weekly tvl leaderboard. 2026-05-23.

top 5 gainers: hyperliquid bridge (bridge, arbitrum/hyperliquid l1) +$434.5m / +8.1% / $5.3b kinetiq khype (liquid staking, hyperliquid l1) +$266.1m / +27.0% / $986m dswap (dexs, eni) +$245.7m / +102.1% / $241m spark liquidity layer (onchain capital allocator, ethereum/base) +$225.2m / +8.2% / $2.8b ethena usde (basis trading, ethereum) +$220.6m / +5.0% / $4.4b

top 5 losers: binance cex (cex, ethereum/bitcoin) -$5.02b / -3.3% / $152.3b lido (liquid staking, ethereum/solana) -$1.16b / -6.4% / $18.3b ssv network (staking pool, ethereum) -$1.12b / -7.4% / $15.2b aave v3 (lending, ethereum/plasma) -$906.4m / -6.8% / $13.4b ether.fi stake (liquid restaking, ethereum/base) -$894.3m / -24.4% / $3.7b

most surprising mover: dswap, a dexs on eni, doubled tvl to $241m in a week. hypothesis: eni mainnet incentives or a new pool pair drew liquidity from bigger chains. for the trend to reverse, the incentive program would need to end or the pool turn toxic.

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— research and educational content. not investment, legal, or tax advice. do your own research. positions and views may change without notice.

Originally published on FalsifyLab Substack.