness in decentralised finance. The chain is proving to be more than just a liquidity hub; it is a platform where traditional assets and DeFi-native solutions converge.
The distribution of capital suggests both maturity and dynamism: while the dominance of CAKE, XVS and Lista provides stability, the rise of Solv, Pendle and other mid-tier projects shows a willingness to innovate. Together, they establish BNB Chain as one of the most balanced and forward-looking ecosystems in the DeFi landscape.
As real-world asset tokenisation gains traction and yield optimisation remains a priority for investors, BNB Chain’s diversified portfolio positions it strongly for continued expansion in 2025 and beyond. Its blend of established leaders and experimental newcomers reflects the evolution of DeFi into a more inclusive and sophisticated financial system.
