- Ethereum maintained its position as the largest smart-contract network with TVL consistently above $42 billion, while stablecoin liquidity remained above $164 billion throughout the week.
- Solana continued to dominate on-chain activity, processing 74-80 million daily transactions and recording some of the highest perpetual futures volumes among major blockchains.
- BSC Chain (BSC) demonstrated strong retail participation, averaging over 2.6 million active addresses and reaching 18.1 million daily transactions during the week.
- TRON remained the undisputed leader in stablecoin settlements, holding nearly $91 billion in stablecoin market capitalization and generating the highest protocol revenue among major chains.
- Bitcoin showed resilience despite market volatility, with TVL recovering above $5 billion and ecosystem activity remaining stable throughout the week.
- Base continued establishing itself as a leading Ethereum Layer-2 network, consistently generating over $1 billion in daily DEX volume while maintaining nearly $4.8 billion in stablecoin liquidity.
- Across the ecosystem, TVL remained relatively stable despite fluctuations in token market capitalizations, highlighting continued confidence in decentralized finance infrastructure.
Ethereum
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
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
BSC Chain maintained its position as one of the most actively used blockchain networks throughout the week. TVL remained relatively stable around $5.5 billion, while stablecoin capitalization consistently hovered near $17.4-17.8 billion, providing strong liquidity support for ecosystem participants. The network’s standout metric remained user activity, with active addresses ranging between 2.37 million and 2.79 million, making it one of the most heavily utilized chains by retail users. Daily transaction counts frequently exceeded 15 million and peaked at more than 18 million transactions on May 22.
Decentralized exchange activity remained healthy, with volumes generally above $500 million and reaching nearly $674 million during the week. Although perpetual futures trading remained modest compared to Ethereum and Solana, BSC Chain continued to benefit from low transaction costs, strong retail engagement, and a broad ecosystem of decentralized applications. These factors reinforce its position as one of the leading blockchains for everyday decentralized finance participation.
TRON
TRON remained one of the most economically productive blockchain networks during the week. While total value locked 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. This level of liquidity underscores TRON’s dominant role in global stablecoin transfers, cross-border payments, and settlement activity. The network generated between $754,000 and $1.3 million in daily fees and revenue, outperforming most competing Layer-1 chains in protocol earnings.
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. Although DEX and perpetual trading volumes remained lower than Ethereum and Solana, TRON’s focus on payment infrastructure and stablecoin utility continues to drive significant economic activity. Its combination of strong revenue generation, large user base, and dominant stablecoin presence reinforces its strategic importance within the blockchain ecosystem.
Bitcoin
Bitcoin’s ecosystem remained resilient despite fluctuations in market sentiment throughout the week. TVL hovered around the $5 billion mark, recovering to approximately $5.06 billion by May 24 after a temporary decline. While Bitcoin remains primarily recognized as a store-of-value asset, growing activity across Bitcoin-native DeFi protocols and Layer-2 solutions continues to expand its utility beyond traditional payments. Active addresses remained healthy, ranging from approximately 564,000 to 671,000, while daily transaction counts frequently exceeded 600,000 transactions.
Decentralized exchange activity also improved significantly, with volume surpassing $1 million on May 24. Although perpetual trading activity remained relatively limited compared to smart-contract-focused chains, Bitcoin’s token market capitalization consistently stayed around $1.5 trillion, underscoring its continued dominance within the broader digital asset market. The data suggests that Bitcoin’s ecosystem is gradually evolving into a more diversified financial platform while preserving its role as the industry’s primary reserve asset.
Base
Base continued strengthening its position as one of the most important Ethereum Layer-2 ecosystems. Throughout the week, TVL remained between $4.4 billion and $4.8 billion, demonstrating consistent liquidity and user confidence despite broader market volatility. Stablecoin capitalization remained close to $4.7-4.8 billion, providing a solid foundation for decentralized trading and financial activity. DEX trading volumes remained particularly strong, consistently exceeding $1 billion per day and occasionally surpassing $1.2 billion.
Perpetual futures activity also gained traction, reaching 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. These figures highlight Base’s growing importance as a scalable and cost-efficient extension of Ethereum, capable of supporting substantial economic activity while maintaining seamless interoperability with the broader Ethereum ecosystem.
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, and 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.
Weekly Comparison: (May 11–17 vs May 18–24, 2026)
- Ethereum remained the largest DeFi ecosystem, but TVL, fees, and DEX trading activity weakened compared to the previous week, reflecting softer market participation.
- Solana continued leading blockchain activity with more than 75 million daily transactions while maintaining the strongest perpetual futures trading volumes among major networks.
- BSC Chain delivered one of the most stable performances, with TVL holding near $5.5 billion, stablecoin liquidity above $17 billion, and active addresses reaching weekly highs.
- TRON strengthened its dominance in stablecoin settlements, sustaining nearly $91 billion in stablecoin market capitalization while generating industry-leading chain fee revenue.
- Bitcoin stabilized after the previous week’s decline, with TVL remaining around $5 billion and decentralized trading activity improving noticeably toward the end of the week.
- Base continued to rank among the leading Ethereum Layer-2 ecosystems, consistently recording over $1 billion in daily DEX volume despite a modest decline in TVL and stablecoin balances.
