The year 2025 was marked by a notable contrast: while structural advancements were achieved, price movements remained stagnant. Institutional milestones were accomplished and total value locked (TVL) rose across numerous significant ecosystems; however, most major Layer-1 tokens concluded the year with either negative or flat returns.
This report delves into the structural separation between blockchain network usage and the performance of tokens. We analyze 10 prominent blockchain ecosystems, investigating the revenues from protocols versus applications, critical ecosystem narratives, factors influencing institutional adoption, and the trends to monitor as we approach 2026.
