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Data from DefiLlama indicates Ethereum has lost DeFi capital over the past nine months, with Base, BNB Smart Chain (BSC), Tron, and Bitcoin DeFi steadily increasing their combined market share.
Ethereum’s DeFi total value locked (TVL) fell to $45.608 billion, while its share of the overall DeFi TVL declined from 61.50% to 53.15% between August 2025 and May 2026—down 8.29 percentage points.
TVL measures the total value of assets locked in DeFi protocols such as exchanges, lending platforms, and staking applications, and is commonly used as a proxy for liquidity and activity within a blockchain ecosystem.
DefiLlama data shows that four networks—Base, BSC, Tron, and Bitcoin DeFi infrastructure—absorbed 91% of Ethereum’s lost share between August 2025 and May 2026.
The largest portion of Ethereum’s decline was captured by Base, which added more than two percentage points. Solana, often positioned as Ethereum’s main competitor, recorded a net decline over the same period.
The 8.29 percentage-point drop in Ethereum’s share was distributed as follows:
Combined, these four segments absorbed 7.54 of the 8.29 percentage points. The remaining 0.75 points were spread across newer entrants such as Provenance, MegaETH, and Plasma, which were barely visible in rankings nine months earlier.
Solana’s share fell from 7.03% to 6.75%, a net decline of 0.28 percentage points. In contrast, Arbitrum saw a sharp one-month drop in TVL, losing 18.12% in a single month.
Ethereum’s TVL declined by 15.13% in one month, which the data frames as more than a market-share story. Ethereum’s TVL stood at $45.608 billion on May 10, down from approximately $53.7 billion one month earlier.
The capital did not disappear; it moved to other networks. Over the nine-month period, the consistent direction of flow was toward Base, BSC, Tron, and Bitcoin DeFi infrastructure.
The monthly data highlights the strongest movers:
Meanwhile, the largest declines included:
Base’s 7.25% growth alongside Arbitrum’s 18.12% decline in the same month suggests capital is not leaving the broader Ethereum ecosystem evenly—it is being redistributed within it.
Both Base and Arbitrum are Ethereum Layer-2 networks that rely on Ethereum for final settlement and security. The nine-month data shows Arbitrum’s share declined from 2.14% to 1.84%, while Base gained market share.
Base is now the sixth-largest DeFi network by TVL, with $4.585 billion.
Sui disappeared from visible top rankings between August 2025 and May 2026, replaced by Provenance, MegaETH, and Plasma—networks that were largely irrelevant nine months earlier.
This points to a market that is becoming more fragmented rather than consolidating. In August 2025, the leading 11 networks controlled almost the entire TVL market; by May 2026, new entrants had taken positions at the expense of established names.
The data suggests the shift is not simply one dominant network defeating another. Instead, the number of viable DeFi networks with meaningful TVL appears to be growing.
The key question raised by the trend is whether Ethereum can maintain a share above 50% as the number of sustainable DeFi networks expands. Ethereum’s share fell from 61.50% in August 2025 to 53.15% in May 2026, implying a relatively steady decline of roughly one percentage point per month.
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