Ethereum’s TVL is now 65% stablecoins

+ new project listings & product updates

May 02, 2025

Every other week, we bring you a quick update from our community, highlight new projects listed on Token Terminal, and share an overview of our newest product features.

Let’s dive in!

CHART OF THE WEEK
Ethereum’s TVL is now 65% stablecoins

  • Total value locked (TVL) for Ethereum (L1) is defined as the USD value of funds that stablecoin minters, lenders, stakers, and liquidity providers have deposited into applications on the Ethereum mainnet.

  • Stablecoins account for 65% of the total TVL on Ethereum mainnet (~$130B). The stablecoin TVL previously peaked at $122B in February 2022.

  • Meanwhile, DEX TVL on Ethereum peaked at $44B in November 2021. Since then, it has declined by 88% to $5B, as i) liquidity has migrated to more cost-efficient blockchains, and ii) DEXes in general have become more capital efficient.

Access the live chart here.

DASHBOARD OF THE WEEK
Securitize | The leader in asset tokenization

Explore our updated dashboard that features key metrics for Securitize, a leading RWA platform that manages over $3B in tokenized real-world assets (RWAs) in partnership with top-tier issuers including BlackRock, KKR, Hamilton Lane, and others.

Access the dashboard here.

NEW LISTINGS
19 new projects are live Token Terminal

Standardized listings (full listing with up to 15 metrics)

  1. Dolomite, a lending protocol on Berachain, Arbitrum, Base & Ink.

  2. Virtuals, a protocol for AI agents on Base.

  3. Silo, a lending protocol on Sonic, Arbitrum, OP Mainnet & Ethereum.

  4. Rings, a stablecoin issuer on Sonic & Ethereum.

  5. Origin protocol, a staking protocol on Sonic, Ethereum, Arbitrum & Base.

  6. Aethir, a GPU marketplace on Ethereum & Arbitrum.

  7. Peaq, an L1 blockchain with focus on DePIN.

Basic listings (partial listing with up to 6 metrics)

  1. Apechain, an L3 blockchain on Arbitrum.

  2. SilverSwap, an exchange protocol on Sonic.

  3. Ostium, a derivatives exchange protocol on Arbitrum.

  4. + 9 new early-stage apps from the Viction ecosystem.

Our two listing categories:

A standardized listing provides a full set of metrics, including those transformed from raw blockchain data by our research team (e.g., TVL, Fees), along with basic metrics. A basic listing features only programmatically derived metrics such as gas used and active addresses.

Interested to get listed? Read more here.

PRODUCT UPDATES
ICYMI: Our new market sector pages are live

New market sector pages

Our new market sector pages let you:

  • Compare performance across various market sectors (e.g. active users in the lending market vs. liquid staking market).

  • Explore project-level metrics within specific market sectors (e.g. Aave’s share of all active loans in the lending market).

  • Access historical charts, growth trends, market share treemaps and much more.

With these updates, you can now track market sector-wide performance and quickly spot which projects are behind the biggest trends.

Explore our new market sector page here!