The year 2025 was defined by a marked divergence: structural progress collided with price stagnation. Institutional milestones were achieved and TVL increased across most major ecosystems, but the majority of large-cap layer 1 tokens ended the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol revenue versus applications, key ecosystem stories, mechanisms driving institutional adoption, and trends to watch as we approach 2026.
