Welcome to the DefiLlama Newsletter. This week, along with the deepest onchain dataset on Earth, we’re covering RWA trading growth, the best way to find a new exchange, and more.
Stablecoins see highest inflow day in over a year
In October 2025, total stablecoin market cap crossed $300b, capping off an incredible year for stablecoin growth, with $100b stablecoins added onchain.
Stablecoins saw 10 straight months of inflows, most of which were over $5b.
Here we are today - nearly a year from October 2025 and stablecoin market cap has grown *checks notes* 2%.
Volume is higher - stablecoin volume in 2026 has already surpassed 2025 with a quarter of the year left. H1 2026 volume nearly doubled from the same period in 2025.
Over the last month, Ethena’s USDe has been a standout gainer in market cap, growing 20% and adding close to $1b.
Overnight, USDC added $1.2b. This is the largest single-day inflow in over a year.
Most of this was added to Solana, the rest to Hyperliquid.
While stablecoin market cap has been mostly flat over the last year, RWA AUM is anything but: up 250% over the last year.
Growth in RWA perps is even larger. RWA Perps Open Interest is up 25% over the last month, and a whopping 7,000% YTD.
Binance & trade[XYZ] have nearly identical open interest, both growing and sitting around $4b.
August RWA Perps volume reached just short of $1t and has grown for 12 straight months.
Gold and silver RWAs saw the highest volume until the SPCX launch. The highest volume asset during June and July was SNDK.
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What are you paying to trade on your exchange?
Do you know what it costs to trade on your exchange?
What about onramping and offramping costs? Is slippage acceptable?
We answer all of these questions with real data, and a R.E.A.L. (Reserves, Execution, Activity, Liquidity) ranking.
We built the REAL Exchange Ranking to codify what makes an exchange great for its users using real data:
Reserves - integrated natively
Execution - from real fills, not estimates
Volume & Open Interest - we verified each trading venue’s calculations
Liquidity - the deepest public data available
To find the perfect exchange for you: start with a region - 250 countries are covered.
See multi-dimensional liquidity, fee breakdowns, cost to move $1k and compliance data.
Find the exchange that best fits your needs, and any exchange link takes you directly to signup.
Don’t let fake volume and liquidity numbers hide the real cost of trading. We don’t double-count, each datapoint is verified, and the ranking can’t be gamed.
Yield API v2: We rebuilt the DefiLlama Yield API from the ground up
The headline feature is Verified APY, served at /yields/v2/earn/verified. Every day we simulate real holder withdrawals onchain and record what they actually receive, not what protocols report.
Beyond that, v2 brings fresher and much richer data:
10-minute refreshes instead of hourly
a borrow router: the best rate across thousands of pools in one call
APYs split into base, reward, and intrinsic components, with 7- and 30-day averages built in
Plus much more, see the full documentation.
How to migrate
Two options, both live today:
Minimal: swap the URL. The /yields/v1/ routes keep today's response format, so the URL is the only thing you change. They exist for compatibility only: all new features land on v2.
Recommended: the new v2 routes. New response format, so this takes some integration work, but you get all the new features (Verified APY etc, see below).
Shutting down Nov 13 | Drop-in replacement (same format) | v2 equivalent |
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/pools (free) or /yields/pools | /yields/v1/pools | /yields/v2/earn |
/yields/poolsOld | /yields/v1/pools | /yields/v2/earn |
/chart/{pool} (free) or /yields/chart/{pool} | /yields/v1/chart/{pool} | /yields/v2/earn/{id}/history |
/yields/poolsBorrow | /yields/v1/poolsBorrow | /yields/v2/borrow/markets |
/yields/chartLendBorrow/{pool} | /yields/v1/chartLendBorrow/{pool} | /yields/v2/borrow/markets/{id}/history (borrow side), /yields/v2/earn/{id}/history (lend side) |
/yields/lsdRates | /api/lstRates | — |
Pool IDs are unchanged, so nothing needs re-mapping.
/yields/v1/pools serves the /poolsOld format, which contains all the /pools fields, so parsers for either endpoint keep working.
Some legacy statistics fields (e.g. predictions) are always null on the /yields/v1/ routes.
The existing yield endpoints stop working on November 13, 2026. If you call any of them, you need to migrate before then. From that date, the yield API requires the API plan. The yields dashboards at defillama.com/yields stay free for everyone.
If you have any questions or run into trouble migrating, just reply to this email and we'll help.
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DefiLlama Research |
Schedule a call with our analyst team at DefiLlama Research for more market insights and to explore our market intelligence tools.
Our brand-new Find my Exchange tool lets you see which exchanges list the tokens you own, which exchanges work in your country, the fees they charge, and much more→
A new DeFi category is forming around a simple premise: institutions want the composability of public blockchains without broadcasting their positions to every competitor and MEV bot watching the chain.
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Market Overview |
7d Net Flows by Chain
Yield Watch This Week
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Ask LlamaAI What are the top yields this week? Which pools are increasing in APY, which pools are decreasing, and what are the top pools?
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New on DefiLlama |
Token2049: RSVP before capacity is filled
DefiLlama is hosting an event at Token2049. Sign up now!
DefiLlama Pro dashboards can now be shared & used by DeFi teams
Protocols & teams can share custom charts for internal analytics, competitor dashboards, and more.
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