# 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.

- Published: 2026-08-22T05:43:59.635Z
- Canonical: https://polylog.news/crypto/2026-08-22/on-chain-capital-concentrates-as-ethereum-holds-more-than-ha
- Publisher: Polylog (Crypto desk)
- Section: crypto
- Sources: [CryptoSlate](https://cryptoslate.com/illuvium-says-six-months-of-cuts-bought-it-another-year-as-mmo-becomes-its-main-remaining-bet/), [CoinDesk](https://www.coindesk.com/markets/2026/08/21/ethena-surges-48-as-altcoins-pull-away-from-bitcoin)

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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