1/ Ethereum hosts the world’s largest decentralized financial system. And its lead is compounding. ETH's network effects built over 10 years are nearly impossible to replicate. For its 10th birthday, here’s the data showing where Ethereum leads & why it’s not slowing down:

2/ Ethereum holds the highest TVL in DeFi. Across Ethereum and its L2s: • $87B+ in DeFi TVL • 65%+ share of the entire market • Still 50%+ dominance even as TVL 3.6x’d since Oct '23

3/ Ethereum secures the most value. It anchors $1.08T+ across 56 of the top 100 tokens. That’s 2.6× more than the next largest ecosystem (Solana at $404B).

4/ ETH is the most used on-chain collateral. ETH is 47% of lending collateral in the Ethereum ecosystem, the largest type of collateral in lending protocols.

5/ Ethereum dominates stablecoins. • $147B+ in stablecoins • 60%+ of all stablecoin supply across chains • Consistently the preferred issuance and settlement layer for digital dollars

6/ Ethereum leads in Real World Assets (RWAs). • $7.7B+ in on-chain treasuries, credit, and funds • 90% of all RWA supply • RWA volume up 10x since Jan ‘22

7/ Why is Ethereum winning? Trust. Trust is earned through decentralization and security. Ethereum has both: • 1M+ validators • Across 130+ countries • Multiple, battle-tested client implementations

8/ Why may Ethereum keep winning? Developers. Ethereum has the most builders: • #1 dev ecosystem on every continent • 2x+ more devs than any other chain More devs → more apps → stronger network effects.

9/ Ethereum is building a compounding lead. Ethereum may become the default settlement layer for a new global financial system: → Most capital → Most trust → Most developers → Most momentum These network effects were earned over 10 long years.

10/ Ethereum has a lead. But it can’t rest on it. Staying ahead means continuing to ship, scale, and decentralize. Network effects are earned, not guaranteed. The next 10 years will require as much grit as the first 10.

Thank you @kateli_nyc for the data analysis -- follow her for more crypto data!