2025-12-25 14:27:18

The performance of the Layer 1 track this year has been quite bleak. Mainstream public chains have been taking a hit: HYPE dropped 6.5%, Ethereum (ETH) fell 15.3%, Solana (SOL) fared even worse with a 35.9% decline, Sui (SUI) halved and dropped 67.3%, Avalanche (AVAX) also didn't do well, falling 67.9%, and even TON plummeted 73.8%—it's really a mess.

In this dark market, there are still two fish swimming against the tide: Binance Chain (BNB) managed to climb back, up 18.2%. TRON (TRX) isn't too bad either, with a 9.8% increase. How about the performance of other public chains? Most are basically lying at the bottom of the water.

It seems that this year's L1 differentiation is particularly obvious—projects close to exchange ecosystems can barely hold on, while public chains focusing on application ecosystems are generally losing blood. This pattern is worth every participant to ponder carefully.

HYPE-1.21%

ETH-0.7%

SOL-0.26%

SUI-2.06%

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DaisyUnicorn

· 7h ago

BNB and TRX are truly exceptional, the exchange ecosystem moat is really fierce. Other public chains' gardens have withered this year, and the path of ecological applications still needs to be slowly nurtured. Stars like SOL and Sui, once shining, are now lying at the bottom... Such a big divergence, who can predict? So many projects have been cut in half, luckily I held some BNB, or I would have vomited blood. The exchange-based public chains really held up this wave, but those small flowers in the application ecosystem can't bloom. I heard TON dropped so badly, I thought it would rebound, but it’s down 73.8%... My holdings... Oh wait, why are the chains in the exchange ecosystem more resistant to declines? Is it about liquidity? The L1 landscape needs to be rethought, it feels like the application track and the exchange track are about to split. These days, just being close to major exchanges can keep you alive; it's so tough for chains developing application ecosystems.

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