The total market cap of DeFi exploded and it even surpassed $15 billion according to the metrics that we have today in our cryptocurrency news.
As per the recent DeFi news, Ethereum will remain the dominant Defi platform despite the attempts of other blockchains such as TRON and EOS of trying to catch up. Most of the total value locked into DeFi is locked in Ethereum based platforms and it seems that things are going to stay this way.
Regarding the issues of the ETH chain, DeFi is not only a bubble because the utility is only debt, but what happens if the debt gets lossed by malfunction running out of liquidity? Then you see a $50 Billion interest and no one is able to pay back because this money is not covered. A flash crash of ETH will lead the disaster. But for now, DeFi will work till August next year.