DeFiLlama's February 19, 2026 snapshot reveals a DeFi landscape in motion: total value locked stands at $95.52B across all chains, 24-hour DEX volume hit $7.52B, and stablecoin supply has swelled to $290.06B — a sign that dry powder is accumulating on-chain. Beneath those headline numbers, a dram...
"Prop AMMs now account for over 60% of Solana DEX trading volumes — traditional AMMs like Raydium are increasingly focused on memecoin trading, while the broader ecosystem is shifting toward proprietary liquidity architecture." — Solana Compass, Lightspeed Weekly Roundup (February 2026)
DeFiLlama's February 19, 2026 snapshot reveals a DeFi landscape in motion: total value locked stands at $95.52B across all chains, 24-hour DEX volume hit $7.52B, and stablecoin supply has swelled to $290.06B — a sign that dry powder is accumulating on-chain. Beneath those headline numbers, a dramatic volume redistribution is underway. Raydium AMM surged +311.7% in a single 24-hour window to reach $846.0M in volume, catapulting it to the #2 DEX globally and compressing Uniswap's lead. Meanwhile, Uniswap V4 continues to underperform its predecessor, PancakeSwap is retreating on BSC, and Jupiter — Solana's dominant aggregator — is conspicuously absent from the top 15 DEX rankings.
The broader narrative is one of chain-level competition becoming increasingly asymmetric. Solana's memecoin ecosystem — turbocharged by Raydium's LaunchLab platform and the ongoing battle with PumpSwap — is generating outsized short-term volume while Ethereum-native DEXes consolidate around stable, deep liquidity. The question is whether Raydium's spike represents durable market share capture or a temporary memecoin frenzy rotation. Institutional DeFi is also accelerating: Grayscale's 2026 Digital Asset Outlook identifies this year as the "Dawn of the Institutional Era," with regulatory clarity under the GENIUS Act and CLARITY Act creating new pathways for compliant DeFi participation.
Total DeFi TVL (deduplicated): $95.52B
The top of the TVL leaderboard is dominated by two structural pillars of DeFi: liquid staking and lending. Lido holds $33.92B — a commanding #1 position representing the cumulative weight of Ethereum stakers who prefer liquidity over lock-up. AAVE (aggregated across versions) commands $33.66B–$33.31B, making it the undisputed capital hub for on-chain borrowing and lending. Together, these three protocol entries account for more TVL than the DeFiLlama deduplicated total — a reflection of multi-chain deployment overlap rather than data error.
| Rank | Protocol | TVL | Category | |------|----------|-----|----------| | 1 | Lido | $33.92B | Liquid Staking | | 2 | AAVE | $33.66B | Lending | | 3 | AAVE V3 | $33.31B | Lending | | 4 | EigenLayer | $18.37B | Restaking | | 5 | WBTC | $15.21B | Bridge | | 6 | ether.fi | $11.29B | Liquid Restaking | | 7 | Binance Staked ETH | $11.15B | Liquid Staking | | 8 | ether.fi Stake | $10.08B | Liquid Restaking | | 9 | Spark | $9.11B | Lending | | 10 | Ethena | $8.77B | Yield |
EigenLayer's $18.37B reflects the explosive growth of Ethereum restaking — capital stacked on top of liquid staking to earn additional validator security yield. The restaking stack (Lido → ether.fi → EigenLayer) now represents a significant portion of Ethereum's economic security infrastructure. Lido itself, while still dominant with 61.2% of the liquid staking market, has seen its share decline from a peak of 32%+ of all staked ETH in 2023 to an estimated 24–28% as of late 2025, facing growing competition from Rocket Pool, Frax Ether, and Binance Staked ETH.
One notable TVL entry deserves attention: Uniswap's $5.76B TVL — which represents liquidity parked in its pools across V3 and V4 — positions the DEX among the top 20 protocols globally, but with a 24h volume of $1.78B combined across both versions, its capital efficiency (volume/TVL ratio) tells a more complex story.
