The year 2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, but most 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 revenue per protocol versus applications, key ecosystem narratives, mechanisms driving institutional adoption, and trends to watch as we approach 2026.
