DeFi TVL by Chain

Quarter-end total value locked across DeFi by chain, stacked. Ethereum remains dominant despite L2 migration. Solana TVL crossed $10B in 2025-Q2 alongside the post-Trump-pivot altcoin rally. Base grew from near-zero to ~$9B with Coinbase L2 distribution. The 2022-Q2 cliff is the Terra collapse, Q4 is FTX.

Quarter-end DeFi total value locked by chain (USD billions, stacked). Ethereum remains dominant despite L2 migration; Solana TVL crossed $10B in 2025-Q2 alongside the post-Trump-pivot altcoin rally; Base grew from near-zero to ~$9B with Coinbase L2 distribution. The 2022-Q2 cliff is the Terra collapse, and Q4 is FTX. Initial v1; verify against DefiLlama Chains.

Top DeFi Protocols by TVL

Top 18 DeFi protocols by TVL, May 2026. Lido (liquid staking), Aave (lending), and EigenLayer (restaking) dominate the top 3, all Ethereum-native. The liquid restaking token (LRT) primitives ether.fi and Renzo grew rapidly. Babylon brought Bitcoin into PoS-restaking. Solana-native protocols (Jupiter, Marinade, Jito) cluster in the mid-table.

Top 18 DeFi protocols by TVL, May 2026 snapshot. Lido (liquid staking), Aave (lending), and EigenLayer (restaking) dominate the top 3, all Ethereum-native. The liquid restaking token (LRT) primitives ether.fi and Renzo grew rapidly through 2024-2025. Babylon brought Bitcoin into PoS-restaking. Solana-native protocols (Jupiter, Marinade, Jito) cluster in the mid-table. Initial v1; verify against DefiLlama Protocols.

Ethereum Layer 2 Snapshot

Top Ethereum Layer 2 networks ranked by TVL, with daily-active-addresses and daily-transactions context. Base leads on activity (1.9M daily addresses) thanks to Coinbase distribution + Base memecoin economy. Arbitrum leads on TVL thanks to mature DeFi (Aave, Pendle, GMX). The Optimistic-vs-ZK rollup split is roughly 80/20 by TVL.

L2 networks

Combined TVL

$47.8B

Combined daily tx

13.40M

Rank	L2	Stack	TVL	Daily Active Addresses	Daily Tx	Note
1	Arbitrum	Optimistic Rollup (BoLD)	$15.60B	320K	3.20M	Largest L2 by TVS per L2Beat; Stage 1. Broad DeFi (Aave, Pendle, GMX) and gaming ecosystem.
11	Other	Various	$15.00B	500K	2.50M	Aggregates 73 active rollups beyond the top 10. Includes Hyperliquid bridge ($20B+ standalone), Mode, Manta, Taiko, Ink, Zircuit, BOB. Total L2 sector TVS approximately $48B per L2Beat.
2	Base	Optimistic Rollup (OP Stack)	$12.20B	1.90M	2.20M	Coinbase L2. Highest activity by daily addresses; Coinbase distribution drove DeFi and memecoin economy. Stage 1. Crossed 2M daily tx in early 2026.
3	OP Mainnet	Optimistic Rollup (OP Stack)	$1.60B	450K	2.40M	Original Optimism rollup. Stage 1. Velodrome and Synthetix anchor TVL; Superchain framework drives broader OP Stack adoption.
4	Mantle	Hybrid (Validity SP1)	$1.50B	65K	320K	BitDAO-affiliated; mETH liquid-staking integration. Now Stage 0 validity rollup.
5	Starknet	ZK Rollup (Cairo)	$600M	55K	280K	StarkWare's Cairo-based ZK rollup; Stage 1. STRK token live since 2024.
6	Linea	ZK Rollup (zkEVM)	$500M	180K	850K	ConsenSys / MetaMask-backed ZK rollup; airdrop-driven growth through 2024. Stage 0.
7	zkSync Era	ZK Rollup	$300M	85K	480K	Matter Labs ZK rollup. Native-AA + paymaster model differentiates UX. Stage 0.
8	Blast	Optimistic Rollup (custom)	$300M	120K	650K	Native yield on ETH + USDB. Launched Feb 2024 with $2.3B+ at peak; share has compressed sharply.
9	Scroll	ZK Rollup (zkEVM)	$100M	60K	300K	Open-source zkEVM rollup launched October 2023. Stage 1.
10	Polygon zkEVM	ZK Rollup (zkEVM)	$100M	45K	220K	Polygon's ZK rollup; share compressed vs Polygon PoS.

