PANews 2025 Public Chain Data Review: 'Naked Swimming' Moment, Who is Growing Against the Trend?
PANews's 2025 public chain data review reveals a year of market correction and divergence. While the total value locked (TVL) across 26 major chains saw minimal growth (5.89%), down sharply from 2024's 119% surge, key metrics highlighted a shift towards fundamentals.
The average token price fell by 50%, with new chains like Movement (-95%) and Berachain (-92%) hit hardest. However, underlying on-chain activity surged. Total fees generated grew 60% to $16.75 billion, and aggregate DEX trading volume rose 88%. Solana dethroned Ethereum in DEX volume, processing $1.52 trillion, while BNB Chain grew significantly across most metrics.
Hyperliquid emerged as a standout, with a 299% TVL increase and a staggering 9,389% fee growth. BNB Chain and Tron also posted gains. In contrast, Solana's TVL stagnated (+0.8%) and user activity fell, exposing its meme-coindependency. Sui faced significant price pressure from token unlocks.
Stablecoin market cap saw a "full bull market," with Solana leading growth at +196%. Funding data showed fewer but larger deals, with Polygon topping total capital raised due to Polymarket's mega-round.
The year marked a pivot from "narrative" speculation to a focus on real revenue, user retention, and sustainable ecosystems, setting the stage for a more mature infrastructure landscape in 2026.
marsbit12/23 08:23