DeFi TVL in 26 different segments across multiple blockchains combined December 2023
A list that compares the total value locked of different industries within decentralized finance (DeFi) reveals that insurance is not one of the largest segments. Indeed, blockchain protocols meant to provide monetary protection ranked as the 21st highest segment in DeFi, with decentralized exchanges (or Dexes) being over 60 times as large. Decentralized finance refers to financial services that are initiated on the blockchain and are operated by cryptocurrencies. It is an emerging market, however, as the overall DeFi market size is smaller than than the market size of all cryptocurrencies combined.