Ethereum’s DeFi ecosystem’s total value locked (TVL) has surged to a two-year high, exceeding $80 billion for the first time since May 2022, according to DeFiLlama data.

The rise in TVL aligns with a broader market uptrend that pushed ETH to a four-month peak of over $3,500. The rally followed heightened market activity triggered by President Donald Trump’s election victory earlier this month.

Liquid staking protocol Lido is the largest DeFi platform on Ethereum, with $32.87 billion in locked assets. It is followed by Aave, a lending protocol, with $26.7 billion, and EigenLayer, a restaking solution, at $14.2 billion. Together, these protocols account for the bulk of Ethereum’s DeFi value.

Meanwhile, Ethereum’s resurgence extends beyond DeFi, as it has reclaimed dominance in Tether’s USDT stablecoin supply.

For the first time since June 2022, more USDT is now hosted on Ethereum than on Tron. DeFiLlama data shows that $60.3 billion USDT is circulating on Ethereum, compared to $57.94 billion on Tron.

These trends highlight Ethereum’s growing appeal among investors, who are flocking to its DeFi applications and adding liquidity to the ecosystem. The renewed confidence in Ethereum illustrates its continued relevance in the evolving blockchain space.