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Total DeFi TVL fell this week, and nearly all of the top categories declined in TVL over the last 7 days - except for one.

Risk Curator TVL is up 8% this week and 15% over the last 30 days, adding over $1b totaling $8.67b TVL.

DefiLlama tracks 60 Risk Curators. The largest contributor to the TVL growth was Steakhouse Financial, which now holds over $3b in TVL.

Steakhouse Financial is one of the top protocols by TVL on Base and since April has seen deposits on Base outpace deposits on Ethereum. Most of the protocol’s TVL is on Base, and now holds twice the TVL on Base as Ethereum with Base deposits surging by 200% YTD.

Hyperithm was also a significant contributor to Risk Curator TVL growth, more than doubling its TVL in 30 days.

Nearly 70% of Hyperithm’s TVL over 50% of K3 Capital’s TVL sit on Monad, with Monad’s TVL and stablecoin market cap both hitting an all-time high at the end of July.

Risk Curator TVL on Monad is now at parity with Solana and BSC.

Among capital-holding categories, Risk Curators ultimately earn a take rate that is below median. Consistent with DefiLlama Research findings, most curators run at near-zero performance fees to stay competitive on depositor yield.

Curator fee take rate (annualized fees ÷ TVL) sits at 3.43%, but the category converts less than 9% of those fees into revenue, giving the category one of the lowest fees-to-revenue conversion rates.

Risk Curators are a volume/distribution business, and hold nearly $9b in deposits by giving most of the economics back to depositors rather than capturing it as protocol revenue.

Trading Apps are on the other end of the TVL-to-revenue spectrum. Trading Apps have earned 6x more revenue than Risk Curators over the last week, but have essentially zero TVL across 26 tracked protocols.

Two protocols are driving 90% of the entire category’s 30d fees: Axiom and fomo wallet.

Weekly Axiom fees have doubled after a slow month in June, but are still only 30% of the fees Axiom was bringing in this time last year.

fomo wallet raised a $75m Series B in June and has seen a stark increase in DEX Volume & Fees over the last two months. July was a record revenue & volume month for fomo.

While Trading App volumes are growing, total onchain DEX & Perp volumes each notched another down month in July.

Weekly DEX & Perp volumes have rebounded by 12% & 20% respectively, but are still down 60% from October 2025 highs.

July wrapped up a $53b month of volume for Uniswap, the highest since February. $13b came from Robinhood Chain.

TradeXYZ also had a record month of volume in July, crossing $100b in perp volume for the first time ever.

Schedule a call with our analyst team at DefiLlama Research for more market insights and to explore our market intelligence tools.

With the launch of Bitget Stocks 2.0, Bitget introduced two products that provide users with access to equities: Bitget Stock+ and Reality rTokens, each targeting a different audience.

Tokenization makes stocks more accessible, more liquid, and in principle tradable 24/7, from anywhere. Traditional exchanges still close on schedule, but the venues distributing tokenized versions of the same stocks don't have to. The question: who actually shows up when Wall Street doesn't?

Stablecoin & lending market yields are flat / down this week. Several incentive-heavy DEX pools & a few trading vaults have seen rising APYs.

Aerodrome Slipstream WETH-cbBTC & USDC-cbBTC pools are significantly higher than their 30d average, and SOL-USDC on Raydium is elevated.

Pools built on msUSD, apxUSD and UNO are seeing high rates but each of these stablecoins are currently depegged, so the yield doesn’t come close to covering principal risk.

Solana’s native staking APY (~5-6%) is higher than many chains and there’s a stout offering of liquid SOL tokens.

sAVAX has seen volatile yield stability but is currently offering 4.89%.

stETH & wBETH have the deepest liquidity, while sfrxETH offers a higher yield with $70m in TVL.

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