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Ethereum's DeFi TVL share drops to 54% but remains top with $45.4B locked amid rising rivals.

Protocol Fundamentals
09 May 2026
Blockonomi
View Source
Neutral
Ethereum's DeFi TVL share drops to 54% but remains top with $45.4B locked amid rising rivals.

Ethereum's share of DeFi Total Value Locked (TVL) has declined from 63.5% at the start of 2025 to about 54% by May 2026, yet it still leads with $45.4 billion locked. Competing chains like BSC, Tron, and Hyperliquid are carving out specialized roles in decentralized finance, such as DEX trading, stablecoin settlement, and perpetual contracts. Ethereum's strong stablecoin base and institutional integrations keep it central, with projections showing its DeFi TVL share could either recover to 55-58% or compress to 46-50% by the end of 2026 depending on market dynamics.

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