According to Messari data, Ethereum and its liquid staking tokens account for 67% of all DeFi borrowing activity, a share that grew even as the broader lending market shrank by half. The numbers behind the squeezeTotal outstanding onchain lending sits at roughly $23 billion, according to Galaxy Research. The lending protocol remains the dominant venue for DeFi borrowing and a primary driver of Ethereum’s outsized market share. What this means for the DeFi landscapeA 67% market share in a $23 billion lending market positions Ethereum as the backbone of decentralized credit. As more ETH gets staked and tokenized, the pool of high-quality DeFi collateral grows, deepening liquidity and making the collateral more attractive to lending activity.