Data: DeFi TVL reached a record high of $237 billion in the third quarter, but the number of daily active wallets dropped by more than 22%.

The DApp industry saw mixed performance in the third quarter of 2025. DeFi liquidity soared to a record high, but user activity declined significantly. The report shows that daily unique active wallets averaged 18.7 million in the quarter, a 22.4% decrease from the previous quarter, while the TVL of DeFi protocols reached a record high of $237 billion.