Total 24h DEX Volume: $7.52B
The DEX volume table for February 19, 2026 is not just a ranking — it's a real-time map of where on-chain speculation is concentrating.
| Rank | DEX | 24h Volume | Market Share | 1d Change | |------|-----|-----------|-------------|-----------| | 1 | Uniswap V3 | $1.10B | 14.6% | +9.7% | | 2 | Raydium AMM | $846.0M | 11.2% | +311.7% ⚡ | | 3 | Uniswap V4 | $679.7M | 9.0% | -10.9% | | 4 | PancakeSwap AMM V3 | $519.3M | 6.9% | -7.5% | | 5 | BisonFi | $382.3M | 5.1% | -26.7% | | 6 | Fluid DEX | $246.9M | 3.3% | -28.5% | | 7 | Aerodrome Slipstream | $244.4M | 3.2% | -9.8% | | 8 | Balancer V3 | $225.8M | 3.0% | +49.9% | | 9 | HumidiFi | $208.7M | 2.8% | -17.9% | | 10 | Orca DEX | $202.0M | 2.7% | -22.2% | | 11 | PumpSwap | $192.4M | 2.6% | -72.8% 🔴 | | 12 | SolFi V2 | $151.7M | 2.0% | +128.3% | | 13 | Curve DEX | $140.8M | 1.9% | +32.6% | | 14 | Kalshi | $136.8M | 1.8% | +12.0% | | 15 | Polymarket | $117.7M | 1.6% | +1.3% |
Uniswap (V3 + V4 combined) still commands 23.7% of global DEX volume at $1.78B, but the 24-hour story belongs to Raydium. The +311.7% single-day surge on Raydium AMM is the headline event: its volume of $846.0M represents 11.2% of all DEX activity globally — remarkable for a protocol on a chain (Solana) with significantly less TVL than Ethereum.
The bifurcation within Uniswap itself is telling: V3 grew +9.7% while V4 fell -10.9%. Uniswap V4 accounts for only 38.2% of combined Uniswap volume despite being the newer, more feature-rich version. As of mid-2025 data, V4 captured approximately 30% of all Uniswap trades while V3 handled 60%, and that dynamic appears to be persisting into early 2026. The complexity of V4's hook system, the lingering memory of security scares (including the Bunni hack), and the gravitational pull of existing V3 liquidity all conspire to slow migration.
PumpSwap's -72.8% collapse to $192.4M is the second-biggest story. Having topped the Solana DEX leaderboard with $2B+ in daily volume during the January 2026 memecoin frenzy, PumpSwap appears to be giving volume back to Raydium AMM as Raydium's LaunchLab platform continues to capture memecoin graduation flows.
Top 24h Fee Earners (DeFiLlama data):
| Protocol | 24h Fees | Category | Effective Fee Ratio | |----------|----------|----------|-------------------| | Tether | $16.3M | Stablecoin | N/A | | Circle | $6.4M | Stablecoin | N/A | | Raydium AMM | $5.6M | DEX | 0.66% | | Aave V3 | $1.6M | Lending | N/A | | Hyperliquid Perps | $1.6M | Derivatives | N/A | | PumpSwap | $1.5M | DEX | ~0.78% | | Lido | $1.3M | Liquid Staking | N/A | | Jupiter Perp Exchange | $1.3M | Derivatives | N/A | | Sky Lending | $1.1M | Lending | N/A | | pump.fun | $1.0M | Token Launchpad | N/A | | Uniswap V3 | $914K | DEX | 0.083% | | Uniswap V4 | $835K | DEX | 0.123% |
The fee table reveals a structural divide in DeFi's revenue landscape. Stablecoins — Tether ($16.3M) and Circle ($6.4M) — collectively earn $22.7M per day. These are not transaction fees in the DEX sense; they represent issuance revenue, redemption mechanics, and reserve yield. The stablecoin issuers are, by far, the most profitable entities in DeFi by daily fee generation.
