All crypto categories
Protocols, not companies
DeFi
DeFi replaces the intermediary with a contract that anyone can read and nobody can quietly change. Lending, market making and derivatives all work roughly as they do elsewhere — the difference is that the rulebook is public and the collateral is visible.
Most DeFi tokens are governance tokens: they vote on parameters, and in some cases receive a share of protocol fees. Whether a token captures value at all is a specific question per protocol, and the answer changes when governance votes to change it.
Total value locked is the headline number and the most misleading one. It counts the same dollar several times when it is deposited, borrowed against and redeposited, and it rises with the price of the collateral rather than with usage.
37 coins
| # | Coin | Price | 24h | 7d | Market cap | 24h volume |
|---|---|---|---|---|---|---|
| 9 |  HyperliquidHYPE | $81.57 | ▼ −0.6% | ▲ +0.3% | $20.5B | $1.02B |
| 14 |  ChainlinkLINK | $11.09 | ▼ −0.5% | ▼ −2.9% | $8.3B | $301M |
