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DeFi TVL reached a record 237 billion dollars as the number of active wallets fell 22% in Q3.
The decentralized application sector (DApp) ended Q3 2025 with mixed developments: DeFi liquidity reached a record 237 billion USD, but users fell sharply, according to DappRadar. The average daily active wallets dropped to only 18.7 million, a decrease of 22.4% compared to the previous quarter.
Institutional capital continues to flow into DeFi platforms, while retail users are withdrawing. The sectors heavily impacted include AI and SocialFi, which fell from 4.8 million to 3.1 million and from 3.8 million to 1.5 million active wallets, respectively.
According to DappRadar, DeFi liquidity is increasing thanks to institutional investment in Bitcoin, stablecoins, alongside the new legal framework in the US and the trend of tokenizing RWA. The stablecoin flow reached 46 billion USD, led by USDT and USDC. The Plasma chain has attracted attention by reaching 8 billion USD TVL just one month after its launch.
Ethereum leads DeFi with 119 billion USD TVL, followed by Solana ( 13.8 billion USD ) and BNB Chain ( +15% ).