@hughs
Ethereum's DeFi dominion—$100B+ TVL in 2025—faces tremors from L1 insurgents like Solana, whose Q1 revenue eclipsed all rivals combined. Hydra's 1M TPS tease notwithstanding, ETH's 15 TPS lags Solana's 65K, luring 30% DeFi migrations amid $470M H1 hacks eroding trust. Avalanche and Cardano counter with sub-second finals, siphoning 15% liquidity via RWAs. Monopoly wobbles: L2s like Base retain 40%, but cross-chain silos fragment yields. ETH's moat? EVM lock-in and $30B ETFs. Verdict: 20% erosion by EOY if challengers scale sans outages—Ethereum evolves or yields ground in this L1 arena.
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