Ethereum DeFi TVL has fallen to 54% as claimed market share by special chains

TLDR

Ethereum's DeFi TVL share has dropped from 63.5% to 54% in 2026, but is still locked in at $45.4 billion.

HyperLiquid recorded $9.37 billion in 24-hour perpetual volume, confirming the role as DeFi's top perps position.

Tron holds $89.6 billion in USDT with 97.86% in USDT, making it the crypto's largest dollar settlement train.

Ethereum DeFi TVL share may recover to 55-58% or shrink to 46–50% by the end of 2026, data projects.

Ethereum DeFi TVL It has declined from 63.5% in early 2025 to about 54% by May 7, 2026. However, Ethereum holds the top spot with $45.4 billion in protocols locked in by DeFillama.

Rival chains have narrowed the gap by targeting different roles in decentralized finance. BSC manages the flow of DEX, Tron manages the stablecoin existence, and HyperLiquid manages the stable. Each of these competing chains account for less than 7% of DeFi TVL individually.

How competing chains claim specific DeFi roles

BSC built the site through the integration of Binance Distribution and Pancake Swap. In Q2 2025, pancake swap volume rose 539.2% quarter-over-quarter to $392.6 billion.

Binance deepened this with Alpha Earn and Alpha 2.0, which incorporated DEX trading into its interface. DeFillama BSC shows $5.55 billion in TVL and $739.6 million in 24-hour DEX volume.

Tron acts more like a stable coin settlement train than a broad trading platform. DeFillama recorded $89.6 billion in stablecoins on the network, with USDT accounting for 97.86% of the total.

A 24-hour DEX volume of just $55.5 million warrants a slim application margin. With a TVL of $5.19 billion, Tron stands as crypto's leading stablecoin settlement network.

Bitcoin DeFi TVL rose 6.35% to $5.34 billion, up 13.4% in 30 days. A 24-hour DEX volume of $338,516 confirms that capital flowing into Bitcoin is for yield, not active trading. The BTCFi model advocates the use of collateral and lending protocols rather than exchange activity.

HyperLiquid has grown into an eternal space on a purpose-built chain. DeFillama shows a 24-hour perpetual volume of $9.37 billion and open interest of $8.94 billion.

The $1.52 billion TVL understates the actual market weight. These benchmarks confirm that Eternal Things has now established an independent DeFi liquidity hub.

Ethereum's remaining strengths and the way forward

Ethereum's absolute position remains strong on key DeFi metrics. DeFillama recorded $45.4 billion in TVL and $165.5 billion in stablecoins.

The chain hosts blue-chip lending protocols and the deepest stable coin pools in the market. Institutional mergers continue to offer Ethereum as a primary balance for DeFi.

Base adds diversity here, running within the Ethereum technology stack. Coinbase built on OP Stack as L2 Base, available in over 140 countries.

Activity on the base is still kept within the Ethereum security model. DeFillama posted a base of $4.58 billion in TVL and $854.97 million in 24-hour DEX volume.

Two scenarios project the Ethereum DeFi TVL share until the end of 2026. On the way to recovery, share rises to 55%-58% as stable coins and credit growth outpace specialist chains.

Ethereum's $165.5 billion stable coin base and credit depth support this result. Institutional tokenization further strengthens capital concentration on Ethereum.

In a compression scenario, the Ethereum DeFi TVL share has fallen to 46%–50% by the end of 2026. This will happen if Binance tightens integration, BTCFi grows further and HyperLiquid holds its perpetual lead.

Ethereum acts as a DeFi settlement layer as user activity moves to specific locations. The stability coin makes it central regardless of its depth and institutional role.