DeFi
DeFi research & analysis
Decentralized finance covers lending, DEXs, derivatives, stablecoins, and yield infrastructure.
Headline TVL is not a thesis — researchers separate durable deposits from incentive-driven capital.
What to research
- Real fees and retention vs rented TVL
- Smart-contract and oracle risk
- Token value accrual vs governance-only coupons
- Liquidity depth on major venues
Key risks
- Exploit and admin-key risk
- Mercenary farming that exits when emissions end
- Stablecoin and oracle failure cascades
Tokens to research
Lido Staked EtherSTETH · $2,729.44 · mcap 26.69B
Wrapped stETHWSTETH · $3,378.58 · mcap 12.51B
syrupUSDCSYRUPUSDC · $1.18 · mcap 1B
Jupiter Perpetuals Liquidity Provider TokenJLP · $4.80 · mcap 931.55M
Binance Staked SOLBNSOL · $132.51 · mcap 1.2B
Staked USDaiSUSDAI · $1.11 · mcap 493.38M
tBTCTBTC · $84,124.00 · mcap 351.13M
StakeWise Staked ETHOSETH · $2,878.31 · mcap 424.56M
Staked AaveSTKAAVE · $143.75 · mcap 357.87M
PayFi Strategy Token USDCPSTUSDC · $1.13 · mcap 382.72M
Steakhouse USDC (Base) Morpho VaultSTEAKUSDC · $1.10 · mcap 127.67M
Marinade Staked SOLMSOL · $169.78 · mcap 274.59M
How Alphora researches DeFi
Start with sector risks and research focus above, open matching token pages for scores and market data, then continue in the desk for charts and AI briefs. Cross-check definitions in the glossary and use Research Score Top 100 to triage peers.
Page generated with live market data · Updated Fri, 25 Sep 2026 15:40:13 GMT