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Morning Edition · Saturday, August 22, 2026Published at 1:43 AM EDT · New York
On-Chain Capital Concentrates as Ethereum Holds More Than Half of All DeFi Value
Total value in decentralized finance stands at $88.72 billion with $49.57 billion on Ethereum, layer-2 networks gained double digits in a week, and a well-funded game studio says cuts bought it one more year.
DefiLlama puts total value locked in decentralized finance at $88.72 billion, of which $49.57 billion, more than half, sits on Ethereum. The next tier is compressed: BNB Smart Chain at $5.68 billion, Solana at $5.62 billion, Base at $5.53 b…
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On-Chain Capital Concentrates
As total on-chain capital contracts, value keeps concentrating on the largest chains and the applications with live demand, squeezing long-tail protocols and forcing consolidation.
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