Capital retention is the real stress test for DeFi protocols

Green Dots' internal May 2026 retention research compares 14 yield-focused DeFi protocols across October 2025 TVL, crisis lows, and May 13, 2026 TVL.

The spread is stark: some protocols recovered fast after stress, while others stayed deeply below prior levels.

• Aave V3: $45.44B → $13.73B crisis low → $14.82B; −67.4%
• Ethena USDe: $14.82B → $3.75B → $3.97B; −73.2%
• Morpho Blue: $7.89B → $5.32B → $7.61B; −3.5% and +41.1% from low
• SparkLend: $6.24B → $1.86B → $3.35B; −46.3% and +80.3% from low

In simple terms, stress reveals which products retain capital after the incentive moment fades — the same problem Web3 teams need to solve beyond acquisition.

Data source: Green Dots internal retention research
Related read: From Speculation to Habit: What Web3 Apps Can Learn From Fintech Retention
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