Ethereum DeFi TVL Falls to $36B as Hacks Top $840M at $1,590

Ethereum’s DeFi sector now faces mounting pressure after builder concentration reached 93.19% in late 2025. The latest reports show total value locked has slipped to roughly $36 billion, well below the $105 billion peak of November 2021 and even the $97 billion level seen last August. Cumulative hack losses have surged past $840 million by mid-2026, prompting fresh investor withdrawals. While Ethereum retains unmatched scale and new security programs such as “Trillion Dollar Security,” the combination of recentralization risks and stagnant growth leaves the decentralization narrative under renewed scrutiny at the current price of $1,590.43.