Ethereum trails on price but holds over 68% of DeFi TVL as leverage hits record highs

Ethereum's mainnet continues to command about 68% of total DeFi TVL and over 70% when accounting for its L2 ecosystem, even after the 2022 downturn and through 2024–2025. At the same time, large players have staked and redeemed tens of thousands of ETH, while record ETH Futures volumes and a roughly 5:1 Futures-to-spot ratio show heavy leverage is driving volatile price action.