Ethereum’s DeFi dominance faces challenges from emerging public blockchains like Solana, Binance Smart Chain, and Avalanche, which offer lower fees, faster transactions, and growing ecosystems. These chains attract developers and users, with Solana’s TVL and Avalanche’s subnets gaining traction. However, Ethereum’s first-mover advantage, robust security, and vast developer community maintain its lead. Emerging chains must overcome network effects and trust issues to truly threaten Ethereum’s position.