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@StellarOrg Q1 2026: DeFi
DeFi total-value locked (TVL) on Stellar increased 1.1% QoQ to $174.4 million, even as the price of XLM (which makes up roughly 70% of TVL) decreased 16.6% QoQ from $0.201 to $0.167. This follows explosive 284% YoY growth from $44.9 million at the end of 2024 to $172.6 million at the end of 2025.
While TVL was effectively flat QoQ, TVL share by protocol type was not. DEXs' share of TVL declined, and TVL of lending and borrowing protocols like
@blend_capital and
@TemplarProtocol grew. The top DEX by TVL, Aquarius, had $39.9 million in TVL at Q1-end (+9.7% QoQ), followed by Stellar DEX with $15.8 million (-16.6% QoQ), Lumenswap with $8.2 million (-30.3% QoQ), and
@PhoenixDeFiHub with $1.5 million (-64.5% QoQ). Combined, the TVL of these protocols declined 8.3% QoQ to $65.4 million. In contrast, Blend’s TVL grew 25.9% QoQ to $100.6 million, and Templar’s grew 89.5% QoQ to $5.6 million. The larger TVL growth of Blend and Templar compared to the decline in TVL of the top DEXs was offset by the 84.7% QoQ decline in the Other category (which includes other DEXs like Soroswap) to $2.8 million in TVL at the end of Q1.
Templar’s TVL growth in Q1 came from continued adoption of its deposit XLM to borrow USDC vault, which was its only available vault in Q1 following its launch in November 2025. TVL growth should continue in Q2 as on April 1, 2026, Templar launched lend/borrow vaults for RWAs, including Centrifuge’s deJAA and deJTRSY, Etherfuse’s CETES and USTRY, and SolvBTC