The crypto universe is changing skin, but not like a snake squeezed under a heat lamp. Old empires don't always fall in a crash. Sometimes, they become load-bearing walls, while new stores set up in front of the window. Ethereum still retains the stature of a safe, but DeFi is now advancing in multichain mode, with patience, reduced fees, marketing tunnels and specialized engines.
In brief
- Ethereum retains 45.4 billion locked despite DeFi dominance now falling to around 53% globally.
- Solana explodes daily volumes with fast transactions and extremely low fees now.
- Base powerfully leverages the Coinbase network to accelerate mass adoption among new global crypto users.
- Tron largely dominates stablecoin transfers with nearly $90 billion currently transported daily.
Ethereum keeps safe, but its throne is seriously starting to creak
Ethereum keeps around $45.4 billion locked in global DeFi, which remains a mountain. However, its share is now falling around 53%compared to 63.5% at the start of 2025. In fact, domination does not disappear, it is diluted like black ink in a bath that is too large.
Wu Blockchain summarizes this great decline with a dry formula: “ Ethereum's dominance in DeFi TVL drops to 54%, but it still leads with $45.4 billion. »
This figure stings, but it does not indicate a collapse. Ethereum still retains Aave, MakerDAO, Uniswap, large pockets of liquidity and strong institutional trust.
On the other hand, the crypto market is no longer satisfied with a single temple. Users are looking for lower fees, faster validations, and smoother experiences. Ether therefore remains central, but its throne now resembles a chess piece attacked on several diagonals.
Crypto becomes an arcade where each channel sells its gameplay
DeFi no longer looks like a single capital, but like a financial arcade. Each blockchain arrives with its joystick, its marketing bonus and its gameplay.
Solana attracts traders with its speed and tiny fees. Its daily business reaches around $15.26 billion.
BNB Chain benefits from PancakeSwap and Binance distribution. The DEX surged 539% quarter-over-quarter, with $392.6 billion traded.
Next, Tron plays the role of the digital dollar tanker. The network carries nearly $89.6 billion in stablecoins, almost entirely in USDT.
Bitcoin is also growing its BTCFi corridor, with approximately $5.34 billion in TVL. Hyperliquid transforms on-chain perpetuals into a surgical shooting gallery, with $9.37 billion in volume over 24 hours.
Jesse Pollak takes this logic to its limits with Base:
Bring every financial instrument on-chain. This marks an important milestone for the broader real assets ecosystem.
Source: X / @jessepollak
The Layer-2s jam the radars and yet guard the skeleton of the kingdom
The most juicy paradox comes from Layer-2. Base, Arbitrum and Optimism withdraw TVL from Ethereum L1 in DeFiLlama tables. Yet these networks remain plugged into the security and settlement of Ethereum.
In other words, Ethereum loses points on the scoreboard, but often keeps the backbone of the stadium. It's less glamorous than a pump, but much more structuring.
Base now represents over 5% of the DeFi market, with support from Coinbase and a presence in over 140 countries. It's not a kitchen detail, it's a commercial access ramp.
Newcomers no longer necessarily enter through the Ethereum mainnet. They arrive via a simpler, cheaper interface, almost packaged like a SaaS product.
The figures that shake up the dashboards
- Ethereum keeps around $45.4 billion locked;
- Solana exceeds 15 billion daily trading activity;
- Base captures more than 5% of the DeFi market;
- ETH price reaches around $2,328 at the time of writing;
- Tron carries almost 90 billion stablecoins.
While DeFi fragments, bitcoin takes over the psychological scepter of the crypto market. Its dominance now exceeds 61%, further distancing the idea of a new rapid altseason. Capital returns to the historical king, like courtiers under tension. Ethereum remains powerful, but the moment belongs to the Orange Throne.
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