Blockworks analyst Jack Mandin stated that Ethereum still dominates the on-chain lending market by a wide margin, with total on-chain loans on Ethereum reaching approximately $13 billion, 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 showing the strongest performance. Although total outstanding loans across all networks have declined from their peaks, Ethereum has been hit harder, with a drop of over 60%, while non-Ethereum chain loans have fallen by about 48%.