Ethereum (ETH) has achieved a new notable success with an 80% dominance share in the value of assets locked in decentralized finance (DeFi). Experts believe that if Ethereum maintains this momentum, the price of its native asset, Ether (ETH), could surpass the $3,000 level.
Ethereum Layer 1 Networks’ TVL Surpasses $100 Billion
Remarkably, the TVL of Layer 1 networks on Ethereum has increased by 231% in the last 24 hours, reaching $100.31 billion. This comes on top of increases of 255% and 283% recorded over the last 7 and 30 days, respectively.
The data above from DefiLlama does not include the TVLs of Ethereum’s Layer 2 networks. For example, the Layer 2 network Arbitrum (ARB) has a TVL of $2.62 billion and ranks fourth among DeFi protocols. Interestingly, Tron (TRX) is in second place with a TVL of $8.063 billion, which is 13 times lower than that of Ethereum.
In this context, Layer 1 networks on Ethereum currently dominate the DeFi ecosystem with an impressive 80.62% TVL dominance. Tron holds a 6.23% share, primarily in stablecoins, while BNB Chain (BNB) and Arbitrum each have over a 2% share. Solana (SOL), with a TVL of $1.34 billion, has a 1.04% dominance rate, making it the fifth most valuable DeFi protocol.
It’s worth noting that Ethereum’s TVL is powered by 1,004 DeFi protocols contributing to the ecosystem.
Current Status of ETH Price
On the other hand, 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. The lowest price level of the year was recorded at $2,140.
With current prices, ETH has a market value of approximately $307.09 billion. This is three times more than the total TVL in the DeFi ecosystem and a significant reflection of its high dominance rate against other networks.
