PANews 2025 Annual Public Chain Data Review: "Naked Swimming" Moment, Who Is Growing Against the Trend?

Author: Frank, PANews

In 2025, the public chain track in the crypto world will be a year of great drama and a watershed moment. If 2024 was a “carnival night” where various new public chains competed fiercely with high airdrop expectations and grand narratives, then 2025 is the “wake-up call” after the carnival.

As the tide recedes and liquidity tightens, the true data hidden behind the prosperity surface begins to emerge. We see a “clash of two worlds”: on one side, the widespread halving of secondary market prices and a significant slowdown in TVL growth; on the other side, an inverse surge in on-chain fee income and DEX trading volume.

This stark contrast reveals a cruel truth: the market no longer buys into simple “narratives,” and funds are concentrating into leading protocols with the ability to generate revenue and meet essential needs.

The PANews data team comprehensively analyzed the core data of 26 mainstream public chains in 2025. From TVL, token prices, fee income, activity levels to investment and financing, we attempt to restore the “bubble squeezing” process experienced by the public chain market this year through these cold numbers, and to identify those true winners who can still build solid moats in the winter.

(Data note: TVL, stablecoins, financing, and fee data are from Defillama; daily active users and daily transaction volume data are from Artemis and on-chain information; token prices and market caps are from Coingecko. The data period is from January 1, 2025, to December 16, 2025.)

The state of TVL: a cliff-like slowdown in growth, DeFi experiencing “deleveraging” pain

Looking at the most important indicator of public chain prosperity, TVL, this year’s top public chains saw slight growth overall but at a decelerating pace. PANews’s statistics show that the total TVL of 26 major public chains grew by 5.89% this year, with 5 new chains entering the list from zero initially. Additionally, only 11 chains achieved positive growth, accounting for about 42%. In comparison, in 2024, the 22 mainstream public chains had an annual TVL growth of 119%, a growth rate of 78%.

The slowdown in TVL growth also reflects the overall coldness of the crypto market. But this does not mean 2025 was entirely dull. From the industry perspective, the total TVL across the network reached $168 billion in October, a 45% increase from $115.7 billion at the start of the year. However, after October, market crashes caused TVL to plummet sharply. Part of this was due to the decline in the prices of base tokens of various chains, and part was due to risk-averse capital withdrawing from DeFi systems.

Among the top ten public chains, Hyperliquid clearly emerged as the winner of 2025, with a 299% increase in TVL this year, contrasting with single-digit growth of other chains. Solana, however, was the biggest disappointment, with only 0.8% growth. As the MEME coin market cooled, this giant chain seems to be facing a crisis. Additionally, among the 26 chains analyzed, Flare’s growth rate exceeded 582%, making it the fastest-growing chain. OP Mainnet’s TVL, on the other hand, declined by 63.6%, making it the most severely affected.

Prices halved on average, market no longer supports new public chains

In terms of prices, the performance of these mainstream public chains this year was also underwhelming. Compared to their prices at the start of the year, the tokens of these 26 chains fell by an average of 50%. Notably, Movement tokens dropped 95%, Berachain tokens fell 92%, and Scroll tokens declined 91%. These new chains failed to gain market recognition.

Among the analyzed chains, only BNB Chain (22%), Hyperliquid (14.2%), Tron (9.3%), and Mantle (3%) saw price increases this year; the rest experienced declines.

However, the changes behind TVL and price data are mainly influenced by liquidity shifts in the crypto market. Analyzing the development indicators of the public chain ecosystem reveals a different picture.

Protocol revenue surges, public chains enter a new “revenue-generating” phase

Regarding on-chain fee generation, these chains collectively generated $10.4 billion in fees in 2024, which increased to $16.75 billion in 2025, a total growth of 60%. Moreover, except for OP Mainnet, Mantle, and Scroll, where fees declined, all other chains saw growth in 2025.

The largest increase in fees was seen in Hyperliquid (9388.9%), mainly because Hyperliquid launched at the end of 2024 with a small initial base. Additionally, Solana’s fees grew by 107%, BNB Chain by 77%, Sui by 126%, and Aptos by 290%. It can be said that the revenue-generating capacity of mainstream public chains greatly improved in 2025.

