The decentralized finance (DeFi) ecosystem on NEAR Protocol has seen significant expansion in 2025. While Ethereum remains the dominant player in the broader DeFi space, NEAR’s lower fees, high throughput, and user-friendly experience have increasingly attracted developers and users alike. However, it’s important to emphasize that the space is evolving rapidly, and rankings or metrics may shift due to market conditions, governance changes, or protocol updates.
This article explores the top 10 DeFi projects on NEAR in 2025 based on several key metrics, including Total Value Locked (TVL), user adoption, innovation, and community engagement. Data reflects early 2025 trends and is subject to change as new information emerges.
Selection Criteria
The rankings are based on a combination of:
| Criteria | Description |
| TVL (Total Value Locked) | Indicates the amount of assets committed to the protocol. Higher TVL suggests stronger user trust and utility. |
| User Activity | Number of unique wallets interacting with the protocol weekly. |
| Protocol Age | Longevity may indicate robustness and community trust. |
| Innovative Features | Unique offerings or use-cases that differentiate the protocol. |
| Interoperability | Ability to integrate with other chains or projects within or outside NEAR. |
Let’s explore the top 10 in detail.
1. Ref Finance
Ref Finance remains the cornerstone of DeFi on NEAR. Launched in 2021, it operates as an AMM DEX similar to Uniswap but optimized for NEAR’s architecture.
| Metric | Value |
| TVL | ~$225 million |
| Users (weekly) | 120,000+ |
| Notable Feature | Cross-chain swaps via Rainbow Bridge |
Why it leads: Ref Finance is deeply embedded in NEAR’s ecosystem and continues to expand support for multiple tokens, stablecoins, and yield farming. Some analysts suggest its position may be challenged if new LayerZero integrations succeed in 2025, but as of now, it’s the undisputed leader.
2. Burrow
Burrow is a lending and borrowing protocol built specifically for NEAR, inspired by Aave and Compound.
| Metric | Value |
| TVL | ~$150 million |
| Users (weekly) | 85,000+ |
| Notable Feature | Interest rate optimization algorithms |
Why it’s relevant: Burrow provides decentralized money markets with low gas fees and is among the few NEAR-native solutions for collateralized loans. Its growth is fueled by integrations with stNEAR and USDT.e assets.
3. Meta Pool
Meta Pool focuses on liquid staking for NEAR, allowing users to stake NEAR and receive stNEAR (a tradable, interest-bearing version).
| Metric | Value |
| TVL | ~$130 million |
| Users (weekly) | 60,000+ |
| Notable Feature | Liquid staking and DAO governance |
Perspectives: Liquid staking has become vital in 2025, particularly after the NEAR Foundation’s renewed emphasis on decentralization. Meta Pool’s DAO also supports regional grants and developer bounties, making it a key community driver.
4. Jumbo Exchange
An emerging DEX, Jumbo Exchange gained momentum in late 2024 for its focus on UX and gamification of trading.
| Metric | Value |
| TVL | ~$70 million |
| Users (weekly) | 40,000+ |
| Notable Feature | Trading quests and NFT-based fee discounts |
Commentary: While still behind Ref in scale, Jumbo’s interface and gamified features attract retail users, particularly in emerging markets. Whether this momentum is sustainable remains to be seen.
5. PembRock Finance
PembRock is NEAR’s first leveraged yield farming protocol, offering users the ability to multiply their returns.
| Metric | Value |
| TVL | ~$50 million |
| Users (weekly) | 25,000+ |
| Notable Feature | Non-custodial leverage farming |
Risks and Rewards: Leverage-based DeFi is inherently riskier. While PembRock offers high APYs, concerns about liquidation risk and user education remain. Some experts urge caution until broader audits and stress tests are completed.
