Capital on chain is concentrated, and the concentration is the durable fact about this market rather than a stage it is passing through. One chain holds most of it, and the challengers have been challengers for several years.
| Chain | Value locked | Share | What it is |
|---|---|---|---|
| Ethereum | $41.7bn | 63.8% | the settlement layer most institutional custody supports |
| BSC | $5.0bn | 7.7% | an exchange-affiliated chain |
| Solana | $4.9bn | 7.5% | a single high-throughput chain with no rollup layer |
| Tron | $4.8bn | 7.4% | used predominantly for dollar transfer rather than lending |
| Base | $4.7bn | 7.3% | Coinbase’s rollup, settling to Ethereum |
| Hyperliquid | $1.2bn | 1.9% | an execution venue built around a derivatives order book |
| Arbitrum | $1.2bn | 1.9% | a rollup settling to Ethereum |
| Polygon | $798.2m | 1.2% | a rollup and sidechain family settling to Ethereum |
Value locked on Ethereum
Daily, in dollars, at that day’s marks.
Source: DeFiLlama, daily series. Computed by Institutional Asset Journal.
Fees are the honest revenue line
Almost every valuation figure in this market derives from a token price, which is circular. Fees do not. They are payments made by users to have something executed, denominated in real assets, and reported daily. They are small in absolute terms against any traditional venue, and that smallness is itself the most useful thing about them.
How this was measured
- Total value locked is DeFiLlama’s daily series: the dollar value of assets held in the smart contracts of protocols deployed on each chain, priced at that day’s marks. It moves when capital arrives or leaves and also when the price of the assets already there moves, which is the single most important caveat and is the reason this column reads it against price rather than alone. Fees are protocol revenue as reported by DeFiLlama, aggregated daily. A piece dated one day uses observations through the day before, and every figure names the date it belongs to.
