Etheruem, in my opinion is not the king of crypto and I personal doubt if it can ever replace Bitcoin as the number position. This is because bitcoin control the entire altcoins in the market, that is, the price of bitcoin drive the altcoins prices all the time.
Now, except etheruem brake the current btc market control, it can not be the king of crypto even with the Defi ecosystem join together may not change the BTC market control.