Furthermore, the trading volume on DEXs across chains also grew by 88% overall, with an average increase of 163%. Solana, in particular, overtook Ethereum with a trading volume of $1.52 trillion, and BNB Chain followed closely with $697.2 billion, making it very likely to surpass Ethereum again in 2026.

Hyperliquid remains the fastest-growing, with an annual DEX trading volume increase of 1217.00%, and Flare ranks second with an 880% increase.

When “Airdrop Hunters” Disperse, retaining new public chain users becomes difficult

In terms of daily active users, the data shows mixed feelings.

Overall, the number of daily active addresses across these chains increased from 14.86 million to 17.6 million, an 18% increase. Achieving such a result in a bearish market is a relatively positive signal.

However, chains like Solana, Base, and Sui—once considered the most active among retail users—showed varying degrees of decline. Base’s daily active addresses dropped 84.9% from the start of the year, Solana’s by 37%. Recently, Polygon’s daily active addresses experienced exponential growth, reaching 2.9 million on December 19, a 612% increase from the start of the year. Additionally, chains like BNB Chain, Sei, and Aptos also saw significant growth in daily active addresses.

In terms of daily transaction counts, these chains collectively increased by about 33% at the end of the year compared to the beginning. BNB Chain’s data was particularly impressive, rising from 3.5 million to 14.5 million transactions, demonstrating strong scale and growth. Solana still leads with 58.44 million transactions, but with only 2.8% growth for the year, signs of fatigue are evident.

Stablecoins become the only “bullish” sector in 2025

The stablecoin market in 2025 experienced a full-scale explosion, which is also reflected in public chain data. Compared to 2024, most chains saw significant increases in stablecoin market cap, with Solana leading with a 196% surge, making it the chain with the largest growth in stablecoins. Ethereum and Tron, as the top two chains for stablecoins, maintained annual growth of 46% and 37%, respectively. Additionally, some active chains this year, like BNB Chain and Hyperliquid, also achieved substantial growth in stablecoins.

Ecosystem Financing: Polygon wins with star projects, Ethereum and Solana remain hot

Another noteworthy data point is financing. The crypto industry in 2025 set new records, with PANews tracking 6,710 financing events, categorized by chain. The number of financing events dropped sharply from 640 to 293, but the total amount increased from $350 million to $667 million, with the average per deal rising from $5.57 million to $22.79 million. This indicates that, in the current market, it is more difficult for small and medium startups to secure funding, while capital is more willing to invest heavily in star projects.

In terms of chain categories, Polygon raised the most with $2.24 billion, followed by Ethereum with $1.57 billion and Solana with $1.34 billion. Polygon’s leading position is mainly due to Polymarket’s massive funding of over $2 billion. Looking at the number of financing events, most occurred within the Ethereum, Solana, Bitcoin, and Base ecosystems.

Below is an analysis of several public chains that are key market focuses:

Ethereum: The boat has passed the mountain, a recovery in fundamentals and a “dislocation” with stagnant token prices

As the leading public chain, Ethereum’s development in 2025 can be described as “the boat has passed the mountain.” After experiencing ecosystem stagnation caused by severe L2 fragmentation and stagnant market prices in 2024, Ethereum saw a significant recovery in ecosystem data in 2025, especially in DEX trading volume (up 38.8%), stablecoin market cap (up 46%), and on-chain active addresses (up 71%). Additionally, in ecosystem financing events and amounts, Ethereum still leads most chains. These indicators show that Ethereum’s mainnet ecosystem development recovered in 2025.

However, in terms of price and TVL, the data remains stagnant due to the overall market correction. Compared to other chains, ETH’s price has shown relatively stronger resilience.

Solana: Success and failure both MEME, the fragility revealed after the bubble burst

Compared to 2024, Solana in 2025 presents a different state: the ecosystem’s fragility exposed after the rollercoaster. After the MEME market shifted from boom to bust early in the year, Solana failed to generate further narratives, with launch platforms continuing to compete within the MEME coin track. Despite significant growth in fee capture and DEX trading volume, token prices, active users at year-end, and transaction counts all declined sharply. This also indicates that the market is voting with its feet—Solana’s bubble of prosperity seems to have burst.

BNB Chain: From defense to full offense, the “Hexagon Warrior” with comprehensive growth

BNB Chain experienced a full breakout in 2025, with positive growth across all data dimensions. Especially in fee income, DEX trading volume, stablecoin market cap, and on-chain activity, growth exceeded 100%. Such performance is rare in a bearish market.

