Ethereum and Solana DeFi TVL: prices or fresh capital?
The central question behind DeFis latest rebound is whether protocols gained fresh deployable liquidity or simply more valuable collateral. A Sept. 15 capture of DeFiLlama‘s chain data showed Ethereum’s dollar-denominated DeFi total value locked up 21.38% over 30 days and Solana‘s up 22.94%. Stablecoin growth trailed far behind. Ethereum’s stablecoin market cap increased 0.68%, Solanas stablecoin market cap rose 5.51%, and the aggregate across chains gained 1.59%. Native assets moved faster than all of them. ETH gained 32.80% over 30 days and SOL rose 34.67%, according to CryptoSlates Ethereum market data and Solana market data. The relative moves make asset revaluation a plausible major contributor to the TVL increase, although an exact share remains beyond these aggregate snapshots. The live pages refresh independently, so the comparison is best read as a Sept. 15 market capture rather than a permanently synchronized series.Market30-day DeFi TVL change30-day stablecoin market cap change30-day native asset price changeEthereum+21.38%+0.68%ETH +32.80%Solana+22.94%+5.51%SOL +34.67%All chainsOutside this comparison+1.59%Not applicable What TVL is actually measuring DeFiLlama defines TVL as the dollar value of assets held in protocol contracts. Two forces move that number: the quantity of deposited assets and the market price assigned to those assets. A rising token price lifts dollar TVL even when the









