- Ethereum maintained its dominance in DeFi with over $42 billion in TVL by month-end, while DEX and perpetual futures trading activity remained consistently strong throughout May.
- Solana continued to lead in trading activity, recording multi-billion-dollar perpetual futures volumes and maintaining TVL above $5 billion despite market volatility.
- TRON remained one of the highest fee-generating blockchains, frequently producing more than $1 million in daily chain fees driven by stablecoin and payment-related activity.
- Bitcoin’s DeFi ecosystem remained resilient, sustaining more than $4.8 billion in TVL throughout the month despite broader market weakness.
- Base maintained strong user engagement and trading activity, with DEX volume regularly exceeding $1 billion and active addresses consistently above 350,000.
- BSC Chain emerged as one of the strongest-performing networks in May, with TVL increasing to $5.77 billion, DEX volume surpassing $914 million, and daily transactions averaging approximately 15–16 million.
Ethereum
Ethereum remained the largest blockchain ecosystem by total value locked throughout May 2026, although the network experienced some pressure from broader market weakness. TVL declined from $45.09 billion at the beginning of the month to $42.09 billion by May 31, while token market capitalization fell from $272.34 billion to $243.68 billion. Despite these declines, Ethereum continued to hold a dominant share of DeFi liquidity and remained the primary settlement layer for decentralized applications.
Trading activity across the network remained strong throughout the month. DEX volume frequently exceeded $1 billion per day, while perpetual futures volume consistently remained above $1.5 billion and approached $1.9 billion on several occasions. User engagement also remained healthy, with active addresses regularly exceeding 500,000 and reaching a monthly high of 675,221, highlighting Ethereum’s continued importance within the broader crypto ecosystem.
Solana
Solana maintained strong momentum throughout May, supported by active trading markets and stable liquidity conditions. The network’s TVL remained relatively resilient, fluctuating between $5.2 billion and $6.2 billion during the month. Meanwhile, token market capitalization climbed above $56 billion at its peak, reflecting continued investor interest despite broader market volatility.
Trading activity remained one of Solana’s strongest growth drivers. DEX volume consistently surpassed $1 billion on active trading days, while perpetual futures volume regularly reached multi-billion-dollar levels and peaked at nearly $5.9 billion. These figures underscore Solana’s position as one of the leading ecosystems for both spot and derivatives trading activity across the blockchain industry.
TRON
TRON delivered steady performance throughout May 2026, supported by strong network usage and fee generation. Although TVL declined from $5.05 billion to $4.86 billion over the course of the month, the network remained one of the most utilized blockchains for stablecoin transfers and payment-related transactions. This continued demand helped maintain consistent activity levels despite changing market conditions.
One of TRON’s standout metrics remained its fee revenue generation. Daily chain fees frequently exceeded $1 million, making it one of the highest revenue-generating networks in the industry. DEX volume remained relatively stable between $30 million and $90 million, while perpetual futures activity occasionally surged above $200 million, reflecting sustained trader participation across the ecosystem.
Bitcoin
Bitcoin‘s DeFi ecosystem remained relatively stable throughout May despite a broader market slowdown. TVL gradually declined from $5.09 billion at the start of the month to $4.83 billion by month-end, but the overall decrease was moderate compared to several other blockchain ecosystems. The sector continued to attract liquidity as interest in Bitcoin-based decentralized finance applications remained steady.
Trading activity fluctuated throughout the month, with DEX volume rising during periods of increased market volatility. The ecosystem recorded its strongest trading day on May 24, when DEX volume exceeded one million dollars. While Bitcoin’s DeFi sector remains smaller than those of Ethereum and Solana, it continued to demonstrate resilience and gradual ecosystem development.
Base
Base continued to strengthen its position as one of the fastest-growing Layer-2 ecosystems throughout May. TVL remained relatively stable, fluctuating between $4.3 billion and $5 billion, despite broader market weakness. The network benefited from its close integration with Ethereum while offering users lower transaction costs and improved scalability.
Trading activity remained robust across the ecosystem. DEX volume regularly exceeded $1 billion during the second half of the month, while perpetual futures volume approached $365 million at its peak. User participation also remained healthy, with active addresses consistently ranging between 350,000 and 500,000, highlighting continued adoption among both traders and DeFi users.
BSC Chain
BSC Chain was one of the strongest-performing major blockchain ecosystems during May 2026. TVL increased from $5.44 billion at the beginning of the month to $5.77 billion by the end of May, making it one of the few large networks to record growth during the period. The ecosystem benefited from steady liquidity inflows and continued demand across its DeFi sector.
Network activity remained exceptionally strong throughout the month. BSC Chain consistently recorded more than 2 million daily active addresses and processed approximately 15 to 16 million transactions per day. DEX volume also strengthened toward month-end, rising above $914 million, reinforcing the network’s position as one of the most active and widely used blockchain ecosystems in the industry.
The period from May 25–31 reflected a mixed but stable environment across leading blockchain networks. April was largely a month of growth and expansion, with most chains recording rising TVL, increasing user activity, and strong trading volumes. In contrast, May reflected a more cautious market environment, with several ecosystems experiencing declines in TVL and market capitalization. Despite this, trading activity remained resilient across Ethereum, Solana, Base, and BNB Chain. Among all major networks, BNB Chain was the strongest performer in May, while Solana maintained the highest momentum in trading activity, and Ethereum continued to dominate overall DeFi liquidity despite ongoing capital outflows. Overall, the data suggests that blockchain activity remained healthy, even as market sentiment softened compared to the previous month.
The full blockchain metrics dataset is available for download on the official GitHub repository.
Disclaimer: Cryip's content is strictly for educational and informational purposes and does not constitute financial, legal, or investment advice. Cryptocurrency involves significant risk, and readers assume full responsibility for their own financial decisions. Asset references are never endorsements.
To make complex crypto topics accessible to readers at all experience levels, our team uses AI tools strictly to refine language, correct grammar, and simplify terminology. AI is never used to draft facts, source information, or form conclusions. Every article is fact-checked and approved by a human editor before publication. Read our full AI Use & Content Policy.
