DefiLlama

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Web3 Infrastructure • Tools • Interfaces

DeFi analytics and protocol intelligence platform

DefiLlama is the leading open-source DeFi analytics dashboard, providing real-time data on total value locked (TVL), protocol revenue, yield rates, chain comparisons, token flows, and stablecoin distribution across hundreds of protocols and blockchains. Unlike proprietary analytics platforms that charge for access or filter data behind paywalls, DefiLlama operates transparently with community-driven data aggregation — making it the most trusted neutral source for evaluating DeFi protocol health. The platform tracks TVL by chain, protocol, and category, allowing users to compare ecosystem growth, identify capital rotation trends, and evaluate whether a protocol’s TVL is organic or incentive-driven. DefiLlama also surfaces yield opportunities, fee revenue breakdowns, stablecoin flows, and bridge activity — the exact data points needed to separate sustainable protocols from emission-dependent farms. For cycle-aware investors, DefiLlama is not just a dashboard — it is the reconnaissance layer that informs every deployment, rotation, and exit decision across DeFi.

Use Case: Before staking $FLR into a new protocol offering 180% APY, an investor checks DefiLlama to verify whether TVL has been stable post-launch, whether protocol revenue covers emissions, and whether whale concentration signals mercenary capital risk — turning hype into data before deploying a single token.

Key Concepts:

Protocol Health Metrics — Measuring protocol viability through quantifiable data
Protocol Scorecard Template — Structured evaluation framework for protocol comparison
Retention KPIs — Metrics measuring whether users and capital stay committed
DeFi Risk — Smart contract, protocol, and market exposure from DeFi activity
Emission Sustainability — Whether token rewards can persist without devaluation
Mercenary Capital — Short-term liquidity identifiable through TVL spike patterns
On-Chain Analysis — The analytical framework that protocol-level data aggregators contribute to by surfacing TVL and yield metrics
Revenue-Backed Yield — Returns tied to actual protocol revenue visible on-chain
Stablecoin Behavior Index — Tracking stablecoin flows as market health indicators
Capital Rotation — Strategic movement of capital between asset classes by cycle phase
Cycle Awareness — Recognizing where you are in the market cycle before acting
Nansen — Wallet-level analytics complementing protocol-level DefiLlama data

Summary: DefiLlama is the DeFi intelligence layer — open-source, neutral, and comprehensive. It turns raw on-chain data into actionable protocol evaluation, making it essential for anyone deploying capital beyond speculation.

Feature	What It Tracks	Why It Matters
TVL by Protocol	Capital locked across DeFi platforms	Reveals organic demand vs incentive-driven deposits
Protocol Revenue	Fees earned by protocol from real usage	Separates sustainable yield from inflationary emissions
Chain Comparison	TVL and activity across L1s and L2s	Identifies which ecosystems are gaining momentum
Yield Aggregator	APY across farms, vaults, and staking	Compares real yield opportunities without chasing noise
Stablecoin Flows	Movement and market share of stablecoins	Signals capital positioning before major moves

DefiLlama Intelligence Reference

what to look for and what it tells you about protocol health

Data Point	Healthy Signal	Warning Signal
TVL Trend (30d)	Steady growth or stable plateau	Rapid spike followed by sharp decline
Revenue vs Emissions	Revenue covers or exceeds token rewards	Emissions 10x revenue — dilution incoming
User Count vs TVL	Both growing proportionally	TVL high but user count flat — whale dependency
Stablecoin Composition	Diversified across USDC, USDT, DAI	90%+ single stablecoin — depegging risk concentrated
Chain TVL Dominance	Multiple chains growing, healthy distribution	Single chain losing share rapidly — ecosystem contraction

DefiLlama Evaluation Framework

turning dashboard data into deployment decisions

Evaluation Step	DefiLlama Page	Decision Filter
1. Check Protocol TVL History	Protocol → TVL Chart	Stable 90d trend = safe to evaluate further
2. Compare Revenue to Emissions	Fees/Revenue tab	Revenue-backed = sustainable; emission-only = caution
3. Review Chain Health	Chains overview	Growing ecosystem TVL supports protocol longevity
4. Scan Yield Opportunities	Yields page with filters	Compare APY against protocol revenue — filter noise
5. Monitor Stablecoin Flows	Stablecoins dashboard	Capital flowing in = expansion; flowing out = contraction ahead

DefiLlama Due Diligence Checklist

verify before you deploy — data over narrative

TVL & Stability
☐ Protocol TVL stable or growing over 90 days?
☐ TVL survived at least one emission reduction?
☐ Top wallet concentration below 40%?
☐ User count growing alongside TVL?
☐ No sudden 50%+ TVL drops in last 30 days?
☐ Stable TVL after incentive taper = real demand

Revenue & Sustainability
☐ Protocol revenue visible on DefiLlama fees page?
☐ Revenue covers or approaches emission costs?
☐ Fee growth trending with user adoption?
☐ Multiple revenue sources beyond token sales?
☐ Treasury runway sufficient for 12+ months?
☐ If revenue can’t cover rewards — the yield is borrowed time

Yield Verification
☐ APY verified against DefiLlama yields page?
☐ Yield source identified — fees, emissions, or hybrid?
☐ Compared against similar protocols on same chain?
☐ Historical APY stable or declining gradually (not crashing)?
☐ IL risk assessed for LP positions?
☐ Real yield shows on the revenue line — not the marketing page

Preservation & Exit
☐ Gains routed to Kinesis $KAG/$KAU on schedule?
☐ Hardware security via Ledger/Tangem?
☐ Exit strategy defined before entering position?
☐ Stablecoin flow direction checked before deploying?
☐ Protocol compared against proven alternatives like SparkDEX, Cyclo?
☐ DefiLlama shows the truth — act on data, preserve in metals

Capital Rotation Map

DefiLlama intelligence by cycle phase

Phase	Rotation Focus	DefiLlama Strategy
1. BTC Accumulation	Stack BTC, stablecoins	Monitor chain TVL bottoms on DefiLlama — lowest TVL readings mark accumulation zones. Track stablecoin inflows signaling early positioning
2. ETH Rotation	ETH ecosystem builds	Watch ETH ecosystem TVL growth — rising protocol revenue confirms organic expansion. Stake selectively via Cyclo $cysFLR
3. Large Cap Alts	XRP, HBAR, FLR breakout	Compare alt-chain TVL momentum on DefiLlama — rising TVL with revenue growth confirms real adoption. SparkDEX dividends as revenue-backed position
4. Small/Meme Rotation	Micro caps, meme pumps	DefiLlama exposes unsustainable APYs — if emissions dwarf revenue, the farm is a trap. Convert gains to Kinesis metals
5. Peak / Distribution	Euphoria, overleveraged	Stablecoin outflows on DefiLlama signal distribution phase. Exit DeFi positions to metals. Secure in Ledger
6. RWA / Preservation	Gold, silver, $KAU/$KAG	Use DefiLlama to identify which protocols survived the drawdown — those with stable TVL and revenue become next-cycle conviction plays. Kinesis yields through the bear. Borrow via Enosys

Intelligence Before Conviction: Every protocol tells a story on its marketing page. DefiLlama tells the truth. TVL trends, revenue lines, stablecoin flows, and emission schedules — the data that separates sustainable yield from manufactured hype. The sovereign investor does not deploy capital based on APY screenshots. They open DefiLlama, verify the numbers, and let the data decide. Narratives fade. Dashboards don’t lie. Build your thesis on what the chain proves — then preserve every gain in metals the dashboard can’t devalue.

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