Ethereum’s DeFi empire hits $370B – Here’s what’s fueling it

Key Takeaways

How dominant is Ethereum in DeFi right now?

Ethereum leads with over $370 billion in user assets, about $290 billion more than any other blockchain.

What supports Ethereum’s market value?

Tokenized assets and stablecoins on Ethereum often set a floor for ETH’s valuation, keeping its market cap 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 industry growth.

Ethereum extends lead

Source: X

The blockchain continued to dominate DApps, with around $370 billion in user assets locked across its network. This is a massive $290 billion lead over the next-largest ecosystem.

Source: X

Data from Token Terminal showed Ethereum’s total value locked (TVL) has surged alongside growth in stablecoins, lending protocols, and tokenized RWAs.

The network traded at a 1.27x multiple of its ecosystem value, despite increasing competition from Solana [SOL], TRON [TRX], and Arbitrum [ARB].

Tokenized assets anchor Ethereum’s market value

Data showed that the market cap of tokenized assets on Ethereum (including stablecoins) often sets a floor for ETH’s overall value. When more assets are issued and traded on-chain, Ethereum’s market cap usually rises alongside them.

Source: X

The chart also showed that growth in tokenized asset value, seen in early 2022 and mid-2025, has closely matched recoveries in ETH’s fully diluted market cap.

Momentum slows as buyers lose steam

At press time, ETH traded at $4,155 after briefly testing resistance near $4,200.

Source: TradingView

The RSI was at 52.8; neutral momentum after cooling from overbought conditions earlier in the week. Meanwhile, the MACD showed a mild bullish crossover, but the histogram’s fading green bars meant that buying strength was weakening.

Meanwhile, OBV held steady at 11.9 million, so volume support for further gains was perhaps limited. With numbers indicating consolidation, ETH is struggling to maintain upward pressure near short-term resistance.