Ethereum’s share of the decentralized finance market has fallen by nearly 10 percentage points since the start of the year, bringing it close to a record low.

CryptoSlate, citing DefiLlama data, reported on May 7 that Ethereum now accounts for about 54% of DeFi’s total value locked, or TVL. That is down from 63.5% at the start of 2025.

Even so, the Ethereum-based DeFi ecosystem still holds substantial capital. Total value locked on the network stands at about $45.4 billion.

The decline in Ethereum’s market share suggests rival blockchain networks have grown and absorbed more capital. Ethereum’s current share is at its lowest level since May 2025.