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Ethereum's DeFi TVL dominance drops to 53%, nearing a multi-year low amid rising competition.

Protocol Fundamentals
09 May 2026
Bitcoin
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Neutral
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Ethereum's share of total decentralized finance (DeFi) liquidity has fallen from 63.5% in January 2025 to 53% by May 2026, nearing its lowest level in years. While Ethereum still holds the largest DeFi total value locked (TVL) at around $45.5 billion, rival blockchains like Solana, BNB Chain, and layer-2 solutions such as Base are rapidly gaining market share. This shift is driven by lower transaction costs on competing networks and the growth of DeFi ecosystems outside Ethereum's mainnet. The trend highlights a broader move toward a multichain DeFi future, raising questions about where DeFi's next phase of growth will primarily occur.

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