Of course, this success is closely related to Binance. From CZ and other executives actively participating in marketing, to the launch of Binance Alpha becoming a “must-do” for retail investors, to new derivatives exchanges like Aster targeting Hyperliquid, BNB Chain’s counterattack in 2024 has turned into a full-scale offensive. This aggressive stance makes BNB Chain a formidable opponent that all public chains cannot ignore.

Hyperliquid: The biggest dark horse of the year, teaching the industry a lesson with “real revenue”

Similar to BNB Chain, Hyperliquid also shined brightly in 2025. Aside from a slight decline in market cap (-5.3%) from the start of the year, all other data showed positive growth, with several metrics recording the largest increases among all chains.

In 2025, Hyperliquid ranked ninth in total TVL, third in fee income, sixth in DEX trading volume, and fifth in stablecoin market cap. Based on these rankings, Hyperliquid has become a truly mainstream public chain. As a newcomer to the market, achieving such results is highly successful. Moreover, it is one of the few chains in 2025 that can sustain its ecosystem through genuine revenue without relying on inflation incentives.

However, Hyperliquid recently faced strong competitors like Aster and Lighter, whose trading volumes are approaching. Unintentionally, Hyperliquid, which was a challenger last year, may need to shift to a defensive stance in 2026.

Sui: Unleashing “Deep Squats” under the top pressure, awaiting rebirth after the bubble bursts

As a rising public chain that in 2024 aggressively chased Solana and was highly anticipated by the market, Sui in 2025 remained relatively quiet. Data such as Sui’s token price (-64%) and TVL (-46.8%) reflect market pressure. This is mainly due to Sui entering an “intensive unlocking period” in 2025, with early investors and team holdings flooding into the market, compounded by overall market cooling, leading to price pressure.

Meanwhile, ecosystem activity, in terms of daily active users and daily transaction counts, remained nearly flat compared to the start of the year, reflecting the root cause of Sui’s silence: lack of new narratives and failure to fully explode within the MEME market. However, based on the growth in financing amounts and DEX trading volume, capital markets have not completely abandoned Sui. 2026 may be a year of rebirth after the bubble bursts.

TRON: The ultimate pragmatist, the “Cash Flow King” deep in the payments track

In 2025, TRON’s development set a new narrative: leveraging stablecoins to continue “quietly making money.” Although TVL and token prices retraced about half, TRON’s stablecoin market stability allowed it to generate $184 million in on-chain fees (up 126.9%) and expand DEX trading volume by 224%. For TRON, rather than chasing hot topics and new narratives, focusing on the fundamentals of global stablecoin settlement is more pragmatic. This pragmatic approach has made it a public chain with stable cash flow and strong user stickiness.

Looking back at the public chain landscape of 2025, it is not just a performance report but a reflection of the diverse development of public chains.

The clear red and black list of data tells us: the era of “thousands of horses galloping” in the public chain track has ended, replaced by a brutal “stock game” and “oligopoly” trend. Whether it’s Solana’s traffic anxiety after the MEME craze, Sui’s price pain under token unlocking pressure, or the fierce market crashes of new chains like Movement and Scroll, all prove that the false prosperity maintained by VC funding and PUA tactics is no longer sustainable.

However, amid the widespread decline, we see the evolution of industry resilience. BNB Chain’s explosive ecosystem growth, Hyperliquid’s reliance on genuine revenue, and TRON’s pragmatic deepening in payments collectively point to the survival rules for 2026: survive, not by storytelling, but by making money; not by volume manipulation, but by real users.

The chill of 2025 may be biting, but it has successfully squeezed out the bubbles attached to the public chain for years. Looking forward to 2026, we have reason to believe that on this cleaner, more pragmatic foundation, public chains will no longer be just gambling venues for speculation but will truly become the global infrastructure for large-scale value exchange.

_(The above content is authorized and excerpted by our partner PANews. Original link: _)

Disclaimer: This article is for market information only. All content and opinions are for reference only and do not constitute investment advice. They do not represent the objective views and positions of BlockBeats. Investors should make their own decisions and transactions. The author and BlockBeats are not responsible for any direct or indirect losses resulting from investor transactions._

Tags: 2025BNB ChainDeFiDEXHyperliquidSolanaSuiTRONTVLEthereumPublicChainReviewPerformance