Ethereum Continues to Dominate the Crypto Business with $330B in User Deposits
Ethereum is still on its journey towards becoming a ‘one trillion chain’, but it remains the leading L1 network in the crypto industry. Recent data shows that Ethereum apps hold over $330 billion in user deposits, signaling significant on-chain activity and solidifying its position as the L1 network with the largest share of user deposits.
According to Token Terminal data, Ethereum has surpassed $330 billion in user deposits, with a surge in DeFi activity driving this growth. Tether leads the pack as the top app in terms of value locked, with other DeFi and general apps also ranking high on the platform.
Ethereum maintains a substantial lead over TRON, with a $250 billion difference in user deposits. This is largely due to Ethereum’s robust network connectivity to both centralized and decentralized facilities, providing users and traders with confidence in the available liquidity and enabling them to engage in more ambitious DeFi strategies.
The resurgence of Ethereum’s primacy comes after a brief period where Solana led in on-chain economic activity based on app fees, as depicted in Token Terminal’s data. The growth in ETH value above $4,000 is contributing to the Total Value Locked (TVL) on the platform, with highly liquid DeFi apps driving increased revenues.
On peak days, Ethereum apps have historically generated over $42 million in revenues, with a higher baseline for daily fees during the 2024 and 2025 bull cycles. Ethereum’s L1 chain continues to dominate activity, accounting for 12.98% of fees, with L2 chains contributing the rest.
In addition to DeFi apps, Ethereum also leads in stablecoin supply, with over $91 billion in value locked on DeFi apps and a significant distribution of USDT and USDC. Tether remains a key player on Ethereum, driving RWA tokenization and contributing to the network’s overall liquidity.
While Solana has at times surpassed Ethereum in daily fee production, Ethereum’s deep liquidity and stablecoin supply have proven attractive to large investors, who move substantial value through the ecosystem. Lending apps are currently the thriving business sector on both Ethereum and Solana, with Aave and Kamino Lend leading the way in value locked and daily fees.
Overall, Ethereum continues to recover its leadership in TVL and economic activity, solidifying its position as the go-to platform for decentralized finance and blockchain-based applications. As the crypto industry evolves, Ethereum remains at the forefront, paving the way for a more inclusive and decentralized financial ecosystem.