# DeFi Monthly Report: TVL, DEX Volume, Lending and Perps

> A dated DeFi monthly report: TVL by chain, DEX and perp volume, lending deposits, rates and liquidations, staking and buybacks, each figure cited to a block.

Markdown copy of https://voltfincrypto.com/apps/defi-monthly-report

**Question:** What changed in DeFi this month across TVL, trading, lending and staking?

- Kind: Report in Voltfin Folio
- Topic: [DeFi](https://voltfincrypto.com/topics/defi)
- Chains: Multi-chain
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

Each edition of this report is a dated account of one month in DeFi: how much value was locked and where, how much traded on spot and perpetual DEXs, how lending deposits, loans and rates moved, what was liquidated and what protocols earned and spent on buybacks. It is written to be read in a few minutes and checked in detail.

Every figure is cited to the month-end block on its chain, or to the range of blocks it was summed over, so a reader can open its receipt and repeat the read. An edition does not change once published; anything restated later is corrected in the next edition with a note.

## Blueprint

### The month in one paragraph

What moved most in DeFi this month across value locked, trading, lending and perps, and the single event that mattered most.

Cites: Total value locked at month end; Change in value locked over the month; Spot DEX volume this month; Perp DEX volume this month.

### Value locked by chain and protocol

Month-end value locked on each chain and the protocols that gained or lost the most, with each change split into price moves and net flows.

Cites: Value locked by chain at month end; Ethereum's share of value locked; Largest protocol gains and losses; Price and flow effects.

### Spot and perpetual trading

Spot DEX volume by chain and exchange, and perpetual DEX volume and open interest on venues read on-chain.

Cites: DEX volume by chain; DEX volume by exchange; Perp DEX volume by venue; Perp open interest at month end.

### Lending, rates and liquidations

Deposits and active loans by lender and stablecoin borrow and supply rates at month end, with the month's liquidations and bad debt.

Cites: Deposits and active loans by lender; Stablecoin borrow rates at month end; Liquidations this month; Bad debt recorded.

### Staking, yields and buybacks

Value locked in liquid staking and yield-bearing stablecoins, and the protocol fees and token buybacks recorded during the month.

Cites: Liquid staking value locked; Yield-bearing stablecoin value locked; Protocol fees this month; Buybacks this month.

### Coverage and corrections

Chains and protocols added to coverage this month, any change to a measurement rule and figures from earlier editions that were restated, with reasons.

## How it will be measured

- Month-end figures are read at the first block after 00:00 UTC on the first day of the next month on each chain; monthly flows add up every block in the month.
- Value locked, DEX volume, lending and liquidation figures come from the same datasets as the DeFi dashboards, so a number in the report matches the dashboard read at the same block.
- The perps section covers venues whose fills are read on-chain, such as Hyperliquid; venue-reported figures are named in a note and kept out of totals.
- Liquid staking and yield-bearing stablecoin figures come from the value locked in those protocols' contracts, and buybacks from treasury swap transactions.
- An edition is frozen when published: its figures stay pinned to their blocks, and corrections appear in the next edition with the reason.

## Data it needs

- `defi_tvl_daily` (to build): Assets deposited in DeFi protocols per protocol, chain and asset at day end, valued with oracle prices, never double counting receipt tokens.
- `dex_swaps_daily` (to build): Swap counts and volume per DEX, pool and chain per day, decoded from Swap events, valued with stablecoin legs and oracle prices.
- `perps_markets_daily` (to build): Volume, open interest, funding rates and fees per market on on-chain perpetual exchanges, per day.
- `lending_markets_daily` (to build): Supply, borrow, utilization and rates per lending market (Aave, Morpho, Spark, Compound, Euler and others) at day end.
- `liquidations` (to build): Every liquidation on major lending markets and perp venues: collateral seized, debt repaid, liquidator, and the price at the time.
- `protocol_revenue_daily` (to build): Fees users paid to each protocol and the part kept by the protocol or its token holders, per protocol and day, including buybacks.
- Source: Month-end aggregates from the value locked, DEX volume, lending and liquidation datasets
- Source: HyperCore monthly fills notional and month-end open interest
- Source: Month-end value locked in liquid staking and yield-bearing stablecoin contracts
- Source: Monthly buyback totals per protocol from treasury swap transactions
- Source: The month-end block on each chain for every cited figure

## Questions

### When is the DeFi monthly report published?

Shortly after each month closes, once every covered chain has passed its month-end block and the month's data is complete. Each edition is dated, and its figures are pinned to those blocks.

### Where do the report's numbers come from?

From the same on-chain datasets as the DeFi dashboards. Value locked comes from protocol contract balances, DEX volume from swap events, deposits and rates from lending market state and liquidations from their own events. Each figure links to its receipt.

### Why might a report figure differ from a live dashboard?

The report freezes each figure at the month-end block, while the dashboard keeps moving. Reading the dashboard at the report's block gives the same number.

### Does the report make forecasts?

No. It describes what happened during the month and how each figure was measured. It makes no forecast and no recommendation.

## Glossary

- **Month-end block**: The first block after 00:00 UTC on the first day of the next month on a chain, where month-end balances are read.
- **Edition**: One dated issue of the report, whose figures stay pinned to the blocks they were read at.

## Related apps

- [DeFi TVL by Chain: Total Value Locked Rankings](https://voltfincrypto.com/apps/defi-tvl-by-chain)
- [DEX Volume by Chain and Protocol](https://voltfincrypto.com/apps/dex-volume-by-chain)
- [Perp DEX Volume and Market Share by Venue](https://voltfincrypto.com/apps/perp-dex-volume-market-share)
- [DeFi Lending Market Share: Aave, Morpho, Spark and Euler](https://voltfincrypto.com/apps/defi-lending-market-share)
- [Crypto Hacks and Exploits: Monthly Report](https://voltfincrypto.com/apps/crypto-hacks-monthly-report)
- [Hyperliquid Open Interest and Funding Rates](https://voltfincrypto.com/apps/hyperliquid-open-interest-funding)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F