It is not surprising to see Ethereum dominate most metrics about blockchains. Even for Total Value Locked (TVL), the ecosystem knows no equal. As more competition emerges, the battle for second place is likely to heat up in the coming months. 

Ethereum Dominates Blockchain TVL

As the go-to blockchain for developing products and services, Ethereum is a powerhouse. Developers prefer this ecosystem despite high transaction fees and sometimes slow transactions. Offsetting those drawbacks will occur through the ETH 2.0 launch, although no one knows when that will happen exactly.  Until then, the Dapps will remain subject to potential fees and delays.

Despite those setbacks, there is still a tremendous TVL amount on this blockchain. Most of it comes due to the growing popularity of decentralized finance, or DeFi. Additionally, there are many blockchain games and other solutions to keep tabs on. All of these concepts require users to lock value in one way or another. There is also the native Ethereum pre-staking to consider for when ETH 2.0 goes live. 

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Source: Coin98

Today, Ethereum has over $129 billion in TVL. A substantial amount, and one that most people may not even think of. It is uncanny how much “trust” this blockchain has from users. Whether that trust is justified is a different discussion. However, Ethereum is one of the top blockchain ecosystems today and will likely hold on to that position for some time. 

Second on the TVL list is Binance Smart Chain. While it is a booming ecosystem, it still has a very long way to go. With $27.53 billion in Total Value Locked, the gap to Ethereum is over $100 billion. Overcoming such a step deficit will prove difficult. However, if developers keep building or porting Dapps and other services, the number will likely increase moving forward.

What About The Rest?

As other blockchains try to capture TVL, one must wonder if any of them will prove worthwhile. So far, there are four other chains with over $2.5 billion in Total Value Locked. Terra leads ahead of Polygon, Solana, and Avalanche. All of these ecosystems are intriguing in various ways, although going up against Ethereum and Binance Smart Chain is a tall order.

It is also worth noting there are plenty of other blockchains to take note of. TRON is one such chain, home to many dApps and DeFi solutions. Smaller chains, including Kava, DeFiChain, and Tezos, note over $100 million in TVL today.  There is plenty of value being locked across the ecosystems to different degrees of success.