The tokenized asset market has reached $349.2 billion across 50 tracked blockchains, but the headline number hides a striking concentration problem. Ethereum and Tron alone control 80.2% of the market, leaving everyone else fighting over a much smaller slice.

Ethereum And Tron Still Control Most Capital

Ethereum leads by a wide margin with $185.8 billion and a 53.2% share. Tron follows with $94.2 billion, or 27%, putting the two networks firmly ahead of the rest.

Solana holds 5.2% at $18.2 billion, while BNB Chain accounts for 2.6%. HyperEVM, Base and Arbitrum One follow with 2%, 1.5% and 1.3%, respectively. So much for a neatly distributed multichain market.

Tokenized Assets Show Adoption Beyond Market Cap

There is, however, more happening underneath the headline valuation. The number of holders has reached 315.5 million, rising 3.3% over 30 days and 11.2% over 90 days.

DeFi activity also looks considerably healthier than the overall market-cap growth. The $28.7 billion locked in DeFi represents 8.2% of total tokenized assets, with TVL up 7.8% over 30 days and 26.7% over 90 days.

Meanwhile, the $3.5 billion in 24-hour DEX volume tells a different story. Trading volume has fallen 58.2% over 30 days and 28.4% over 90 days.

Smaller Chains Are Quietly Adding New Capital

The most interesting numbers may be coming from the smaller networks. Arc added $508.3 million over 30 days, followed by Tempo at $501 million and HyperEVM at $500.5 million. That doesn’t overturn Ethereum’s dominance. Not even close.

But it does show where fresh capital is appearing within the tokenized asset market. Ethereum remains the giant, while newer execution environments are posting notable short-term expansion.