Ethereum (ETH) has achieved a significant milestone in the decentralized finance (DeFi) sector by securing an 80% dominance in the total value locked (TVL), indicating a potential for Ether’s price to surpass the $3,000 mark if the current momentum is maintained. The TVL of Ethereum’s Layer 1 networks surged by 231% in the last 24 hours, reaching $100.31 billion, adding to the impressive weekly and monthly increases of 255% and 283%, respectively.
Data from DefiLlama excludes the TVL of Ethereum’s Layer 2 networks, such as Arbitrum, which holds a TVL of $2.62 billion, ranking fourth among DeFi protocols. Notably, Tron (TRX) is in second place with a TVL of $8.063 billion, which is 13 times less than Ethereum’s.
Ethereum’s Layer 1 networks currently boast a commanding 80.62% TVL dominance in the DeFi ecosystem. Tron captures a 6.23% share, primarily in stablecoins, while BNB Chain (BNB) and Arbitrum each hold over 2% of the market. Solana (SOL) is the fifth most valuable DeFi protocol with a TVL of $1.34 billion and a 1.04% dominance rate.
It is important to note that Ethereum’s TVL strength is derived from 1,004 contributing DeFi protocols within the ecosystem.
Meanwhile, the price of ETH has seen a 2% increase in the last 24 hours, trading at $2,554. ETH recently reached a new high for the year at $2,714, with the lowest price recorded at $2,140. The current market cap of approximately $307.09 billion is three times greater than the total TVL in the DeFi ecosystem, reflecting Ethereum’s significant dominance over other networks.