2025 was defined by a sharp divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet 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 versus application revenue, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch heading into 2026.
