Polygon has changed places in the ranking of chains by capital held. It is a rollup and sidechain family settling to Ethereum, and rank changes at this level are worth reading carefully because they are as often a repricing of collateral as a movement of deposits.
$1.2bn
Value locked, 23 January 2026
−8.3%
Change over ninety days
7
Rank by value locked
10
Rank ninety days earlier
Source: DeFiLlama, daily series. Computed by Institutional Asset Journal.
Value locked on Polygon
Daily, in dollars, at that day’s marks.
Source: DeFiLlama, daily series. Computed by Institutional Asset Journal.
Fees are the honest revenue line
Almost every valuation figure in this market derives from a token price, which is circular. Fees do not. They are payments made by users to have something executed, denominated in real assets, and reported daily. They are small in absolute terms against any traditional venue, and that smallness is itself the most useful thing about them.
How this was measured
- Total value locked is DeFiLlama’s daily series: the dollar value of assets held in the smart contracts of protocols deployed on each chain, priced at that day’s marks. It moves when capital arrives or leaves and also when the price of the assets already there moves, which is the single most important caveat and is the reason this column reads it against price rather than alone. Fees are protocol revenue as reported by DeFiLlama, aggregated daily. A piece dated one day uses observations through the day before, and every figure names the date it belongs to.
