Blockworks analyst Jack Mandin stated that Ethereum still dominates the on-chain lending market with an absolute advantage, with approximately $13 billion in total on-chain loans on Ethereum, compared to about $7 billion on non-Ethereum chains. Over the past two years, chains such as BNB, Arbitrum, Solana, Plasma, and Base have alternately held the second position in the market, with Base currently performing the strongest. Although the total outstanding loans across the entire network have declined from their peaks, Ethereum has been hit harder, dropping by over 60%, while non-Ethereum chain loans have fallen by approximately 48%.