Layer‑1 Prices Drop in 2025 While Revenue and Users Hold — Traders Should Reprice
Layer‑1 token prices posted sharp declines across 2025 even as on‑chain fundamentals showed resilience. Major year‑over‑year losses included TON (-73.8%), AVAX (-67.9%), SUI (-67.3%), SOL (-35.9%) and ETH (~-15.3%); BNB (+18.2%) and TRX (+9.8%) were among the few gainers. Token Terminal data highlighted divergent economic metrics: Tron led annual network revenue (~$3.5B), well ahead of Ethereum (~$305.3M) and Solana (~$206.8M). Fee generation was highest on Solana (~$699.9M), followed by Ethereum (~$549.3M) and BNB Chain (~$260.3M). Monthly active addresses remained elevated—BNB Chain (~59.8M), Solana (~39.8M), NEAR (~38.7M), Sei (~10.6M), Bitcoin (~10.3M) and Ethereum (~9.3M)—indicating sustained user activity despite price corrections. The reporting frames 2025 losses as market repricing and fading speculative premiums after October highs rather than structural failure: capital and activity are concentrating on economically productive chains. For traders, the key takeaway is that on‑chain metrics (revenue, fees, active addresses) can diverge from token prices and serve as indicators of relative value and resilience during risk‑off periods. Monitor Token Terminal and similar on‑chain dashboards to spot networks with real usage that may act as relative refuges or outperformers as markets transition into 2026.
Neutral
The news describes broad token price declines in 2025 but emphasizes resilient on‑chain fundamentals (revenue, fees, active addresses). For the individual tokens mentioned, the immediate price signal is negative — large year‑over‑year drawdowns for TON, AVAX, SUI, SOL and ETH. That supports a short‑term bearish view on those token prices. However, the persistent network revenue and high active addresses imply underlying demand and utility that can limit downside and support eventual recovery; BNB and TRX outperformed on price, reflecting stronger market sentiment or monetization. Overall, the piece points to a divergence between market prices and economic activity: traders should treat the development as neutral for the broader market — downside price pressure exists but networks with strong on‑chain economics may outperform peers and be candidate relative refuges. Short‑term impact: bearish pressure on the mentioned weak tokens; Long‑term impact: potential stabilization or selective bullishness for chains that demonstrate sustained revenue and user activity, making on‑chain indicators useful for rotation and risk management heading into 2026.