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On-chain data shows that Ethereum DeFi's total value locked (TVL) account for the entire market has dropped to 54%, reaching a phased low since 2024.
At the same time, its absolute locked amount remains at $45.4 billion (USD), significantly higher than other public chains.
This combination of “shrinking share but leading scale” reflects that the DeFi market is shifting from a single dominant chain to a multi-chain coexistence phase.
The change in market share is not simply capital outflow, but more a dispersal of new liquidity across multiple chains.
Why can't the absolute scale of $45.4 billion prevent the continued decline in market share?
The $45.4 billion TVL on the Ethereum chain remains the largest single liquidity pool in the current DeFi market, surpassing the total of the second to fifth public chains.
But its share has fallen from about 63% at the beginning of 2025 to 54%, indicating that more incremental capital is flowing into other ecosystems.
The reasons for this phenomenon include: new public chains offering higher capital efficiency, lower transaction fees, and differentiated native application scenarios.
Although Ethereum mainnet has expanded throughput through Layer 2 scaling, the mainnet interaction costs are still unfriendly to medium-scale capital, leading some deployments to adopt multi-chain strategies.
Capital retention capability has not weakened, but the preferred deployment environment for new capital is becoming more diversified.
Which competing chains are nibbling away at Ethereum’s DeFi market share?
Solana, Base, and BNB Chain have become the top three in the past three quarters.