Top Ethereum Layer 2 networks ranked by TVL, May 2026. Base leads on activity (1.9M daily addresses, 10.5M daily tx) thanks to Coinbase distribution + Base memecoin economy; Arbitrum leads on TVL thanks to mature DeFi (Aave, Pendle, GMX). The Optimistic Rollup vs ZK Rollup split is roughly 80/20 by TVL but ZK rollups have closed the gap on activity. Initial v1; verify against L2Beat.

Daily Transactions by Chain

Daily transactions by chain, quarterly averages (millions per day). Solana dominates by transaction count (60-80M/day non-vote) reflecting its low-fee design and the Pump.fun memecoin economy. Base is second on activity due to Coinbase distribution. Ethereum L1 plateau at ~1.3M reflects L2 migration.

Daily transactions by chain, quarterly averages (millions per day). Solana dominates by transaction count (60-80M/day non-vote) reflecting its low-fee design plus the Pump.fun memecoin economy. Base is second on activity due to Coinbase distribution. Ethereum L1 plateau at ~1.3M reflects L2 migration; L2 transactions are tracked separately. Initial v1; verify against Artemis or chain explorers.

Solana Ecosystem Composite

Solana headline KPIs (SOL price, market cap, monthly DEX volume, TVL, network fees, daily active addresses) plus the top 10 Solana apps by activity. Jupiter generates most Solana economic activity (DEX aggregator + perps + launchpad). Pump.fun's bonding-curve memecoin launchpad effectively created a new revenue category.

SOL price

$89

Market cap

$52.0B

Monthly DEX vol

$42.0B

TVL

$5.5B

Monthly fees

$15M

Daily active addr

1.1M

Top 10 Solana Apps by Activity

Rank	App	Category	Monthly Volume	TVL	Note
1	Jupiter	DEX Aggregator + Perps + Launchpad	$25.0B	$2.0B	Solana's DEX aggregator; routes 60%+ of Solana spot DEX flow. JUP token plus LFG launchpad. Perps integration. Largest revenue-generating app on Solana.
2	Raydium	AMM	$15.0B	$1.0B	Solana's largest native AMM; Pump.fun routes graduated memecoin liquidity to Raydium. Volume off the 2025 peak.
3	Kamino	Lending + Yield Vaults	n/a	$1.8B	Solana's largest lending market plus automated yield vaults. TVL down from ~$3.2B April 2026 peak.
4	Pump.fun	Memecoin Launchpad	$3.0B	n/a	Memecoin launchpad; bonding-curve auto-listing to Raydium. Monthly fees collapsed from $148M (Jan 2025) to ~$30M (Jan 2026).
5	Drift	Perps DEX	$12.0B	$0.7B	Solana-native perps; primary Solana derivatives venue. Sub-400ms execution.
6	Jito	Liquid Staking + MEV	n/a	$0.9B	Jito SOL (jitoSOL) liquid staking + Jito MEV infrastructure. Major validator-economics player. JIP-24 routes Block Engine fees to DAO treasury.
7	Marinade	Liquid Staking	n/a	$0.6B	Largest pure Solana liquid staking; mSOL token.
8	Orca	AMM	$6.0B	$0.3B	Second-largest Solana AMM; concentrated-liquidity pioneer on SOL.
9	MarginFi	Lending	n/a	$0.3B	Solana lending market; pivoted to LST-yield aggregator.
10	Hyperliquid Bridge	Cross-chain Bridge	n/a	$0.5B	Solana to Hyperliquid bridge; Hyperliquid increasingly draws Solana derivatives volume.

Solana ecosystem composite, May 2026 snapshot. Jupiter (DEX aggregator + perps + launchpad) generates the bulk of Solana economic activity. Pump.fun's bonding-curve memecoin launchpad effectively created a new revenue category and routes graduated tokens to Raydium. Solana network fees crossed $1B annualized in 2025, putting it among the top revenue-generating L1s. Initial v1; verify against DefiLlama Solana and Jupiter Stats.

Top Altcoins by Market Cap

Top 25 altcoin tokens (excluding BTC, ETH, USDT, USDC). May 2026 snapshot. XRP, Solana, and BNB compete for the largest non-BTC-non-ETH spot. Hyperliquid's HYPE token shows the infra-token-with-revenue-capture thesis; TRUMP shows the political memecoin trajectory (peaked $14B intraday Jan 17 2025).

