Ethereum Doubles DeFi TVL to $92B as Solana Hits Plateau
Ethereum DeFi TVL has surged 114% from $43B in April to $92B, driven by yield strategies on Layer-2 networks, institutional inflows, and ETH’s 84% annual price rally. Large protocols such as Lido DAO (LDO) and Aave (AAVE) now hold over $30B each, while EigenCloud (EIGEN) offers stablecoin yields up to 25%. Growth in Ethereum stablecoins supply, now exceeding $150B, underpins robust liquidity. Ethereum DeFi TVL momentum underscores renewed confidence and scaling prospects. By contrast, Solana TVL remains range-bound at $25.7B, supported by $12.5B in stablecoins and $118.4B in 30-day DEX volume. Despite low fees and high throughput attracting 2.6M daily users, Solana relies heavily on $28.3M in daily token incentives versus $1.49M in chain fees. An 8.3% weekly drop in DEX activity raises sustainability questions. Sentora’s analysis highlights Ethereum’s clear DeFi momentum, while Solana must convert short-lived spikes into lasting growth to challenge the TVL lead.
Bullish
Ethereum’s jump in DeFi TVL to $92B mirrors past DeFi booms, like mid-2021 when rapid TVL growth preceded strong price rallies. Layer-2 expansion and high-yield protocols have reinforced network effects, supporting ETH demand and trader optimism. In contrast, Solana’s flat TVL and heavy incentive reliance echo earlier, unsustainable activity spikes seen in 2022 airdrop campaigns. The recent 8.3% weekly DEX volume drop signals potential short-term headwinds. Overall, the data point to bullish sentiment for Ethereum and DeFi assets, with Solana likely entering a consolidation phase until it proves durable momentum. Traders should watch incentive budgets and DEX activity for signs of a renewed rally or further correction.