Ethereum DeFi Dominance Slips to 54%
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Ethereum's share of total value locked (TVL) in DeFi has fallen from 63.5% at the start of 2025 to approximately 54% as of May 7, approaching its lowest level recorded since May 2025. According to DefiLlama, Ethereum's current TVL stands at $45.4 billion, while rival chains have been gaining ground by carving out distinct niches. This shift reflects a broader diversification of the DeFi landscape, as alternative layer-1 and layer-2 networks offer specialized functionalities that attract capital away from Ethereum. The trend suggests that while Ethereum remains the largest DeFi ecosystem, its relative market share is eroding in the face of increasing competition and user migration.
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