The fact that Ethereum is inefficient yet more than 50% of DeFi TVL is on it shows how great of a blockchain it really is.

The Ethereum development team is working every day on making the blockchain a lot of efficient and sustainable. The merge was the first major step in doing so and later upgrades down the line will end up achieving that goal hopefully.

But as of now, Ethereum is still inefficient. It's still slow and costly compared to other blockchains. Yet it STILL has the vast majority of wealth in the DeFi space is on it.

There’s always the argument of “yeah that’s cause it's old and people already have their money on it” but this statement is completely inaccurate considering that to this day Ethereum keeps one receiving a ton of fresh new money and a ton of new users daily.

I think that L2s definitely helped with this over the years especially recently with how great they’ve been performing efficiency wise.

Arbitrum and Optimism are proof of that seeing how many people use them on a daily basis.

And zero-knowledge based L2s have also been doing an amazing job.

ZkSync already has a zkEVM testnet and they’re even being funded by ETH giants like BitDAO to create a DAO specific scaling solution just for them.

This means that people are still finding ways to make Ethereum work in their favor instead of leaving it for another chain.

And while DeFi TVL alone doesn’t tell the full story, I think I can confidently say that unless a person was absolutely forced to use another chain, he/she would always choose Ethereum.

This is exactly why all the high value and high quality dApps and NFTs are all built on Ethereum.