Ethereum has roughly 22% of applications in this chart, yet 67% of DeFi TVL. That gap is worth analyzing more than another transaction-count comparison. Alongside it sits around 50% of stablecoin supply and 43% of tokenized assets. My read is that Ethereum’s advantage increasingly comes from having capital, collateral and financial applications close enough to work together. An app can be replicated. Rebuilding the liquidity and integrations that make it useful takes more work. The institutional figures need context: Ethereum’s roughly 71% futures share here covers CME products excluding Bitcoin. It doesn’t represent the entire futures market. For me, this chart makes a stronger case for Ethereum’s financial network than it does for automatic ETH value capture. As that capital gets used, how much translates into higher fees and sustained demand for ETH?
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