DeFi total value locked rebounds 38% to $95B in Q3, ending three-quarter slide

The rebound matters less for the headline figure than for where it landed: a newer chain posting triple-digit growth and a two-month-old brokerage venue clearing $1 billion suggest capital is rotating toward newer distribution channels rather than simply returning to incumbent protocols. That distinction shapes which teams and infrastructure providers benefit from a recovering TVL cycle. Whether the gain reflects durable new entrants or a one-quarter rotation is the open question, and the next quarter's chain-level composition will say more than the aggregate.