Ethereum Maintains a Wide Lead in DeFi Value
Ethereum continues to hold a substantial position in decentralized finance, with its main network and Layer 2 ecosystem accounting for approximately two-thirds of total DeFi value locked. The October 29, 2026, data snapshot places Ethereum at the top of the ten largest networks by DeFi TVL, with a reported value of $45.9 billion.
The comparison highlights the difference between Ethereum and the other networks included in the ranking. Bitcoin follows with $6.19 billion, while Base records $6.04 billion. Solana stands at $5.65 billion, followed by Tron and BNB Smart Chain, both at approximately $5.52 billion.
The figures are based on data from DefiLlama, which tracks the value of assets deposited in decentralized finance protocols across blockchain networks. The chart separates Ethereum Layer 1 from its Layer 2 networks, emphasizing the contribution of both parts of the ecosystem.
How the Other Major Networks Compare
Beyond Ethereum, the ranking shows a relatively close group of networks competing for the next positions. Bitcoin's $6.19 billion places it ahead of Base at $6.04 billion. Solana follows at $5.65 billion, while Tron and BNB Smart Chain each record $5.52 billion.
Further down the list, Hyperliquid L1 holds $2.44 billion in DeFi TVL, followed by Arbitrum at $1.50 billion. Robinhood Chain records $1.13 billion, while Monad rounds out the ten-network comparison at approximately $959 million.
These figures show that Ethereum's reported TVL is several times larger than the individual totals of the other networks in the chart. They also illustrate that DeFi activity is distributed across several blockchain ecosystems, including networks focused on different applications and financial services.
Layer 2 Networks Extend Ethereum's DeFi Ecosystem
Ethereum's position is not limited to activity taking place directly on its main blockchain. Layer 2 networks provide additional infrastructure for applications and transactions while remaining connected to Ethereum's broader ecosystem. These networks are designed to help address scaling demands and offer users alternative environments for interacting with decentralized applications.
The Ethereum.org guide to Layer 2 networks explains how these scaling systems operate alongside Ethereum. Meanwhile, L2BEAT tracks the development and security characteristics of major Layer 2 projects, offering a separate view of the ecosystem beyond DeFi deposits.
The chart's distinction between Ethereum L1 and Ethereum L2s is important because it shows that the network's DeFi footprint extends beyond the base layer. Users can access applications across multiple connected networks, while developers can build products within the wider Ethereum ecosystem.
What DeFi Total Value Locked Measures
Total value locked, commonly abbreviated as TVL, measures the value of assets deposited in decentralized finance protocols. These deposits can support activities such as lending, borrowing, trading and liquidity provision. A higher TVL indicates that more asset value is held within the protocols tracked on a network, but it does not directly measure the number of users or transactions.
TVL can also change when the market prices of deposited assets move, even if users do not add or withdraw funds. For that reason, the figures should be understood as a snapshot of the value held in DeFi applications rather than a complete measure of network adoption or economic activity.
The October 29 comparison reinforces Ethereum's leading position in DeFi by showing the combined importance of its main network and Layer 2 ecosystem. Other blockchains continue to maintain significant amounts of locked value, but Ethereum's $45.9 billion figure places it well ahead of each individual competitor in the ranking.
