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
$451.3B Represented assets65 protocol deployments
Drag to pan · scroll to zoom
=·Small chip $5MLarge chip $500M
How to read this map
L2 rollups are a fancy 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.
$22.8BInside 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.
D0ETHD4ArbitrumD4
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.
D0
Maximum decentralization
As decentralized as Ethereum L1 itself within the reviewed mechanism; no additional administrator can rewrite its principal or exit rules.
D1
Limited administration
Bounded settings can change, while the reviewed asset custody and exit mechanism remains fixed.
D2
External operation
An oracle, allocation role, pause or other external operation materially affects the position without arbitrary replacement of its core.
D3
Delayed governance
Governance can change the system through a documented delay; user vetoes and exit protections are assessed explicitly.
D4
Independent emergency council
An elected, accountable and diverse council can act immediately, alongside a delayed normal governance route.
D5
Council and foundation
A formally governed council shares immediate authority with a foundation, with additional foundation or fallback powers.
D6
Council and operator
An operator shares immediate authority with an appointed council, with limited public governance or removal rights.
D7
Administrator upgrade
A concentrated administrator or committee can replace core rules without a verified protective delay and independent veto.
D8
Operator-governed validation
The operator also restricts who may validate or challenge state, or can defeat ordinary inclusion or exit mechanisms.
D9
Issuer-controlled backing
An issuer or custodian controls the backing, redemption or seizure of the asset. This dimension is additional to the chain it uses.
Proposed tier from documented controls · 2026-09-08. 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. Untracked contracts can remain in this category.
Oldest dated observation: Sep 17, 2026, 2:26 PM UTC
Map assembled: Sep 17, 2026, 5:07 PM 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.
Accounting and decentralization methodology