DeFi TVL of the Major Chains
How much value is locked in the apps of the four largest networks · source: DefiLlama
Chain TVL over time
data as of 8/18/2026 · Related: Ethereum · Solana · BNB Chain · TRON · Dominance and market cap
Share of all DeFi over time
This chart says what the absolute billions hide. TVL rises even when nothing happens and the locked tokens simply appreciate — share cancels price out, because price lifts everyone at once. A falling Ethereum curve therefore does not mean money is leaving it; it means the rest of the market is growing faster, chiefly the rollups that DefiLlama counts as separate chains.
Stablecoins issued on the chain
Stablecoins are the honest measure of how much real money sits on a chain: unlike TVL they are not inflated by token prices or by counting the same capital twice. TRON shows it best — small in DeFi, yet among the world's largest rails for USDT transfers, so it holds several times more stablecoins than value locked in apps.
The ten largest chains by TVL
| Chain | TVL | Share |
|---|---|---|
| 1. Ethereum | $41.5B | 54.8 % |
| 2. BSC | $4.9B | 6.5 % |
| 3. Solana | $4.9B | 6.4 % |
| 4. Tron | $4.8B | 6.3 % |
| 5. Base | $4.7B | 6.2 % |
| 6. Bitcoin | $3.5B | 4.6 % |
| 7. Provenance | $1.7B | 2.3 % |
| 8. Hyperliquid L1 | $1.3B | 1.7 % |
| 9. Arbitrum | $1.2B | 1.6 % |
| 10. Monad | $0.9B | 1.2 % |
The ranking uses today's TVL. Ethereum has led since DeFi began, and its share falls mostly because rollups count as separate chains even though they settle back on Ethereum.
What TVL says and what it does not
TVL adds up the value of tokens locked in a chain's applications — lending markets, exchanges, staking services. It is the closest available measure of how much capital a chain actually serves, which is why it gets used to compare ecosystems.
It has two weaknesses. First, it rises even when nothing happens and the locked tokens simply appreciate — half the movement on the chart is the price of ETH, SOL, BNB and TRX. Second, the same capital can be counted several times: a token posted as collateral, a stablecoin borrowed against it and deposited elsewhere shows up in three protocols.
The share of all DeFi therefore says more than the absolute number. It cancels out price, because price lifts everyone at once, and shows whether a chain is gaining at the others' expense or just floating with the market. Solana reached the top three in recent cycles precisely on that measure.
The four networks are not an arbitrary pick: Ethereum is the original home of DeFi, Solana its fastest-growing rival, BNB Chain holds the largest retail crowd around the Binance exchange, and TRON is the backbone of USDT transfers. Each measures something different, which is why they are worth reading side by side.
Data from DefiLlama's public API, with history back to 2018. This is not investment advice.