2025 was outlined by a stark divergence: structural progress collided with stagnant worth motion. Institutional milestones had been reached and TVL elevated throughout most main ecosystems, but nearly all of large-cap Layer-1 tokens completed the yr with adverse or flat returns.
This report analyzes the structural decoupling between community utilization and token efficiency. We study 10 main blockchain ecosystems, exploring protocol versus software revenues, key ecosystem narratives, mechanics driving institutional adoption, and the tendencies to observe as we head into 2026.