Among DEXes, the effective fee ratios expose a striking competitive dynamic. Raydium AMM earns $5.6M on $846M in volume — an effective fee ratio of 0.66%, driven by memecoin pool fees (often 1% or more for volatile pairs). Uniswap V3 earns only $914K on $1.10B — a ratio of just 0.083%, reflecting dominance of its ultra-low-fee pools (0.01% to 0.05% tiers) used for major asset pairs like ETH/USDC and ETH/WBTC. Raydium earns 6x more fees on 23% less volume — a direct consequence of pool mix: Raydium's volume is concentrated in higher-fee memecoin pools, while Uniswap V3's volume is dominated by institutional-grade, low-fee blue-chip pairs.
This matters for protocol sustainability. Raydium's 25% fee buyback mechanism (applied to LaunchLab trading fees) directly channels revenue into RAY token value accrual. Uniswap's fee switch debate has lingered for years — V3 LPs capture most fees today, with the protocol treasury receiving limited direct revenue. Jupiter's perpetual exchange ($1.3M in fees) appearing in the fee rankings but not the spot DEX rankings suggests Jupiter's revenue is primarily perps-driven, not spot AMM driven.
Total Stablecoin Market Cap: $290.06B
| Stablecoin | Circulating Supply | Market Share | |------------|-------------------|-------------| | Tether (USDT) | $183.65B | 63.3% | | USD Coin (USDC) | $73.61B | 25.4% | | Sky Dollar (USDS) | $7.08B | 2.4% | | Ethena USDe (USDe) | $6.30B | 2.2% | | World Liberty Financial USD1 | $5.14B | 1.8% | | Dai (DAI) | $4.44B | 1.5% | | PayPal USD (PYUSD) | $4.04B | 1.4% | | BlackRock USD (BUIDL) | $2.46B | 0.8% |
The $290.06B stablecoin market represents record levels of on-chain dry powder. USDT's 63.3% dominance is structurally entrenched despite persistent regulatory scrutiny. USDC's $73.61B (25.4% share) is growing as Circle's institutional push gains regulatory clarity under the GENIUS Act, which passed in early 2026 and establishes a federal framework for stablecoin issuance.
The most politically notable entry in the stablecoin table is USD1 at $5.14B — launched by World Liberty Financial, the Trump-family DeFi project. USD1 is backed by short-term US Treasuries and cash equivalents. As of this writing, Apex Group — a $3.5 trillion AUM financial services provider — announced a strategic collaboration to pilot USD1 in tokenized fund operations. A UAE firm controlled by Tahnoon bin Zayed Al Nahyan purchased a 49% stake in World Liberty Financial for $500M. USD1's $5.14B supply, achieved within roughly a year of launch, makes it one of the fastest-growing stablecoins in DeFi history.
Bridge Volume: Critical Data Anomaly
All 10 major bridges tracked by DeFiLlama showed $0 in 24-hour volume in this snapshot: LayerZero, USDT0, Circle CCTP, Wormhole, Hyperliquid, Chainlink CCIP, Relay, Meson, Lighter, and Mayan. This is almost certainly a data freshness or classification artifact — Wormhole alone has processed $60B+ in cumulative volume. Capital movement between chains is ongoing; the $0 readings likely reflect a snapshot timing issue rather than genuine bridge dormancy. Nonetheless, traders should note that on-chain bridge activity is not readily visible in this data window, making cross-chain capital flow analysis speculative.
