Something I’ve noticed while looking at the data is that Ethereum’s position in DeFi still looks far stronger than the daily narrative suggests.

There’s a lot of discussion around new Layer 1s, Layer 2s, and where users are moving next.
But when you zoom out and look at where liquidity actually sits, a different picture starts to emerge.
Ethereum still accounts for more than half of DeFi’s total value locked, while networks like @base, @arbitrum and @Optimism have grown into meaningful ecosystems of their own.
To me, that says the story isn’t about one chain replacing another.
It’s about an ecosystem that’s expanding in different directions while still concentrating a significant amount of capital around @ethereum.
I think that’s why TVL remains one of the metrics I keep coming back to.
Narratives can change quickly.
Liquidity usually doesn’t.
Sometimes the clearest signal isn’t which chain is generating the most headlines.
It’s where capital continues to stay.