HELOC provider Figure Markets accounts for the network\u2019s entire TVL.<\/p>\n
The Provenance blockchain hit a new milestone on Wed. Feb. 11, as its total value locked (TVL) climbed to an all-time high of $1.2 billion.<\/p>\n
This marks a 7% increase in TVL over the past 24 hours, and a roughly 570% jump since early November 2025, when TVL stood at about $179.9 million, according to DeFiLlama data.<\/p>\n
Notably, Figure Markets is currently the only protocol tracked on Provenance by DeFiLlama, meaning the network\u2019s entire TVL is essentially tied to Figure\u2019s activity. Figure Markets is described as a decentralized custody platform, which offers spot trading, crypto-backed lending, and yield-bearing assets. <\/p>\n
DeFiLlama data shows Figure Markets\u2019 TVL at approximately $1.22 billion, with about $301 million currently borrowed. The protocol has generated roughly $3.84 million in annualized fees and revenue, while 30-day decentralized exchange volume stands at approximately $2.08 billion.<\/p>\n
Figure Technologies, the entity behind Figure Markets and Provenance, currently leads in the tokenized private credit space<\/a>, accounting for $15 billion of the market\u2019s $20 billion active loans, per RWAxyz<\/a>. The company is also the largest non-bank home equity line of credit (HELOC)<\/a> originator in the U.S. <\/p>\n Meanwhile, Provenance\u2019s native token, HASH, was the second-best performing token on the day, rising about 8% in 24 hours to trade near $0.018, according to CoinGecko. Figure\u2019s HELOC token is currently trading at $1.02, down 1% on the day. <\/p>\n Provenance\u2019s TVL increase comes amid renewed attention towards tokenized real-world assets (RWAs), which have grown 14% over the past month to a distributed asset value of over $24.7 billion.<\/p>\n Still, not everyone views the milestone as a structural breakthrough. Brian Huang, co-founder of Glider, told The Defiant that tokenizing assets on a standalone or siloed blockchain does not necessarily increase their utility. <\/p>\n \u201cAssets aren\u2019t any more useful on chain than offchain unless they have composability. Provenance has no composability,\u201d Huang said. \u201cOverall, I wouldn\u2019t read into the $1.2 billion in assets. In the long term, tokenization will favor open protocols like Ethereum and Solana.\u201d <\/p>\n Danny Nelson, Research Analyst at Bitwise Asset Management, took a different viewpoint, calling Provenance’s business \u201cvery real.\u201d <\/p>\n \u201cIt’s the secret sauce fueling Figure Markets’ rise to become the largest non-bank home equity loan (HELOC) business in the U.S,\u201d Nelson said. \u201cFigure Markets purpose built Provenance Chain to handle its HELOCs.\u201d<\/p>\n He explained that Figure represents all loan-related paperwork, contracts, and finances as tokens on the blockchain. \u201cThere, it can process everything much faster than a traditional lending business can,\u201d Nelson added. \u201cFigure is cutting the costs of creating each loan, and speeding up its processing, by handling the entire loan lifecycle on Provenance.\u201d<\/p>\nExperts are Divided<\/h2>\n