Waterfall DeFi

Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.

DeFiLlama publishes the exact rules used to aggregate on-chain balances into the headline TVL figure shown on this page. The methodology below is the team's own source-of-truth description.

Counts Waterfall DeFi tranche products TVL and staking TVL

If a contract or vault isn't in this list, its balance does not contribute to the TVL displayed on Mantapex or DeFiLlama.

Waterfall DeFi's governance or utility token carries a market capitalisation of $36.6K based on circulating supply at the latest DeFiLlama snapshot. The market is pricing the token ($36.6K) above the protocol's on-chain TVL ($22K) — a mcap/TVL multiple of 1.66× implies investors are paying for expected future fee flows rather than current deposits alone. A further $633.7 sits in the protocol's native staking modules — these deposits are typically locked, vote-bonded, or earning a share of fees, and they reduce the freely circulating float that can hit the market.

Market cap and supply figures are sourced from DeFiLlama's price feed (which reconciles CoinGecko, CoinMarketCap, and on-chain DEX prices). Treasury and staking values reflect on-chain balances controlled by the protocol at last sync.

Major events flagged by the DeFiLlama community — protocol launches, exploits, governance changes, and incentive programs.

1. Apr 13, 2022
   Listed on DeFiLlama

Waterfall DeFi is a Yield Aggregator — a decentralised exchange where users swap assets against on-chain liquidity pools rather than a central order book. It is deployed across 2 chains, including Binance, Avalanche. The codebase has been independently audited (1 report on file).

Waterfall DeFi operates on 2 networks (Binance, Avalanche), keeping its surface area narrower than chain-agnostic peers. Roughly 97% of its on-chain value sits on just three networks (Binance, Avalanche, staking), so a fault on any one of them would affect a large slice of users. Price feeds come from a single oracle provider (Chainlink); an outage or manipulation of that feed would propagate into every market the protocol prices. Only one audit report is currently listed; users should weigh that against the protocol's TVL before depositing significant amounts. Its token market cap ($36.6K) currently exceeds total value locked ($22K) — a mcap/TVL ratio of 1.66 suggests the market is pricing in more growth than current deposits support.

Verified external resources for Waterfall DeFi — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

Waterfall DeFi is one of 7 Yield Aggregator protocols Mantapex tracks in this category. Direct peers ranked by total value locked include CIAN Yield Layer, Yearn Finance, Fluid Lite, and 3 more. These peer protocols collectively secure $1.2B in deposits, giving you a frame of reference for whether Waterfall DeFi's own TVL is at the top, middle, or tail of the category.

CIAN Yield Layer

TVL $382.1M · 24h +6.83%

Yearn Finance

TVL $262.2M · 24h +1.32%

Fluid Lite

TVL $180.1M · 24h +0.74%

Beefy

TVL $153.3M · 24h +0.77%

Lulo

TVL $97.1M · 24h +0.54%

YO Protocol

TVL $78.3M · 24h +0.84%