Which Blockchains Are Winning the Market Share Battle?

Key Takeaways

• Ethereum (ETH) continues to lead in both stablecoin supply and decentralised finance (DeFi) activity, widening its lead over competitors.
• Tron (TRX) remains a dominant force in peer-to-peer stablecoin usage, particularly across Asia.
• Despite steady engagement, no major growth in daily active addresses has been observed so far this year.

Introduction

Blockchains are like publicly accessible online databases that anyone can view and verify. Because all transactions and interactions on these networks are transparent, we can gather rich data to see which chains are getting used the most. This gives us powerful insight into what might be more valuable down the track. A blockchain is only as useful as the activity happening on it.

Comparing various onchain metrics can be helpful when assessing which blockchains are gaining traction. It's worth noting we typically leave Bitcoin out of these comparisons. Bitcoin functions more like digital gold, a store of value, rather than an online computing layer like Ethereum or Solana.

Stablecoin Supply by Chain

Stablecoin supply by chain measures the total value of stablecoins (e.g. USDT, USDC) issued on each blockchain. It provides a direct snapshot of where stablecoins are being held and used, revealing trends in adoption, trust, and ecosystem activity on each chain.

Amount of stablecoins on each chain. Ethereum and Tron are clear leaders.

Ethereum leads with $185 billion ($127.5 billion USD). Tron follows in second place with $117 billion ($81 billion USD). There is then a wide gap down to BNB Chain and Solana, which each hold approximately $14.5 billion ($10 billion USD) in stablecoins.

Ethereum’s dominance in stablecoin supply underlines its role as the backbone of DeFi. One project, Aave (AAVE), alone holds around $20.3 billion ($14 billion USD) in stablecoins, which is more than the total supply on any other blockchain except Tron. Tron’s strong position reflects its longstanding usage as a peer-to-peer stablecoin network, especially in many Asian markets.

Users rely on USDT on Tron for everyday transactions, remittances, and payments, making it a powerhouse outside Western DeFi circles. Interestingly, the gap between Ethereum and its competitors is increasing rather than narrowing, suggesting that not only does Ethereum hold the most stablecoins, but it is also attracting a growing share of new stablecoin issuance.

Ethereum’s lead in the stablecoin market has the potential to generate a flywheel that ultimately benefits ETH, according to Maria Shen, general partner at crypto venture firm Electric Capital.

In the U.S., the pending GENIUS Act aims to create the first regulated framework for stablecoins. If passed, the act is expected to drive broader institutional adoption of stablecoins, improve consumer trust, and spark growth in stablecoin supply across chains. The chains already seeing large stablecoin adoption could benefit the most

Total Value Locked (TVL)

Total value locked (TVL) refers to the amount of cryptocurrencies secured in a crypto protocol or individual blockchain. It is a particularly common metric in the DeFi sector. Chains with a high TVL typically have vibrant DeFi ecosystems. They attract developers, liquidity providers, and users seeking yield opportunities.

Monitoring TVL helps us see where real economic activity is happening. DeFi is one of the biggest use cases that blockchain technology offers, so a network with a strong DeFi community is arguably more likely to prosper.

The top 10 chains by TVL in DeFi

Ethereum is again well ahead on this metric compared to all other chains, with $169 billion ($110 billion USD). Solana is second with $20 billion ($13 billion USD). This shows Ethereum’s strength in the crypto space as the most trusted chain for lending and borrowing of cryptocurrencies.

Daily Active Addresses (DAA)

Daily active addresses (DAA) measure the number of unique wallet addresses interacting with a blockchain in a single day. This includes sending or receiving transactions, interacting with smart contracts, or moving tokens.

A high and growing DAA count usually suggests strong user engagement and adoption. It indicates a healthy level of usage across the ecosystem, whether that's through gaming, DeFi, or other decentralised applications (dapps). So far in 2025, the major blockchains have predominantly maintained steady DAA counts.

DAA per blockchain since the start of 2025

Conclusion

Ethereum has pulled ahead as the clear leader in both stablecoin adoption and DeFi usage, with data showing it continues to extend its lead. Tron remains a strong second, particularly in real-world stablecoin payments, while Solana is positioning itself as a growing player in DeFi. Despite this, a lack of growth in DAA signals that overall blockchain user adoption remains flat in 2025. As the market matures and pro-crypto regulations are established in certain countries such as the U.S., the blockchains with established usage and trust are likely to benefit most.