X @Token Terminal 📊

Ethereum Ecosystem TVL & Market Cap - Ethereum ecosystem TVL has established a floor for ETH's market cap during market downturns [1] - Since 2020, ecosystem TVL on Ethereum grew 16x from $24 billion to $379 billion, while ETH's market cap increased 11x from $47 billion to $502 billion [2] - Ethereum's current ecosystem TVL of $379 billion represents a small share of the market cap of TradFi assets that could be tokenized [4] Dominant Sectors & Projects - Three market sectors account for 93% of Ethereum's ecosystem TVL: stablecoin issuers ($189 billion), lending ($82 billion), and liquid & restaking ($73 billion) [3] - Tether has 85% market share among stablecoin issuers, Aave has 62% market share in lending, while Lido & EigenLayer control 73% of the liquid staking category [3] - Capital continues to accumulate in projects that provide users with deep liquidity and battle-tested security [3] Institutional Adoption Potential - BlackRock manages $13.5 trillion in assets, yet has only $2.9 billion onchain [5] - Fidelity manages $6.4 trillion, but has a mere $231 million on Ethereum [5] - Should institutions follow through on their stated intentions of bringing assets onchain, a 10x increase in ecosystem TVL on Ethereum could be seen over the next few years [5] - If more assets are tokenized on Ethereum, and the correlation between ecosystem TVL and ETH's market cap continues to hold, ETH could see a substantial rerating [5]