Ethereum Dominance in DeFi TVL Falls to 54%, Still Leads with $45.4 Billion

TLDR

Table of Contents

Ethereum’s DeFi TVL share fell to 54%, but it still leads with $45.4 billion.
Rival chains gained ground through DEX trading, stablecoins, BTC collateral, consumer apps, and perpetual markets.
Base growth shows Ethereum activity moving to layer-2 while still using Ethereum’s broader stack.
Tron remains strong in stablecoins, while BSC continues gaining DEX volume through PancakeSwap.
Ethereum’s lead remains large, but specialized chains are taking faster-growing DeFi user activity.

Ethereum’s share of total value locked in DeFi has fallen to about 54%. The figure stood at 63.5% at the start of 2025, according to CryptoSlate, citing DeFiLlama data.

Even so, Ethereum still leads DeFi by a wide margin. Its current TVL is about $45.4 billion. The drop shows that rival chains are gaining share, while Ethereum remains the sector’s main base layer.

Ethereum Keeps Lead Despite Lower DeFi Share

Ethereum still holds the largest amount of DeFi capital. DeFiLlama data cited in the report shows $45.4 billion in TVL on Ethereum. It also shows $165.5 billion in stablecoins.

The network also recorded $1.45 billion in 24-hour DEX volume. Its 24-hour perpetuals volume stood near $1.61 billion. These figures show that Ethereum remains central to DeFi activity.

Ethereum Dominance in DeFi TVL Falls to 54%, Still Leads with $45.4 Billion

According to CryptoSlate, citing DeFiLlama data, Ethereum's share of Total Value Locked (TVL) in DeFi has decreased from 63.5% at the start of 2025 to approximately 54% as of May 7, approaching its… pic.twitter.com/ojVt7boJes

— Wu Blockchain (@WuBlockchain) May 9, 2026

However, its market share has dropped as other chains grow. The report said Ethereum’s DeFi share moved from 63.5% to around 54%. That is close to one of its lowest levels since May 2025.

Ethereum’s position remains strong because many major lending markets still operate on it. It also hosts deep stablecoin pools. Institutional DeFi services often still use Ethereum as a core network.

Rival Chains Gain Ground in Key Markets

BNB Smart Chain has grown through DEX activity. The report said BSC had $5.55 billion in TVL. It also showed $739.6 million in 24-hour DEX volume.

Tron has built its role around stablecoin transfers. DeFiLlama data cited in the report showed $89.6 billion in stablecoins on Tron. USDT made up nearly 97.86% of that amount.

Bitcoin also gained DeFi share through BTCFi activity. Its DeFi TVL reached $5.34 billion. However, its 24-hour DEX volume remained far lower than other chains.

Base has become a major Ethereum layer-2 competitor. It recorded $4.58 billion in TVL and $4.93 billion in stablecoins. Its 24-hour DEX volume reached $854.97 million.

Base, Solana and Hyperliquid Shape DeFi Activity

Base is important because it is part of the Ethereum stack. Yet, it can reduce Ethereum mainnet’s direct TVL share. Coinbase distribution has helped Base attract consumer activity.

Solana also remains a broad DeFi venue. The report said Solana held 6.66% of DeFi TVL. It supports DEX activity, memecoins, liquid staking, and tokenization projects.

Hyperliquid has grown through on-chain perpetual trading. The report showed $1.52 billion in TVL on Hyperliquid L1. It also showed $9.37 billion in 24-hour perpetuals volume.

Moneycheck noted that TVL does not show the full picture. “Price appreciation can move TVL figures without net capital inflows,” the report said. It added that stablecoins, trades, and volumes also matter.

Ethereum now faces a more divided DeFi market. It still holds the largest TVL and stablecoin base. But rival chains are winning focused markets, and that has reduced Ethereum dominance.

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