Ethereum Holds Strong in TVL, But Users Are Drifting Away
Ethereum’s still the big player when it comes to decentralized finance, no question. Even with a drop in active addresses—down to 349,000—it’s sitting on a staggering $57.6 billion in total value locked (TVL). That’s more than anyone else. And let’s not forget the $126 billion in stablecoins or the $1.45 billion in daily DEX volume.
But here’s the thing: fewer people are using it right now. Maybe it’s the fees, maybe it’s just the market cooling off. Either way, Ethereum’s not going anywhere, but the short-term numbers aren’t exactly reassuring.
Solana’s Pulling Ahead in Active Users
Solana’s got one big advantage these days: users. Like, a *lot* of them. With 3.1 million active addresses, it’s way ahead of Ethereum and even Binance Smart Chain. The DeFi TVL? Just under $8 billion, which isn’t close to Ethereum’s, but the daily DEX volume actually beats it at $1.69 billion.
Not bad for a chain that was written off not too long ago. Then again, Solana’s always been a rollercoaster.
Bitcoin’s Not a DeFi Chain, But It’s Still Hanging In There
Bitcoin’s never been the go-to for DeFi, and that hasn’t changed. Only 61 protocols, zero bridged TVL—but somehow, it’s still holding $6.2 billion in TVL. Daily active addresses dipped slightly (0.65%), but 658,000 users isn’t nothing.
The DEX volume? A modest $720,617. Not exactly groundbreaking, but Bitcoin’s never been about flashy numbers. It’s more about… well, being Bitcoin.
Layer-2 Chains Are Feeling the Squeeze
Base and Arbitrum, two of Ethereum’s biggest Layer-2 solutions, are seeing declines. Base lost 3.84% in daily activity, Arbitrum’s hanging on with $2.2 billion in TVL, but neither’s exactly thriving.
Then there’s Tron. Oof. Daily active users down nearly 10%, weekly down 11%, monthly down *36%*. Somehow, it’s still got $4.28 billion in TVL, but you’ve got to wonder how long that’ll last.
Newer Chains Are Weirdly Resilient
Sui’s down 2.92% in daily users, but it’s still holding $1.6 billion in TVL. Hyperliquid? Somehow up *26.51%* in active addresses over the last month. That’s… unexpected.
Avalanche, meanwhile, is just kind of there. 99,388 active addresses, $1.37 billion in TVL—not terrible, but not exactly exciting either.
So yeah, the market’s cooling off. Some chains are hurting, others are holding steady. And a few, like Solana and Hyperliquid, are even growing. Go figure.