Rank	Ticker	Name	Category	Market Cap	30d %	Note
1	XRP	XRP / Ripple	L1	$90B	-8.0%	Cross-border payments-focused. SEC v Ripple resolved under Atkins; XRP ETFs approved. Ranks #5 overall after BTC, ETH, USDT, USDC.
2	BNB	BNB	L1	$92B	-3.0%	Binance Smart Chain native token. Quarterly burns. CZ resigned 2023 but BNB Chain retained dominance. ~$684 token price.
3	SOL	Solana	L1	$52B	-25.0%	Largest non-BTC/ETH PoS L1 by activity. Sharp drawdown in Q1-Q2 2026: SOL price down to $89 from $158, TVL and fees compressed sharply.
4	TRX	Tron	L1	$34B	+2.0%	Justin Sun-led L1. Dominant USDT chain (~50% of USDT supply, $89.6B stablecoins). Outperformed peers on USDT settlement volume.
5	DOGE	Dogecoin	Memecoin	$18B	-12.0%	OG memecoin. PoW (Scrypt) merge-mined with Litecoin. Musk endorsement legacy. ~$0.11 token price.
6	HYPE	Hyperliquid	Infra	$11B	-15.0%	Custom L1 powering Hyperliquid perp DEX. Token recovered with $607M annualized revenue and 97%+ buyback mechanic.
7	ADA	Cardano	L1	$10B	-7.5%	PoS L1 with Haskell-based Plutus smart contracts. Hoskinson-founded. Slow developer adoption. ~$0.27 token price.
8	BCH	Bitcoin Cash	L1	$10B	-3.0%	BTC fork from 2017; PoW with larger blocks. Layla upgrade May 15 2026 enables Loops and Functions for smart contracts.
9	LINK	Chainlink	Infra	$7.0B	-10.0%	Decentralized oracle network. CCIP cross-chain product. Tokenized RWA integration partner. ~$10.30 token price.
10	TON	The Open Network	L1	$5.0B	-15.0%	Telegram-affiliated L1. 2024 mini-app boom; mcap retraced sharply from 2024 peaks. ~$1.98 token price.
11	SUI	Sui	L1	$5.0B	-7.0%	Move-language L1. Aptos competitor; Move VM gaming and consumer apps. ~$1.22 token price.
12	AVAX	Avalanche	L1	$4.0B	-12.0%	Subnet-based L1. Institutional appchain partnerships (Citi, Onyx). ~$9.50 token price.
13	LTC	Litecoin	L1	$4.0B	-5.5%	BTC fork from 2011; Scrypt PoW. Litecoin ETF approved 2025.
14	HBAR	Hedera	L1	$4.0B	-4.0%	Hashgraph DLT. Enterprise focus; council governance model. ~$0.09 token price.
15	SHIB	Shiba Inu	Memecoin	$4.0B	-10.0%	Largest non-DOGE memecoin. Shibarium L2 and ShibaSwap DEX ecosystem.
16	DOT	Polkadot	L1	$2.0B	-9.0%	Substrate-based parachain L1. Supply capped at 2.1B DOT in March 2026, cutting emissions 53.6%.
17	NEAR	NEAR Protocol	L1	$2.0B	-8.5%	Sharded L1. Chain-abstraction theme through 2025-2026. ~$1.56 token price.
18	PEPE	Pepe	Memecoin	$2.0B	-18.0%	Spring 2023 memecoin; on-chain culture token. Ranks ~#45 overall.
19	ICP	Internet Computer	L1	$2.0B	-10.0%	Dfinity-built compute network.
20	ETC	Ethereum Classic	L1	$1.5B	-5.0%	Pre-DAO-fork ETH chain. PoW survivor. ~$9.50 token price.
21	ATOM	Cosmos Hub	L1	$1.0B	-7.5%	Cosmos ecosystem hub; appchain framework. ~$2.00 token price.
22	APT	Aptos	L1	$0.9B	-11.0%	Move-language L1; Diem alumni-founded. Significant mcap drawdown from 2024 levels.
23	WLD	Worldcoin	Infra	$0.8B	-15.0%	Sam Altman / Tools for Humanity proof-of-personhood + token. ~$0.25 token price.
24	ARB	Arbitrum	L2	$0.8B	-20.0%	Largest Ethereum L2 by TVS governance token. Severe drawdown to ~$0.12; rank slipped past #60.
25	TRUMP	Official Trump	Memecoin	$0.5B	-22.0%	Launched Jan 17 2025 on Solana via CIC Digital LLC. Peak $14B intraday; collapsed under sustained unlock pressure to ~$2.25 price.

Top 25 altcoin tokens by market capitalization (excluding BTC, ETH, USDT, USDC). May 2026 snapshot. Most rows show negative 30-day returns reflecting the Q1-2026 drawdown. XRP, SOL, and BNB compete for the largest-non-BTC-non-ETH spot. Hyperliquid's HYPE shows the "infra token with revenue capture" thesis. TRUMP peaked near $14B intraday at launch in January 2025; sits at $7B in May 2026 with concentrated insider unlocks. Initial v1; verify against CoinGecko on the snapshot date.

