Key takeaways
How dominant is Ethereum in DeFi currently?
Ethereum leads with over $370 billion in user assets, approximately $290 billion more than any other blockchain.
What supports Ethereum’s market value?
Tokenized assets and stablecoins on Ethereum often set a floor for the valuation of ETH, thus keeping its market capitalization stable.
Ethereum’s (ETH) dominance in DeFi remains unmatched. Applications built on its network now secure over $370 billion in user assets, nearly $290 billion more than any other blockchain.
As stablecoins and tokenized assets grow, Ethereum remains key to the industry’s growth.
Ethereum extends its lead
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Blockchain has continued to dominate DApps, with approximately $370 billion in user assets locked on its network. This is a whopping $290 billion lead over the next largest ecosystem.
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Data from Token Terminal showed that Ethereum’s total value locked (TVL) increased alongside the growth of stablecoins, lending protocols, and tokenized RWAs.
The network trades at a multiple of 1.27 times its ecosystem value, despite growing competition from Solana (SOL), TRON (TRX), and Arbitrum (ARB).
Tokenized assets anchor Ethereum’s market value
Data has shown that the market capitalization of assets tokenized on Ethereum (including stablecoins) often sets a floor for the overall value of ETH. When more assets are issued and traded on-chain, Ethereum’s market capitalization typically increases in tandem.
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The chart also shows that the growth in tokenized asset value, seen in early 2022 and mid-2025, closely tracked the recovery in ETH’s fully diluted market cap.
Momentum slows as buyers lose steam
At press time, ETH was trading at $4,155 after briefly testing resistance near $4,200.
Source: TradingView
The RSI was at 52.8; neutral momentum after overbought conditions cooled earlier in the week. Meanwhile, the MACD showed a slight bullish crossover, but the fading of the green bars on the histogram meant that the buying strength was weakening.
Meanwhile, OBV held steady at 11.9 million, so volume support for further gains was perhaps limited. With numbers pointing to consolidation, ETH is struggling to maintain upward pressure near resistance in the near term.
