A recent update from Crypto.com Research & Insights highlights diverging trends across the DeFi and Layer-1/Layer-2 landscape. While stablecoin distribution metrics are improving, total value locked (TVL) across major chains continues to face short-term pressure.
According to Crypto.com’s Stablecoin Concentration Index (HHI), USD Coin (USDC) currently holds the lowest concentration score among leading stablecoins. A lower HHI indicates a more even distribution across wallets and platforms, suggesting broader usage and less supply centralization compared to its peers. In contrast, several other stablecoins show higher concentration levels, meaning supply remains clustered among fewer holders or venues.
Meanwhile, the Ethereum Foundation has begun staking portions of its ETH holdings, signaling a shift toward active participation in network security and yield generation rather than passively holding reserves. In addition, Ether.fi is migrating its liquid restaking protocol to OP Mainnet, expanding its footprint within the Layer-2 ecosystem.
Despite these ecosystem developments, DeFi TVL data reflects continued weakness. Ethereum remains the dominant network with approximately $52.8 billion in TVL, but it is down around 3.7% over the past seven days and more than 21% over 30 days. Solana and BNB Smart Chain follow with $6.4 billion and $5.46 billion respectively, both recording weekly and monthly declines. Bitcoin’s DeFi-related TVL experienced one of the sharper weekly drops, falling more than 13%.
Tron stands out with a modest weekly gain of roughly 1.16%, while Provenance posted a notable 30-day increase exceeding 64%. Overall, most decentralized exchange platforms reported negative seven-day changes, reflecting broader cooling across DeFi liquidity.
Source: Crypto.com Research & Insights update
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