• bitcoinBitcoin (BTC) $ 115,948.00
  • ethereumEthereum (ETH) $ 2,948.10
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  • xrpXRP (XRP) $ 2.55
  • bnbBNB (BNB) $ 690.04
  • solanaSolana (SOL) $ 164.50
  • usd-coinUSDC (USDC) $ 0.999812
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  • staked-etherLido Staked Ether (STETH) $ 2,946.03
  • cardanoCardano (ADA) $ 0.680898
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 115,828.00
  • hyperliquidHyperliquid (HYPE) $ 43.93
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  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
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  • pi-networkPi Network (PI) $ 0.503317
  • daiDai (DAI) $ 0.999749
  • bittensorBittensor (TAO) $ 375.70
  • aptosAptos (APT) $ 4.89
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.18
  • nearNEAR Protocol (NEAR) $ 2.53
  • crypto-com-chainCronos (CRO) $ 0.097076
  • okbOKB (OKB) $ 49.10
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  • jito-staked-solJito Staked SOL (JITOSOL) $ 199.98
  • ondo-financeOndo (ONDO) $ 0.896644
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • ethereum-classicEthereum Classic (ETC) $ 18.44
  • susdssUSDS (SUSDS) $ 1.06
  • kaspaKaspa (KAS) $ 0.086132
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  • cosmosCosmos Hub (ATOM) $ 4.66
  • mantleMantle (MNT) $ 0.628273
  • vechainVeChain (VET) $ 0.024161
  • ethenaEthena (ENA) $ 0.318816
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.223989
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  • official-trumpOfficial Trump (TRUMP) $ 9.82
  • gatechain-tokenGate (GT) $ 16.24
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  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.738147
  • render-tokenRender (RENDER) $ 3.68
  • algorandAlgorand (ALGO) $ 0.214859
  • bonkBonk (BONK) $ 0.000024
  • worldcoin-wldWorldcoin (WLD) $ 1.07
  • skySky (SKY) $ 0.083974
  • binance-peg-wethBinance-Peg WETH (WETH) $ 2,951.16
  • sei-networkSei (SEI) $ 0.318983
  • filecoinFilecoin (FIL) $ 2.59
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 115,676.00
  • quant-networkQuant (QNT) $ 115.20
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 4.73
  • binance-staked-solBinance Staked SOL (BNSOL) $ 174.04
  • spx6900SPX6900 (SPX) $ 1.65
  • jupiter-exchange-solanaJupiter (JUP) $ 0.486958
  • usdtbUSDtb (USDTB) $ 0.999538
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.998066
  • kucoin-sharesKuCoin (KCS) $ 11.36
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 3,088.24
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  • usdt0USDT0 (USDT0) $ 1.00
  • celestiaCelestia (TIA) $ 1.87
  • fartcoinFartcoin (FARTCOIN) $ 1.31
  • nexoNEXO (NEXO) $ 1.27
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.019171
  • injective-protocolInjective (INJ) $ 12.24
  • xdce-crowd-saleXDC Network (XDC) $ 0.072689
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  • blockstackStacks (STX) $ 0.745630
  • mantle-staked-etherMantle Staked Ether (METH) $ 3,147.74
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 3,096.58
  • sonic-3Sonic (S) $ 0.339836
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 1.00
  • solv-btcSolv Protocol BTC (SOLVBTC) $ 115,714.00
  • dogwifcoindogwifhat (WIF) $ 1.05
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 1.00
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 3,105.20
  • story-2Story (IP) $ 3.44
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  • the-graphThe Graph (GRT) $ 0.097566
  • syrupusdcSyrupUSDC (SYRUPUSDC) $ 1.11
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 115,727.00
  • pax-goldPAX Gold (PAXG) $ 3,329.57
  • kaiaKaia (KAIA) $ 0.158376
  • immutable-xImmutable (IMX) $ 0.492034
  • wbnbWrapped BNB (WBNB) $ 690.94
  • clbtcclBTC (CLBTC) $ 117,048.00
  • paypal-usdPayPal USD (PYUSD) $ 0.999383
  • pancakeswap-tokenPancakeSwap (CAKE) $ 2.50
  • vaultaVaulta (A) $ 0.544838
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 184.76
  • liquid-staked-ethereumLiquid Staked ETH (LSETH) $ 3,184.73
  • curve-dao-tokenCurve DAO (CRV) $ 0.607209
  • tether-goldTether Gold (XAUT) $ 3,328.18
  • msolMarinade Staked SOL (MSOL) $ 215.10
  • theta-tokenTheta Network (THETA) $ 0.797585
  • galaGALA (GALA) $ 0.017011
  • lido-daoLido DAO (LDO) $ 0.842794
  • raydiumRaydium (RAY) $ 2.72
  • ethereum-name-serviceEthereum Name Service (ENS) $ 21.99
  • iotaIOTA (IOTA) $ 0.182178
  • ousgOUSG (OUSG) $ 111.75
  • superstate-short-duration-us-government-securities-fund-ustbSuperstate Short Duration U.S. Government Securities Fund (USTB) (USTB) $ 10.74
  • the-sandboxThe Sandbox (SAND) $ 0.287508
  • memecoreMemeCore (M) $ 0.442481
  • jasmycoinJasmyCoin (JASMY) $ 0.014198
  • jito-governance-tokenJito (JTO) $ 1.97
  • zcashZcash (ZEC) $ 42.03
  • usdx-money-usdxStables Labs USDX (USDX) $ 0.998250
  • aerodrome-financeAerodrome Finance (AERO) $ 0.785409
  • super-oethSuper OETH (SUPEROETH) $ 2,945.45
  • pendlePendle (PENDLE) $ 4.01
  • pyth-networkPyth Network (PYTH) $ 0.113991
  • bittorrentBitTorrent (BTT) $ 0.00000065
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 3,141.73
  • wrapped-hypeWrapped HYPE (WHYPE) $ 44.10
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  • tezosTezos (XTZ) $ 0.593086
  • saros-financeSaros (SAROS) $ 0.235514
  • cgeth-hashkey-cloudcgETH Hashkey Cloud (CGETH.HASH) $ 3,073.84
  • newton-projectAB (AB) $ 0.009127
  • solv-protocol-solvbtc-bbnSolv Protocol Staked BTC (XSOLVBTC) $ 115,336.00
  • tbtctBTC (TBTC) $ 115,747.00
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 2,946.70
  • flowFlow (FLOW) $ 0.372536
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  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 115,938.00
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  • telcoinTelcoin (TEL) $ 0.004364

