Ethereum’s Share in Global DeFi Drops to 53%, Its Lowest Level in Years

The crypto universe is shedding its skin, but not like a snake hurried under a heat lamp. Old empires do not always fall in a crash of dishes. Sometimes, they become load-bearing walls, while new shops settle in front of the display window. Ethereum still maintains the stature of a safe, but DeFi now advances in multi-chain mode, with patience, reduced fees, marketing tunnels, and specialized engines.

Ethereum keeps the safe, but its throne is seriously starting to creak

Ethereum retains about 45.4 billion dollars locked in global DeFi, which remains a mountain. Yet, its share now falls around 53%, down from 63.5% at the beginning of 2025. Indeed, dominance does not disappear, it dilutes like black ink in too vast a bath.

Wu Blockchain summarizes this great retreat with a dry formula: “Ethereum’s dominance in DeFi TVL drops to 54%, but it still leads with 45.4 billion dollars.“

This figure stings, but it does not tell a collapse. Ethereum still holds Aave, MakerDAO, Uniswap, the major liquidity pockets and solid institutional confidence.

However, the crypto market no longer settles for a single temple. Users seek lower fees, faster validations, and smoother experiences. Ether remains central, but its throne now resembles a chess piece attacked on several diagonals.

Crypto becomes an arcade where each chain sells its gameplay

DeFi no longer looks like a single capital, but like a financial arcade. Each blockchain arrives with its joystick, marketing bonus, and gameplay. 

Solana attracts traders thanks to its speed and tiny fees. Its daily activity reaches about 15.26 billion dollars.

BNB Chain benefits from PancakeSwap and Binance distribution. The DEX soared 539% over a quarter, with 392.6 billion dollars traded.

Then, Tron plays the role of the digital dollar tanker truck. The network transports nearly 89.6 billion dollars in stablecoins, almost entirely in USDT. 

Bitcoin is also developing its BTCFi corridor, with about 5.34 billion dollars in TVL. Hyperliquid, meanwhile, turns on-chain perpetuals into a surgical shooting range, with 9.37 billion dollars volume over 24 hours.

Jesse Pollak takes this logic to the extreme with Base: 

Bring every financial instrument on-chain. This marks a significant milestone for the broader real asset ecosystem.

Source: X / @jessepollak

Layer-2s blur the radars yet still keep the kingdom’s skeleton

The most intriguing paradox comes from Layer-2. Base, Arbitrum, and Optimism withdraw TVL from Ethereum L1 in DeFiLlama charts. Yet, these networks remain connected to Ethereum’s security and settlement. 

In other words, Ethereum loses points on the scoreboard but often keeps the stadium’s framework. It’s less glamorous than a “pump,” but much more structuring.

Base now represents more than 5% of the DeFi market, backed by Coinbase and present in over 140 countries. This is not a kitchen detail but a commercial access ramp. 

Newcomers no longer necessarily enter via Ethereum mainnet. They arrive through a simpler, cheaper interface, almost packaged like a SaaS product.

Numbers shaking up the dashboards

• Ethereum retains about 45.4 billion dollars locked;
• Solana exceeds 15 billion in daily trading activity;
• Base captures more than 5% of the DeFi market;
• The ETH price reaches around 2,328 dollars at the time of writing;
• Tron transports almost 90 billion in stablecoins.

While DeFi fragments, Bitcoin regains the psychological sceptre of the crypto market. Its dominance now exceeds 61%, further distancing the idea of a quick new altseason. Capital returns to the historic king, like courtiers under tension. Ethereum remains powerful, but the moment belongs to the orange throne.