Overview
- OAK Research reports total Monthly Active Users fell 25.15% in 2025, with Solana losing over 60% of its user base as BNB Chain nearly tripled users.
- Layer-1 prices broadly dropped during 2025, with Ethereum down 15.3%, Solana down 35.9%, Avalanche down 67.9%, Sui down 67.3%, and TON down 73.8%, while BNB rose 18.2% and TRX gained 9.8%.
- Layer-2 performance diverged as Base posted the strongest TVL growth via Coinbase distribution, while Optimism, zkSync Era, Polygon, and Arbitrum contracted and Mantle recorded a modest gain.
- Revenue concentrated with stablecoin issuers and derivatives venues, as Tether and Circle generated significant income even as generic infrastructure tokens struggled to capture value.
- Developer activity remained resilient across EVM, Bitcoin, and Solana stacks, yet OAK warns that weak value capture, unlock pressure, and institutional preference for BTC and ETH raise consolidation risk into 2026.