Ethereum leads DeFi capital in weekly blockchain metrics report

Here is the detailed weekly blockchain on-chain metrics report for May 18–24, 2026, covering Ethereum, Solana, BSC Chain, TRON, Bitcoin, and Base.

Ethereum holds firm as DeFi capital hub

Ethereum continued to demonstrate why it remains the backbone of decentralized finance. Throughout the week, total value locked fluctuated between $42.2 billion and $43.3 billion, significantly exceeding every other smart-contract blockchain. While TVL experienced minor declines during periods of broader market weakness, the network consistently attracted substantial capital and maintained deep liquidity across DeFi applications. Ethereum’s stablecoin market capitalization remained exceptionally strong, holding above $164 billion throughout the week and reaching nearly $166 billion on May 19. This massive stablecoin base highlights Ethereum’s critical role as the settlement layer for digital dollar activity and institutional DeFi participation.

Trading activity on Ethereum also remained robust, with daily decentralized exchange volume frequently exceeding $1 billion and peaking at $1.41 billion on May 18. Perpetual futures activity reached as high as $1.84 billion, demonstrating sustained demand for leveraged trading and advanced financial products. Although active addresses gradually declined during the week, transaction counts climbed from 1.85 million to more than 2.58 million daily transactions, indicating deeper engagement among existing users and reinforcing Ethereum’s status as the primary hub for high-value decentralized finance activity.

Solana leads in throughput and derivatives

Solana once again showcased its strength as one of the fastest-growing blockchain ecosystems. The network’s TVL steadily increased from $5.38 billion to nearly $5.5 billion, reflecting sustained capital inflows despite broader market fluctuations. Solana’s ecosystem continued benefiting from strong user participation, with active addresses consistently ranging between 1.75 million and 2.04 million. More notably, the network processed approximately 75-80 million transactions per day, far surpassing most competing Layer-1 blockchains.

Trading activity remained one of Solana’s strongest advantages, with DEX volumes frequently exceeding $1 billion daily and reaching $1.37 billion on May 21. Perpetual futures trading volumes were particularly impressive, surpassing $5.8 billion on multiple days and highlighting Solana’s growing influence in derivatives markets. Stablecoin liquidity remained healthy above $15 billion, while daily fees consistently exceeded $400,000. These metrics demonstrate Solana’s ability to combine scalability, liquidity, and user growth, strengthening its position as one of the most active blockchain ecosystems in the industry.

BSC Chain and TRON show retail and stablecoin strength

BSC Chain maintained its position as one of the most actively used blockchain networks. TVL remained relatively stable around $5.5 billion, while stablecoin capitalization consistently hovered near $17.4-17.8 billion. The network’s standout metric remained user activity, with active addresses ranging between 2.37 million and 2.79 million. Daily transaction counts frequently exceeded 15 million and peaked at more than 18 million transactions on May 22. DEX activity remained healthy, with volumes generally above $500 million and reaching nearly $674 million.

TRON remained one of the most economically productive blockchain networks. While TVL stayed near $5.1 billion, the network’s true strength was reflected in its massive stablecoin ecosystem, which consistently maintained approximately $91 billion in stablecoin market capitalization. TRON generated between $754,000 and $1.3 million in daily fees and revenue. User engagement remained exceptionally high, with active addresses ranging between 3.7 million and 4.15 million and daily transaction counts consistently above 11 million.

Bitcoin and Base continue evolving

Bitcoin’s ecosystem remained resilient despite fluctuations in market sentiment. TVL hovered around the $5 billion mark, recovering to approximately $5.06 billion by May 24. Active addresses remained healthy, ranging from approximately 564,000 to 671,000, while daily transaction counts frequently exceeded 600,000. DEX activity improved significantly, with volume surpassing $1 million on May 24. Bitcoin’s token market capitalization consistently stayed around $1.5 trillion.

Base continued strengthening its position as one of the most important Ethereum Layer-2 ecosystems. TVL remained between $4.4 billion and $4.8 billion, with stablecoin capitalization close to $4.7-4.8 billion. DEX trading volumes consistently exceeded $1 billion per day and occasionally surpassed $1.2 billion. Perpetual futures activity reached a weekly peak of approximately $345 million. User engagement remained stable, with active addresses generally ranging between 430,000 and 475,000, while transaction counts regularly exceeded 10 million daily transactions.

Weekly comparison and market context

The week of 18-24 May 2026 highlighted the increasingly specialized roles of major blockchain networks. Ethereum remained the dominant destination for DeFi capital and stablecoin liquidity. Solana led in transaction throughput and derivatives trading. BSC Chain excelled in retail participation. TRON continued to dominate stablecoin settlements and protocol revenue generation. Bitcoin maintained its position as the largest digital asset ecosystem. Base strengthened its standing as a leading Layer-2 scaling solution. Together, these trends illustrate a maturing blockchain landscape in which networks increasingly differentiate themselves through unique strengths and use cases rather than competing solely on transaction volume or market capitalization.

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