Ethereum's total value locked (TVL) is projected to potentially increase tenfold in 2026, driven by wider adoption across various applications and increased participation from institutional investors, according to Sharplink's co-CEO Joseph Chalom.
Ethereum has had a notable year. On July 30, 2025, Ethereum marked its tenth anniversary since its genesis block. Ethereum's co-founder and Consensys CEO, Joe Lubin, stated that the network has operated "essentially flawlessly" over the past decade. ConsenSys reports that Wall Street is increasingly agreeing with the narrative that Ethereum is ready to be the backbone of the global financial services system.
Total value locked (TVL) is the total worth of assets held in smart contracts on a blockchain network or decentralized application. Ethereum's TVL experienced considerable growth in 2025, increasing from 19.57 million ETH at the beginning of the year to 29.32 million in April, coming close to its record high from the 2021 bull market. By December 16, it reached 23.18 million ETH, marking an 18% year-to-date increase. In USD terms, the TVL rose from $65.31 billion on January 1 to $97.48 billion in October, a few billion dollars short of the 2021 high of $107.45 billion.
Several factors contributed to Ethereum's momentum in 2025, including the launch of corporate ETH treasuries, favorable crypto policies, and ETF inflows. SharpLink Gaming (SBET) launched the first Ethereum DAT in May, initiating a $1 billion offering to purchase ETH. Following SharpLink's move, other companies like Bit Digital, The Ether Machine, BTCS Inc, and BitMine also launched Ethereum treasuries.
SharpLink Gaming has appointed Joseph Chalom as sole CEO, effective December 15, 2025. Rob Phythian stepped down from his roles as co-CEO and director, completing the company's planned leadership transition after its strategic expansion as an Ethereum treasury company. Since launching its ETH treasury business on June 2, 2025, SharpLink has acquired 863,424 ETH as of December 14, including 639,241 native ETH and 224,183 ETH in liquid staking instruments. SharpLink has staked nearly all of its ETH holdings, generating 9,241 ETH in cumulative staking rewards. The firm has also reported a significant increase in institutional ownership, rising to over 30% by the third quarter.
Looking ahead to 2026, ConsenSys anticipates further growth and broader public participation in decentralized financial technology as more organizations develop on Ethereum. Linea, is positioned as an institutional on-ramp to crypto for 2026, with a $200 million commitment from SharpLink for deployment, integrations for cross-border settlement, and a dual ETH/LINEA burn mechanism.
