Ethereum: DeFi stays steady
DeFi total value locked is holding in the $65–$70 billion band across Ethereum mainnet and L2s — a sign of resilience despite price swings. Real‑world‑asset players like Circle and Tether are prioritizing Ethereum, while protocol moves (Balancer DAO governance updates, Lido buybacks) and new market entrants like Hyperliquid are reshaping DeFi dynamics — Base is also emerging as an AI‑agent infrastructure hub. ( )
Ethereum‑layer DeFi trackers show the combined TVL across Ethereum mainnet and its Layer‑2s trading near $68 billion, keeping activity inside the $65–$70B band in late March 2026. (defillama.com) Circle’s recent minting activity pushed USDC’s circulating supply above $78 billion and on‑chain analysis reports roughly two‑thirds of USDC sits on Ethereum, with Circle explicitly calling Ethereum a native settlement layer for USDC. (coinalertnews.com) (circle.com) Tether continues to concentrate issuance on high‑demand chains—recent on‑chain moves included a $1 billion USDT mint on Ethereum and operational changes that shift attention away from legacy rails toward Ethereum and Tron. (ambcrypto.com) (ainvest.com) Balancer’s governance overhaul includes a proposal for zero emissions, higher LP returns and a $3.6 million buyback that, if fully exercised, would retire roughly 22.7 million BAL (about 35% of circulating supply), while Balancer Labs — the corporate operator — announced it will wind down after a seven‑figure exploit. (chainwire.org) (coindesk.com) Lido’s DAO is advancing a conditional buyback plan that would deploy up to 10,000 stETH (roughly $20–21 million at current prices) to purchase LDO, alongside proposals for an automated buyback mechanism targeted for Q2 2026 with an annual cap discussed near $10 million. (research.lido.fi) (ambcrypto.com) Hyperliquid has expanded from on‑chain perps into RWA markets and institutional interest—Grayscale filed for a Hyperliquid‑focused ETF on March 22, 2026, and the project has launched a policy/lobbying arm with roughly $29 million in token backing. (coinalertnews.com) (coindesk.com) Base is positioning itself as an on‑chain AI‑agent platform: Coinbase documentation enumerates agent primitives (wallets, identity, payment and discovery layers) for autonomous agents, and Coinbase leadership has publicly framed Base as the infrastructure for an “agent economy.” (docs.base.org) (cryptoninjas.net)
