DeFi value locked, by chain
After years of “Ethereum killers,” one chain still holds more than half of all DeFi capital.
| Chain | TVL | Share |
|---|---|---|
| Ethereum | $38.4B | 53.2% |
| Solana | $5.0B | 6.9% |
| BNB Chain | $4.9B | 6.8% |
| Tron | $4.5B | 6.2% |
| Base | $4.3B | 5.9% |
| Bitcoin | $4.0B | 5.6% |
| Everything else | $11.1B | 15.4% |
Ethereum still anchors more than half of every dollar locked in DeFi, despite a decade of chains built to unseat it. Depth compounds: the protocols with the most liquidity attract the most liquidity, and most of that liquidity has always lived on Ethereum.
The movement is in the long tail. Solana and Base have grown into real venues, and Bitcoin now shows meaningful TVL as wrapped-BTC and Bitcoin-L2 activity finally gives idle coins something to do. Read TVL with care, though: it is priced in dollars, so it rises and falls with token prices even when no new capital arrives.
DeFi capital is less concentrated than stablecoin supply, but it still bends back to Ethereum. The challengers are taking share at the edges, not the centre.
Sources & method
Figures are a point-in-time snapshot pulled on 2 July 2026 from DefiLlama, chains. Shares are each segment's value divided by the tracked total. A snapshot moves with prices and reporting, so read the shape, not the last decimal.