Ranks DeFi protocols by an objective, on-chain TVL metric anyone can audit in open-source code, and by its own policy projects can't pay to list or rank higher; the catch is that its main revenue is referral kickbacks from the swap aggregators it also tracks.
What it's really for A DeFi analytics site; rankings come straight from open on-chain data, hard to game or buy.
What our grade covers The grade on this page is about its TVL rankings of DeFi protocols and chains, not everything the site does.
High Scoring Confidence Checked against primary sources. We are confident in the facts and the grade here.
Per its own FAQ, DefiLlama is mainly funded by kickbacks from the aggregators used on LlamaSwap, plus Pro and API subscriptions bought by power users and developers. Those aggregators are themselves protocols DefiLlama lists and ranks, so some revenue does come from inside its rating universe. Listing remains free and permissionless and rankings are computed from on-chain TVL, so the money does not buy placement.
Source →- Operating since
- 2020 (6 years) · source
- What it costs you
- Free to read The reviews are free to read.
- How they make money
- Freemium: the core site and public API are free. Its FAQ states that DefiLlama was previously funded by self-funding, donations and grants and is now "mainly funded by kickbacks from aggregators used on LlamaSwap and subscriptions" - that is, referral revenue from the DEX aggregators its LlamaSwap meta-aggregator routes orders to, plus paid Pro and high-volume API subscriptions.
- What they do
- It aggregates and ranks DeFi protocols and chains by Total Value Locked and related on-chain metrics, computed from open-source adapter scripts that read directly from the blockchain.
- What to watch for
- It measures capital locked in contracts, not whether a protocol is safe or legitimate, so a high TVL ranking is not an endorsement of a project's quality or risk. It also does not disclose its aggregator-kickback funding alongside the rankings themselves; that disclosure sits in the developer docs FAQ.
- Composite score
- 4.50 / 5.00 → grade A
- Last verified
- September 1, 2026 — when a human last checked this entry's facts, links, and grade against the live site.
- Citations checked
- September 1, 2026 — our automated check re-fetched all 7 sources cited on this page. All resolved. 1 block automated visitors and are checked by hand. This is a link check, not a re-grade — the “Last verified” date above is the one that covers the facts and the grade.
- Site confirmed live
- September 1, 2026 — our monthly automated check reached DeFiLlama and got a normal response.
How the grade was reached
Does the site take money from the very entities it ranks? Pay-for-placement, vendor-funded data, and affiliate commissions all pull this down. The less the ranking can be bought, the higher the score.
What is the ranking actually built on? Hands-on testing scores highest, then verified first-hand reviews, then opinion or popularity surveys and self-reported figures, then pay-to-rank, which scores lowest.
Is the methodology published, specific, and reproducible? Can a reader see how a given rank was reached, or is it a black box?
Are commercial relationships, sponsorships, and affiliate arrangements disclosed clearly and near the rankings themselves, rather than buried?
How hard is it to game? Controls against fake reviews, solicited reviews, and vendor gaming raise this; an open box anyone can stuff lowers it.
Evidence
- DeFiLlama states each metric has its own open-source adapter repository where anyone can contribute, and it prides itself on producing inclusive, non-biased, community-driven statistics, treating all projects equally with regards to what is and isn't included in TVL. This makes the ranking methodology publicly reproducible. Source: DefiLlama Docs - Methodology →
- Per the FAQ, getting a protocol listed is free and permissionless and only requires submitting a technical adapter that returns the project's TVL; there is no listing fee or paid-placement option described. Source: DefiLlama Docs - FAQ →
- Each listed protocol submits an open-source adapter, a script that computes TVL directly from its contracts, so the underlying data is verifiable from on-chain sources rather than self-reported. Source: Lampros Tech - How to get listed on DeFiLlama →
- Answering "How is DefiLlama funded?", the FAQ states: "Previously DefiLlama was funded by self-funding, donations and grants. Currently DefiLlama is mainly funded by kickbacks from aggregators used on LlamaSwap and subscriptions." LlamaSwap routes swaps to DEX aggregators that DefiLlama also lists and ranks, so part of its revenue comes from protocols inside its own rating universe. The disclosure appears in the developer docs, not next to the rankings. Source: DefiLlama Docs - FAQ (How is DefiLlama funded?) →