Accurate to scale.
Equal-sized chips represent equal amounts of money. A large chip holds the same amount as 100 small chips. The platforms show where that money is; they add no money of their own.
$5MSmall chip
Map of EthereumTVL & decentralization
$484.9B Represented assets68 protocol deployments
Drag to pan · scroll to zoom
=·Small chip $5MLarge chip $500MPlatform area Chips represent money.Platforms show where it is.
How to read this map
L2 rollups are a kind of L1 app. Like USDC, they can live on Ethereum and still have people in charge. Their data and settlement use Ethereum; their operators, upgrade keys and exits determine the extra trust you take on.
Not all of Ethereum is on this map.
ETH, selected stablecoins, tokenized Bitcoin and real-world assets across Ethereum and its L2 rollups. Selected utility tokens enter through measured reserves. Coverage is partial; every dollar is counted once.
$28.5BInside protocols
Things can't be more decentralized than the layer below them.
ETH is D0 on L1. Put it on a D4 rollup and it becomes D4 there: it also depends on that rollup. The same rule applies to tokens inside protocols.
ETHArbitrum
The spectrum from decentralization to centralization
D0 is as decentralized as Ethereum L1 itself. D1–D9 describe the many ways people can have more power over a system. The ratings describe on-chain powers, not who holds a wallet’s keys. They are judgments based on published evidence, not safety guarantees.
Maximum decentralization
Ethereum L1 is the baseline. For an app or token, no extra administrator can change the reviewed rules for holding or withdrawing your assets.
Limited administration
An administrator can change limited settings, such as fees. They cannot replace the reviewed rules for holding or withdrawing your assets.
External operation
An outside party can supply prices, decide how assets are allocated, or pause activity. They cannot freely replace the core rules.
Delayed governance
Governance can change the rules after a required waiting period. A review checks whether you can exit or veto a change before it takes effect.
Independent emergency council
An elected, accountable and diverse council can make emergency changes immediately. Ordinary governance changes must wait.
Council and foundation
A governed council and a foundation share immediate control. The foundation also has its own powers or a backup route to act.
Council and operator
An operator and an appointed council share immediate control. Users have limited power to elect or remove them.
Administrator upgrade
An administrator or small committee can replace the core rules. A protective waiting period and independent veto have not been verified.
Operator-governed validation
An operator can also restrict who checks or challenges transactions, or prevent the usual transaction and withdrawal routes from working.
Issuer-controlled backing
An issuer or custodian controls the assets backing a token, redemption, or seizure. Using Ethereum does not remove that control.
Proposed tier from documented controls · 2026-10-01. Accounting and decentralization methodology
Data and coverage
A scheduled daily run advances collection, one source at a time. Refresh reads a saved snapshot. Shared leases and provider cooldowns limit requests; failed sources retain their last good observation.
Financial observation time is kept separate from collection time. A successful check does not make old observations new.
Wallet amounts are estimates: supply minus the protocol, staking and bridge positions we can identify. They include ETH and tokens held by centralized exchanges and other custodians, not only self-custody wallets. Untracked contracts can remain in this category.
Oldest dated observation: Sep 29, 2026, 12:55 AM UTC
Map assembled: Oct 2, 2026, 3:12 AM UTC
Some source dates are unavailable.
ETH, selected stablecoins, tokenized Bitcoin and real-world assets, counted once. Rings show assets outside mapped apps; mesas show capital inside. This is a partial inventory, not a sum of protocol TVLs.
Verified D0 cores retain their rating permanently. All other assessments and unresolved position dependencies receive a full monthly review. L1 review coverage
- DefiLlama · Protocol reserves and stablecoin circulation
- CoinGecko · ETH supply and USD price
- L2BEAT · Network and protocol documentation