• Ethereum has secured $219 billion in total on-chain capital, leading all major blockchain networks in value.
• USDT, USDC, and USD1 are the largest stablecoins, accounting for over $135 billion of Ethereum’s capital.
• ETH dominates DeFi with a total value locked of $61.10 billion across various applications.

Ethereum has secured $219 billion in total on-chain capital, leading all major blockchain networks by a wide margin. The platform dominates in stablecoins, decentralized applications, and tokenized assets, holding the top spot in capital inflow. ETH’s network activity continues to rise, while Solana, Tron, and Avalanche remain significantly behind in secured value.

Ethereum has so far surpassed the other chains in terms of the value of stablecoins, NFTs, DeFi, and tokenized assets. According to data, over $135 billion of ETH’s capital is stablecoin capital in USDT, USDC, and USD1. The real strength of ETH’s $219 billion is this strong stablecoin presence, which shows the deep network usage.

Besides, while the rest of the space continues to try to learn from Ethereum, ETH leads in DeFi with a total value locked (TVL) of $61.10 billion per the data on DeFiLlama. As a result of this value flow, primary applications such as lending, staking, and NFTs ensure that Ethereum remains much further ahead of the decentralized ecosystem. According to Artemis Analytics, meanwhile, Ethereum is receiving the most net inflows among activity across bridges.

Ethereum co-founder Vitalik Buterin also said that the base layer of that network would grow tenfold, meaning that its capacity to support projects like DAPP will continue to grow. Funded by an ETH crowd sale, this upgrade proposal targets improved capacity and intensifying ETH’s profitability in capital dominance. In addition, ETH’s supply on exchanges has reached a seven-year low, indicating high demand.

Second is Tron, with a large share coming from stablecoin issuance, USDT. While Tron trails Ethereum by a wide margin, it maintains a strong position in stablecoin volumes with around $75 billion. Still, its ecosystem is focused on efficiency and fast transactions, which keeps the flow of capital going.

Despite its strong presence in stablecoins, Tron lags behind ETH in application development, NFT adoption, and DeFi infrastructure. As the applications become more advanced, engagement on the platform drops, and its share of non-stablecoin capital goes down. However, Tron is still growing in the market where stablecoins are most active.

Users who will benefit from Tron focus on cross-border settlements and remittances, and its selling points are low fees and transaction speed. However, it still lacks the diverse application layers that power Ethereum’s dominance. This being said, Tron is a secondary player in total capital, even with its staunch stablecoin base.

About $25 billion in capital has been secured for Solana, which has progressed in application development but has fallen behind in stablecoin deployment. Compared to Ethereum’s $135 billion in stablecoins, Solana accounts for only around $12 billion. However, its DeFi and NFT segments grow, lowering its total capital.

Solana has catapulted to the top in secured value with decentralized applications, far beating Avalanche, SUI, and NEAR. Its ecosystem expansion also includes new protocols, NFT projects, and integrations, which contribute to its total capital inflow. However, Solana still falls short in total network value versus Ethereum.

While Solana grows in user engagement and developer activity, ETH continues to command the market across all layers.