Recently, there has been a clear resurgence of liquidity in the DeFi market, with many public chains experiencing significant adjustments in their TVL data.

Looking at the main public chains can give you a sense of the market temperature. Ethereum DeFi TVL is currently stuck at $72.73 billion, down more than a quarter from the August 2025 peak of $97.3 billion. Solana is even worse, now at $8.86 billion, halved from $13.22 billion in September, a 33% decline. Bitcoin's TVL is $7.01 billion, down 23% from October's peak. BNB Chain has also not been spared, with $6.797 billion compared to $9.15 billion previously, a decline of over 25%. Even Base has shrunk, now reporting $4.745 billion.

However, compared to these more stable established chains, emerging public chains are experiencing even more dramatic impacts. The Stable chain has become a joke—its TVL is only $29,231, whereas it was over $100 million before. Eclipse is experiencing a once-in-five-years disaster, with a TVL of $2.72 million compared to its February peak of $49 million, a 95% evaporation, with officials even admitting "we have no users." Berachain is similar, with $174.11 million compared to $3.306 billion in May, also halving to just 5%. Plasma's TVL has halved as well, with Monad at $283.72 million, which still seems to hold on.

This wave of adjustments reflects the market's re-evaluation of the DeFi ecosystem—users are voting with their feet, and the gap between genuine demand and hype has been ruthlessly exposed.