By the CBC Blockchain Services Research Desk | Published: 6th November, 2026 | Category: Research | DeFi
DeFi’s total value locked (TVL) grew almost 3% over the past month to $91.20 billion, even as decentralised exchange (DEX) trading volume fell by more than 11%. Lending is where most of the activity and product launches are happening: Lido has launched a lending protocol, Jupiter is pushing leveraged lending on Solana, and Aave has opened its protocol to AI agents. Here is the October 2026 picture in one place.
DeFi at a Glance: October 2026
| Metric | Value | 30-day change |
| Total value locked (TVL) | $91.20B | +2.89% |
| Monthly DEX volume | $248.58B | -11.26% |
| Monthly perpetual futures volume | $634.17B | +1.22% |
Figures were accurate at the time of the original publication on 13 October 2026. Percentage changes cover a 30-day period.
Top three protocols by TVL
| Protocol | TVL | 30-day change |
| Lido | $24.28B | -0.85% |
| Aave | $18.55B | +1.28% |
| Morpho | $11.27B | +15.88% |
Morpho was the standout. Its TVL grew about 16% in a month, far faster than Lido or Aave.
Top three chains by net flows
| Chain | Inflow | Outflow | Net flow |
| Robinhood Chain | $723.8M | $307.9M | $415.9M |
| OP Mainnet | $636.0M | $241.5M | $394.5M |
| Hyperliquid | $11.5B | $11.2B | $277.8M |
Top three chains by app revenue
| Chain | App revenue |
| Solana | $160.5M |
| Hyperliquid | $75.5M |
| Ethereum | $53.9M |
What the Numbers Suggest
TVL up and DEX volume down is a mixed signal. Capital is staying in DeFi, but traders are swapping less. Perpetual futures volume ($634.17B) is more than double DEX volume, which keeps derivatives at the centre of onchain trading. Hyperliquid is a good example: it moves billions in and out each month, yet its net inflow is a small share of that turnover.
This section is CBC’s own reading of the data and is not investment advice.
Noteworthy DeFi Developments in October
Deutsche Bank plans institutional digital asset custody
Deutsche Bank intends to launch digital asset custody for institutional clients. Custody will start with a limited set of assets: cryptocurrencies such as bitcoin and ether, and stablecoins including USDC, EURC and EURAU.
Robinhood announces agents, stock perpetuals and a social app
At its HOOD Summit 2026, Robinhood announced three products:
- Robinhood Agents: tools that let users build trading strategies, do research and trade autonomously.
- Perpetual futures on U.S. stocks, alongside 24/7 trading for selected equities.
- Robinhood Social: an all-in-one social media and trading app.
Lido launches Lido Lend
Lido unveiled Lido Lend, a lending and borrowing protocol forked from Morpho Blue. It targets passive, long-term holders who want extra yield on assets they already hold. To limit risk, it restricts lending to blue-chip assets such as ETH and stETH, and it uses preset logic designed to hold up in stressed markets.
DeFi App Spotlight: Jupiter Lend
Jupiter Lend is a borrowing and lending feature built into the Jupiter app on Solana. Users can earn interest, borrow, deposit into Smart Vaults or build looped strategies. Deposits and withdrawals work much like Aave or Morpho, and users can withdraw at any time.
Key features
- Seven lending vaults, with yields from 2.47% to 5.77% APY.
- Leveraged strategies that loop liquidity through several rounds of lending and borrowing.
- Smart Vaults, where a deposit works as lending capital and as AMM liquidity at once, so it earns loan interest and swap fees from Jupiter Exchange.
- Access to Bitwise’s Ethena Lending Protocol and Sentora, another USDe-focused lending market.
Stats (as of 9 October 2026)
| Metric | Value |
| TVL | $1.15B |
| 30-day protocol revenue | $197,400 |
| 30-day holder revenue | $98,700 |
| Active loans | $1.05B |
Early impressions. StrataMedia’s analysts found the interface simple and well documented, which suits anyone with basic DeFi knowledge. Their main criticism is that deposit-receipt tokens cannot be moved or swapped without becoming unredeemable. That ties users to Jupiter for withdrawals and limits how the tokens can be used in other DeFi apps.
These are the original analysts’ subjective impressions from testing the app. Readers should do their own research.
More DeFi Updates
- Hyperliquid: Hyperliquid Labs unstaked 3.75 million HYPE, worth about $317.6 million at the time, and will distribute it to institutions through an OTC deal. It also launched manual borrowing, so users can borrow USDC or USDT against HYPE or BTC. Separately, Bloomberg listed Hyperliquid perpetuals on its terminal.
- Aave: launched the Aave Model Context Protocol (MCP), which lets AI agents read data and build transactions on Aave V3 and V4.
- Stove Finance: launched U.S. and South Korean tokenized equities through Uniswap.
DeFi Term of the Month: Utilization Rate
Utilization rate is the share of a lending pool’s deposits that is currently borrowed. Higher utilization pushes interest rates up. At 100% utilization, lenders cannot withdraw until borrowers repay or new deposits arrive.
Example: in a market rally, a pool’s utilization hits 95%. Borrow rates jump, and depositors have to wait before they can withdraw.
Frequently Asked Questions
What is total value locked (TVL) in DeFi? TVL is the total value of assets deposited in DeFi protocols. It is a common measure of how much capital the sector holds.
Which DeFi protocols have the highest TVL in October 2026? Lido leads with $24.28B, followed by Aave at $18.55B and Morpho at $11.27B.
What is Lido Lend? A lending and borrowing protocol from Lido, forked from Morpho Blue. It limits lending to blue-chip assets such as ETH and stETH.
Source and Disclaimer
Data and original reporting: StrataMedia, Token Relations, State of DeFi: October 2026 (13 October 2026). Link to original
This article is for information only and is not financial advice or a recommendation to make any investment decision. Cryptocurrencies are high risk. Consult a financial professional and do your own research.
