The crypto market is witnessing a significant drop in user numbers, yet Ethereum and Solana maintain their leadership in total value locked (TVL).
Ethereum Leads in TVL Despite User Drop
Ethereum remains a critical blockchain network with 1,379 protocols and 349,000 active addresses. Despite the drop in users, Ethereum boasts a remarkable TVL of $57.665 billion and $375.624 billion in bridged TVL. The platform also holds $126.687 billion in stablecoins and records a daily DEX volume of $1.45 billion.
Solana Surpasses Ethereum in Active Addresses
Solana has become the leader in daily active addresses, reaching 3.1 million users, significantly ahead of Ethereum and BSC. Solana's DeFi TVL is less than $8 billion, with bridged assets nearly at $37 billion and stablecoins exceeding $10 billion. Its daily DEX trading volume amounted to $1.697 billion, surpassing Ethereum.
Other Blockchains: Bitcoin, Base and Tron Face Challenges
Although Bitcoin is not conventionally considered a DeFi hub, it shows noteworthy activity with 658,427 active addresses. It has a TVL of $6.225 billion and a daily DEX volume of $720,617. Layer-2 chains such as Base and Arbitrum are also seeing user declines. Base has 540 protocols and 1.91 million active addresses but reported a 3.84% reduction in daily activity. Tron experienced a sharp decline of 9.79% in a day and 10.99% over a week, maintaining a TVL of $4.28 billion.
Ethereum and Solana remain the frontrunners in TVL amidst a general decline in users within the crypto industry, while other blockchains like Bitcoin and Tron face challenges in the current market landscape.
