According to the latest on-chain data from DefiLlama, Ethereum accounts for 54% of the total TVL across the DeFi ecosystem, followed by Solana (6.4%), Tron (6.3%), and Bitcoin (5.5%). All other public blockchains combined account for less than 30% of total TVL. Here are a few observations from OKX Ventures: 1️⃣ Ethereum's moat isn't technology—it's accumulated trust and infrastructure. Behind its 54% TVL lies a decade of accumulated smart contract standards, the industry's most mature security and auditing ecosystem, the deepest liquidity for stablecoins and blue-chip assets, and its status as the default choice for institutional capital. At its core, DeFi is about capital security, and security can only be validated over time—a dimension that no emerging blockchain can catch up on simply through better performance metrics. 2️⃣ The 54% represents the success of the Ethereum ecosystem—not just Ethereum L1. Looking beneath the surface, an increasing share of user activity has been migrating to Layer 2s. Ethereum mainnet is evolving into the settlement and asset issuance layer, while real user growth is happening on Rollups. Any meaningful assessment of Ethereum should consider its entire modular ecosystem rather than the L1 in isolation. 3️⃣ Solana's 6.4% carries more weight than the number suggests. Among the top four chains, Solana is the only one whose market share has been driven primarily by net-new users and consumer-facing applications—including DePIN, payments, and the meme economy. Its capital velocity and on-chain activity significantly outperform what its TVL share alone would imply. Solana demonstrates that the combination of a high-performance monolithic architecture and exceptional user experience is a viable path in its own right. 4️⃣ Tron's 6.3% tells a different story: stablecoin settlement. Tron's TVL is heavily concentrated around USDT, effectively making it a dollar settlement network for emerging markets. This highlights an important point: a blockchain's value capture extends well beyond DeFi alone. 5️⃣ Bitcoin's 5.5% may be the biggest wildcard on this chart. The world's largest crypto asset by market capitalization accounts for just 5.5% of DeFi TVL, implying that the vast majority of BTC remains dormant. As staking, restaking, and BTCFi infrastructure continue to mature, even activating a single-digit percentage of idle BTC could be enough to reshape the entire leaderboard.