Memecoin Sector Market Cap Over Time

Combined memecoin sector market cap. Four narrative peaks: 2021-Q2 Doge/Musk era, 2023-Q2 Pepe spring, 2024-Q4 Pump.fun era, and 2025-Q1 TRUMP launch. The sector is structurally volatile but no longer a fringe category; combined market cap routinely exceeds the GDPs of several mid-tier sovereign states.

Combined memecoin sector market cap (CoinGecko Memes category), quarterly snapshots. Four narrative peaks visible: 2021-Q2 Doge/Musk era ($78B), 2023-Q2 Pepe spring ($25B), 2024-Q4 Pump.fun era ($90B), and 2025-Q1 TRUMP launch ($105B). Q3 2025 second peak at $110B before the Q4 2025 / Q1 2026 drawdown. The sector is structurally volatile but no longer a fringe category. Initial v1; verify against CoinGecko historical data.

RWA Tokenization

Tokenized real-world assets on-chain, May 2026 snapshot. Tokenized US Treasuries is the fastest-growing category, dominated by BlackRock BUIDL ($5.5B). Ondo Finance is the largest crypto-native RWA issuer. Maple Finance leads private credit. Real estate and tokenized equities remain small but are growing fast.

Total RWA TVL$33.7B

By Asset Class

Tokenized US Treasuries

$13.5B · 40.1%

Commodities

$9.3B · 27.6%

Private Credit

$2.5B · 7.4%

Private Equity / VC

$1.4B · 4.2%

Active Strategies

$1.2B · 3.6%

Equities (Tokenized Stocks)

$600M · 1.8%

Real Estate

$300M · 0.9%

Other (Bonds, Carbon, Art)

$4.9B · 14.5%

Top Issuers

Rank	Issuer	Product	Asset Class	TVL	Chain
1	Hashnote (Cumberland)	USYC	US Treasuries	$3.0B	Multi
2	Tether Gold (XAUT)	XAUT	Commodities	$2.7B	Ethereum + Tron
3	BlackRock BUIDL (via Securitize)	BUIDL tokenized US Treasury MMF	US Treasuries	$2.5B	Multi (Ethereum, Solana, Avalanche, Polygon, Aptos, Arbitrum, Optimism)
8	Securitize	Various (BUIDL distribution + REITs)	Mixed	$2.5B	Multi
4	Ondo Finance	USDY + OUSG	US Treasuries	$2.2B	Multi (Ethereum, Solana, Arbitrum, Mantle, Sui)
5	Maple Finance	Syrup USDC + Maple Direct	Private Credit	$1.6B	Ethereum + Solana
6	Franklin Templeton (BENJI/iBENJI)	FOBXX on-chain shares	US Treasuries	$1.5B	Stellar, Polygon, Solana, Arbitrum, Avalanche, Base, Aptos
7	Centrifuge	JTRSY + Tinlake pools	Mixed	$1.1B	Ethereum + Centrifuge Chain

Tokenized real-world assets on-chain, May 2026 snapshot. Excludes fiat-backed stablecoins (tracked separately). Tokenized US Treasuries is the fastest-growing category, dominated by BlackRock BUIDL ($5.5B). Ondo Finance is the largest crypto-native RWA issuer. Maple Finance leads private credit. Real estate, tokenized equities, and commodities remain small but growing. Initial v1; verify against rwa.xyz.

Top Protocols by Annualized Revenue

Top crypto protocols by annualized revenue (last 30-day fee run-rate, annualized). Tether dominates at ~$6B/year from T-bill interest on $185B reserves. Hyperliquid is the largest decentralized revenue protocol at $2.2B/year. Solana network fees crossed $2B annualized. Pump.fun's $720M annualized revenue is the defining 2024-2025 memecoin-launchpad economics story. Methodology caveat: revenue definitions vary across providers.

Top crypto protocols by annualized revenue (last-30-day fee run-rate × 12), May 2026. Tether dominates at ~$6B/year (T-bill interest on $185B reserves). Hyperliquid is the largest decentralized revenue protocol at $2.2B/year. Solana network fees crossed $2B annualized, putting it ahead of Ethereum L1 fees. Pump.fun's $720M annualized revenue is the defining 2024-2025 memecoin-launchpad economics story. Methodology caveat: revenue definitions vary across providers; treat as relative ranking. Initial v1.