Ethereum's Dominance Endures Despite Price Decline

Ethereum's price has been on a downward trend since the start of 2026, declining by 36% in just two months. This slump has seen ETH prices hover around $2,000, still far below its peak. However, despite this significant drop, Ethereum remains the dominant player in the blockchain space.

According to recent data, Ethereum commands a staggering 57% of total value locked (TVL) across all blockchain networks. When including layer-2 ecosystems such as Base, Arbitrum, and Optimism, this dominance expands to 65%. This puts Ethereum far ahead of its competitors, with Solana's TVL registering at $6.4 billion and BNB Chain accounting for $5.5 billion.

But it's not just Ethereum's price that's causing concern – decentralized exchange (DEX) activity on the network has contracted significantly since last year. In February 2026, DEX volume on Ethereum reached a mere $56.5 billion, down from its peak of $128.5 billion in August 2025.