Ethereum Dominates the L1 Space

Ethereum dominates the Layer-1 blockchain space, capturing 63.1% or $28.0 billion TVL of the top 10 L1 blockchains market share in October 2023.

Despite reaching its yearly peak TVL of $31.5 billion in April 2023, its market share peaked in March 2023, capturing 69.6% or $27.8 billion TVL. The gains were largely led by the DeFi sector, with MakerDAO (MKR), Curve (CRV), and Aave v2 (AAVE) leading the charge, accounting for 54.9% or $17.2 billion of TVL on Ethereum in April 2023.

Despite being the dominant L1, Ethereum has lost market share since the start of Q3, with market share dropping from 69.3% or $26.9 billion TVL in July 2023 to 63.1% or $23.0 billion TVL in October 2023. Curve still remains the top 5 protocol on Ethereum, despite suffering the largest loss in TVL after its re-entrancy attack on July 30, 2023, where TVL decreased by 30.6% or $1.9 billion since January 1, 2023.

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