Top Yield Opportunities (TVL > $1M, from DeFiLlama pools):
| Project | Chain | Pool | TVL | APY | Risk Assessment | |---------|-------|------|-----|-----|----------------| | growihf | Hyperliquid L1 | USDC | $6.5M | 686.1% | 🔴 Very High — unsustainable | | aerodrome-slipstream | Base | USDC-CBBTC | $2.5M | 677.7% | 🔴 High — IL exposure | | aerodrome-slipstream | Base | WETH-REI | $2.4M | 426.2% | 🔴 High — reward-only APY | | aerodrome-slipstream | Base | WETH-VVV | $2.0M | 338.5% | 🔴 High — new token risk | | etherex-cl | Linea | USDC-WETH | $1.2M | 255.0% | 🟡 Moderate-High | | zeebu | Base | ZBU | $3.8M | 240.7% | 🔴 High — single-token | | origami-finance | Berachain | ORIBGT | $2.3M | 232.7% | 🟡 Moderate — BGT exposure | | raydium-amm | Solana | WSOL-PIPPIN | $13.7M | 183.5% | 🟡 Moderate — memecoin IL |
The yield table reads as a spectrum from extreme speculation to calculated risk. The 686.1% APY on growihf (Hyperliquid L1) and 677.7% on Aerodrome's USDC-CBBTC pool are yield farming incentive structures — not sustainable base yields. Aerodrome Slipstream's USDC-CBBTC pool has $9.7M in TVL at a separate, more sustainable 106.1% APY pool on DeFiLlama, suggesting the $2.5M / 677.7% APY pool is a newer, heavily subsidized tranche.
The Raydium WSOL-PIPPIN pool at 183.5% APY on $13.7M TVL is noteworthy — it's 100% base APY (no reward tokens), generated entirely by swap fees on a PIPPIN memecoin pair. This is emblematic of Raydium's current role: a high-fee memecoin trading venue where LP returns are driven by elevated volatility and trading activity rather than protocol incentives.
The DEX landscape in February 2026 is being reshaped by Solana's memecoin economy and Ethereum's structural liquidity advantage. Here is the state of play across the four protocols:
Uniswap: Dominant but Fragmented
Uniswap V3 at $1.10B (+9.7%) remains the world's highest-volume single DEX contract. Its 14.6% market share of global DEX volume is supported by deep institutional liquidity across ETH/USDC, ETH/WBTC, and major stablecoin pairs. The average daily trading volume across Uniswap versions in 2025 ranged between $1–2B, with 67.5% occurring on Layer 2 networks — a sign that Base, Arbitrum, and Optimism have absorbed significant Ethereum activity.
V4's -10.9% single-day decline is not a crisis, but it is a signal. Uniswap V4's hooks architecture enables custom logic (dynamic fees, on-chain limit orders, TWAMM) but requires deep technical integration to deploy. It achieved $1B TVL within 177 days and crossed $190B in cumulative volume by September 2025 — impressive milestones — but it still only captures 38.2% of Uniswap's combined volume. The friction of migrating established V3 pools and the developer complexity of building production-ready hooks mean V3 and V4 will coexist for an extended period.
Raydium: The Memecoin Machine
Raydium's +311.7% volume surge to $846.0M is the single most notable data point in this snapshot. The structural driver is Raydium's LaunchLab platform, launched in April 2025 as a direct competitor to Pump.fun. LaunchLab has hosted 900,000+ token launches, with graduated tokens automatically seeding Raydium AMM pools. Each graduation event creates immediate AMM liquidity and trading activity — a built-in volume engine.
The competitive dynamic with PumpSwap (Pump.fun's own DEX) is also driving volume rotation. PumpSwap saw $2B+ in daily volume during the Solana memecoin frenzy in January 2026, but today registers $192.4M (-72.8%) — volume that appears to be rotating back to Raydium AMM. Raydium's fee structure (1% on LaunchLab trades, with 25% used for RAY buybacks) creates a direct link between memecoin activity and protocol revenue.
However, context is critical: Raydium earns 0.66% in effective fees precisely because its volume is weighted toward high-fee memecoin pools. This is structurally different from Uniswap V3's 0.083% effective fee ratio — Uniswap processes vastly more institutional-grade, low-fee volume. Raydium's revenue quality is high-beta; it rises sharply during memecoin frenzies and falls equally sharply when retail interest cools.
