The total value locked (TVL) in decentralized finance (DeFi) protocols has surged to $170 billion, fully recovering from the 2022 Terra/LUNA collapse. Ethereum continues to lead with 59% of the capital, while emerging platforms like Base, HyperLiquid, and Sui are collectively managing over $10 billion in TVL. Solana and BNB Chain have also experienced growth, fueled by memecoin activity. The DeFi sector has matured since the last bull market, offering more sustainable yields and attracting increased institutional interest. Despite this progress, the industry remains vulnerable to security threats, with $2.5 billion lost to hacks and scams in the first half of 2025. Enhancing security and investor protection will be crucial for future growth.