Ethereum’s DeFi Reign Slips 37% Since 2021—A Blockchain Power Shift?

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Ethereum’s DeFi Reign Slips 37% Since 2021—A Blockchain Power Shift?

Current metrics place the total value locked into decentralized finance (DeFi) at approximately $117.856 billion. Ethereum, once commanding more than 56% of that figure at the close of 2024, has since dipped to 51.24% in May, marking a notable decline in its share.

Battle for DeFi Dominance Heats up: Ethereum Slides, Solana and Bitcoin Advance

Ethereum still leads in several categories, including total value locked in DeFi, non-fungible token (NFT) sales, and a large portion of the value of tokenized U.S. Treasuries and stablecoins built atop its smart contract infrastructure. Yet in recent years, that lead has narrowed, as rival blockchains have gained ground and chipped away at its dominance across all of these sectors.

Ethereum’s DeFi Reign Slips 37% Since 2021—A Blockchain Power Shift?

Source: Defillama.com

Zooming in on decentralized finance (defi) total value locked (TVL) back in February 2021, Ethereum held an impressive 91%-plus share of the DeFi pie. Fast forward 51 months, and that figure has tapered down to 53.68%, reflecting a 37.32% drop. At the beginning of 2025, Ethereum’s grip on DeFi TVL stood at 56.38%, but it has since shed 2.7%, dipping as low as 51.24% earlier this month.

DeFi challengers have emerged from blockchains like Solana, Bitcoin, Tron, and Binance Smart Chain (BSC). Based on defillama.com’s chain statistics, Solana holds 7.99% of the total value locked (TVL), followed by Bitcoin at 5.67%, Tron close behind at 5.64%, and BSC rounding out the top five with 5.44%. Other DeFi networks such as Base, Arbitrum, Sui, Avalanche, Hyperliquid, and Berachain are steadily climbing the ranks.

Lately, the data paints a picture of a maturing DeFi ecosystem where Ethereum’s early advantage is being gradually eroded by a wave of competitors. While Ethereum still remains at the forefront, the shifting balance suggests a more pluralistic future. Alongside this, another dominant chain could very well rise to prominence and dethrone ETH’s current position at the helm.

The current trend implies that innovation and adoption are no longer confined to a single chain but are dispersing across a growing field of contenders.

Source

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