PancakeSwap: BSC's Structural Headwinds
PancakeSwap AMM V3's -7.5% decline to $519.3M places it at #4 globally — still a significant position, but indicative of BSC's competitive challenges. PancakeSwap closed 2025 with a record 37.84% DEX market share and $2.36T in annual turnover, making it the #1 DEX by annual volume last year. The daily volume decline observed today may reflect short-term rotation toward Solana's active memecoin markets rather than a structural breakdown.
BSC's competitive moat is its low transaction costs and PancakeSwap's multi-chain expansion strategy. However, Solana's speed advantage (400ms block times vs. BSC's ~3 seconds) and the gravitational pull of memecoin capital toward Raydium create tangible pressure. BSC's trading volumes remain healthy in absolute terms, but the marginal trading dollar is increasingly choosing Solana.
Jupiter: The Aggregator Paradox
Jupiter's complete absence from the top 15 DEX volume rankings is the data puzzle of this snapshot. Jupiter is Solana's dominant DEX aggregator — routing trades across Raydium, Orca, and other Solana AMMs to find best execution. The most likely explanations: DeFiLlama's DEX rankings count AMM contract volume directly, and Jupiter's aggregated routes credit volume to the underlying AMMs (Raydium, Orca) rather than to Jupiter's router. Jupiter's Perpetual Exchange ($1.3M in fees) appears in the fee table, confirming the platform is active — it's the spot aggregator volume attribution methodology that creates the data gap.
This means Raydium's $846M volume likely includes some portion of Jupiter-routed trades where Raydium pools were selected as best execution. Jupiter and Raydium are more complementary than competitive on spot volume — but Jupiter's perps business is a direct rival to Hyperliquid.
| Protocol | 24h Volume | Global Share | Trend | |---------|-----------|-------------|-------| | Uniswap (V3+V4) | $1.78B | 23.7% | → Stable | | Raydium AMM | $846.0M | 11.2% | ↑ Surging | | PancakeSwap V3 | $519.3M | 6.9% | ↓ Declining | | Jupiter (spot) | Unknown | Unknown | ❓ Data gap | | Orca DEX | $202.0M | 2.7% | ↓ Declining |
Ethereum (via Uniswap) holds structural supremacy in total DEX volume. Solana (via Raydium) is capturing the momentum trade. BSC (via PancakeSwap) is defending position but losing marginal share.
The data is unambiguous on one point: the DEX volume war is no longer a two-horse race between Uniswap and PancakeSwap. Raydium has emerged as a genuine global competitor, capturing 11.2% of daily DEX volume on a day when its memecoin ecosystem ignited. The +311.7% surge is extraordinary — but the structural story underneath it is even more interesting. Raydium's LaunchLab platform has created a self-reinforcing volume machine: token launches → memecoin pools → elevated fees → RAY buybacks → protocol sustainability. This is DeFi vertical integration done well.
Uniswap remains the structural hegemon. Its 23.7% combined V3+V4 market share, institutional-grade liquidity, and multi-chain presence give it durability that Raydium's memecoin-driven volume cannot match over a full market cycle. But Uniswap's V4 transition is slower than expected, and the protocol's fee economics on its core volume are razor-thin at 0.083%.
Our position: capital is rotating into Solana's DEX ecosystem on a cyclical basis, but Ethereum-based DEXes retain structural depth. For traders, Raydium's elevated fees and liquidity depth make it the optimal venue for Solana-native token speculation. For yield farmers, the high-APY pools on Aerodrome and Hyperliquid represent short-duration, high-risk opportunities that require active monitoring. For institutions, Uniswap V3 and AAVE V3 remain the safest on-chain capital deployment venues — deep, audited, and liquid. The wild card is USD1: if World Liberty Financial's stablecoin continues its institutional push with Apex Group's backing, it could capture meaningful USDC market share in tokenized asset applications within 12 months.
Data sourced from DeFiLlama live snapshot, February 19, 2026. All DeFi metrics (TVL, DEX volume, fees, stablecoins, bridge volumes, yields) are from DeFiLlama exclusively. Web sources used for narrative context only. This report is for informational purposes and does not constitute investment advice.