- Ethereum leads with $46.7B TVL, over 6x higher than Solana’s $7.42B. Â
- Layer 2s like Base, Arbitrum cross $2.5B TVL, showing rapid ecosystem growth. Â
- Ethereum tops in users and protocols, but emerging chains show rising activity.
Ethereum continues to dominate the blockchain landscape by total value locked (TVL), with new figures from Phoenix Group revealing a wide gap between the network and its closest competitors. As of April 19, 2025, Ethereum commands $46.7 billion in TVL, more than six times the value recorded by Solana, which holds the second position at $7.42 billion.
The data also reflects growing distribution among alternative Layer 1s and Layer 2 solutions, as several newer networks surpass the billion-dollar mark in locked value. While Ethereum maintains the largest share of activity across protocols and users, smaller blockchains and rollup ecosystems show early signs of traction, pointing to a more diversified DeFi landscape.
Solana, Tron, and BNB Follow Behind
Solana remains the top alternative to Ethereum by TVL, with a 2.2% increase over the past month, bringing its total to $7.42 billion. BNB Chain secured the third-highest TVL at $5.5 billion, experiencing a small 0.4% gain during the same period. Tron follows at $5 billion but recorded a 0.7% decrease in locked value, indicating a slight pullback in recent user or capital activity.
Bitcoin, recognized as suitable as a store of value instead of a DeFi category, occupies $ 3.7 billion in TVL and increased by 0.6% in the last 30 days. However, due to its lack of advanced smart contract solutions, Bitcoin takes one of the five places in constant TVL increases.
Layer 2 and Emerging Chains Surpass Expectations
Several Layer 2 and alternative networks are consolidating their presence within the DeFi ecosystem. Base, Berachain, and Arbitrum each reported TVLs above $2.5 billion. Base, in particular, has seen a 1.4% growth in value over the past month. These networks benefit from Ethereum-compatible infrastructure, lower fees, and growing protocol ecosystems.
Avalanche posted a 2.2% rise in TVL, bringing its total to $1.2 billion. Sui crossed the billion-dollar mark with $1.25 billion, while Sonic closed in at $987 million. These figures indicate expanding activity beyond the more established DeFi chains, with newer platforms beginning to gain capital inflows and protocol support.
Ethereum Leads in Protocol and User Activity
Besides, the capital lock remains in Ethereum, which has the highest number of active protocols and participating users. The network has 5,139 protocols for its clients, with daily users exceeding 50,000. These figures show how Ethereum remains the most used and embedded blockchain for DeFi services.
Solana, as the second largest TVL chain, accounted for 3,830 active users and 290 protocol. BNB Chain was the second closest to the start, which was expected due to its continued utility in retail-oriented DeFi apps and financial software.
The latest overview of TVL figures highlights a more fragmented and expanding DeFi environment. While Ethereum maintains the highest value and engagement, capital gradually flows into emerging Layer 1 and 2 chains. These developments point to a multi-chain future where users interact with a broader range of blockchain networks for different use cases.
The recent trends analyzed for April 2025 indicate that Ethereum is still secure, but more chains and technology types are emerging to alter the landscape of blockchain finance.