6. AuroraSwap
AuroraSwap is a DeFi DEX built on the Aurora EVM—NEAR’s Ethereum-compatible layer.
| Metric | Value |
| TVL | ~$45 million |
| Users (weekly) | 20,000+ |
| Notable Feature | Ethereum asset bridging via Aurora |
Bridge to Ethereum: AuroraSwap provides liquidity for ERC-20 assets on NEAR. This bridging capability has become increasingly relevant as cross-chain interoperability gains traction in 2025.
7. NearPad
NearPad operates as a launchpad, DEX aggregator, and yield optimizer—functioning like a one-stop shop for NEAR DeFi projects.
| Metric | Value |
| TVL | ~$35 million |
| Users (weekly) | 18,000+ |
| Notable Feature | Multi-feature platform for new DeFi launches |
Commentary: While NearPad’s popularity has waned since its 2021 peak, it remains relevant due to its role in onboarding new DeFi projects. However, competition from more specialized platforms is growing.
8. Tonic
Tonic is a NEAR-native order-book DEX, catering more to advanced traders compared to AMMs.
| Metric | Value |
| TVL | ~$30 million |
| Users (weekly) | 12,000+ |
| Notable Feature | Order-book matching engine on NEAR |
Niche Appeal: Tonic offers a different trading model more suited for professional users. Its volume is lower than AMMs but may gain prominence as DeFi matures on NEAR.
9. Spin.fi
Spin.fi is a decentralized derivatives and options trading platform built on NEAR.
| Metric | Value |
| TVL | ~$28 million |
| Users (weekly) | 10,000+ |
| Notable Feature | Futures and options trading on-chain |
Observations: Derivatives on NEAR are still in an early stage of development, yet Spin.fi is steadily carving out its niche. As highlighted by a finance specialist at Lucky-7-bonus, “Spin.fi’s on-chain futures and options trading could capitalize on the growing appetite for synthetic and derivative instruments throughout 2025”
10. OCT Finance (Octopus Network)
OCT is technically a multi-chain network but includes a range of DeFi utilities through Octopus Finance.
| Metric | Value |
| TVL | ~$25 million |
| Users (weekly) | 9,000+ |
| Notable Feature | App-chain DeFi with interoperability via IBC-like architecture |
Long-Term Potential: The Octopus Network promotes the idea of appchains—independent blockchains linked via NEAR. Its adoption in DeFi is still in early stages, and some experts debate its scalability, but the architectural vision is noteworthy.
Summary Table: Top 10 NEAR DeFi Projects (2025)
| Rank | Project | TVL (approx.) | Weekly Users | Key Feature |
| 1 | Ref Finance | $225M | 120,000+ | Cross-chain swaps |
| 2 | Burrow | $150M | 85,000+ | Lending & borrowing |
| 3 | Meta Pool | $130M | 60,000+ | Liquid staking |
| 4 | Jumbo Exchange | $70M | 40,000+ | Gamified DEX |
| 5 | PembRock | $50M | 25,000+ | Leveraged farming |
| 6 | AuroraSwap | $45M | 20,000+ | Ethereum bridge |
| 7 | NearPad | $35M | 18,000+ | Launchpad & aggregator |
| 8 | Tonic | $30M | 12,000+ | Order-book trading |
| 9 | Spin.fi | $28M | 10,000+ | On-chain derivatives |
| 10 | OCT Finance | $25M | 9,000+ | Appchain-based DeFi |
Final Thoughts
The DeFi ecosystem on NEAR Protocol in 2025 appears vibrant and diverse, though still smaller in scale than Ethereum, BNB Chain, or Solana. There is a growing interest in liquid staking, cross-chain swaps, and novel use cases like gamified trading and appchain finance. That said, the sector remains in flux.
Key uncertainties:
- Regulatory shifts may influence project sustainability.
- Upcoming upgrades to the NEAR protocol (such as Nightshade updates) could change performance benchmarks.
- Security remains a critical concern, especially for leveraged and derivative-based platforms.
As always in DeFi, users are encouraged to do their own research (DYOR), assess smart contract audits, and stay informed about protocol governance.
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