2025年，Layer-1（L1）公链代币整体遭遇重挫，价格表现显著跑输市场，引发投资者对“L1是否已经走到尽头”的广泛讨论。然而，从链上数据与用户行为来看，这轮下跌更像是一场估值重定价，而非基本面崩塌。
根据 Schizoxbt 于12月25日发布的分析报告，多数主流 L1 代币在2025年均录得大幅回撤。以太坊全年下跌15.3%，Solana 下跌35.9%，Avalanche 和 Sui 跌幅均超过67%。TON 表现最弱，年内跌幅高达73.8%。在主流 L1 中，仅 BNB 和 TRX 实现逆势上涨，分别录得18.2%和9.8%的涨幅。这表明，在避险情绪主导的市场环境下，市值规模已难以为代币价格提供有效支撑。
但价格并未反映全部现实。链上收入和手续费数据展现出完全不同的图景。Token Terminal 数据显示，Layer-1 网络的货币化能力并未明显衰退。过去365天内，Tron 以约35亿美元的链上收入位居 L1 首位；以太坊收入约3.05亿美元，Solana 约2.07亿美元。在手续费方面，Solana 累计约6.99亿美元，以太坊约5.49亿美元，BNB Chain 也产生了约2.6亿美元的费用收入，显示其实际使用价值依然稳固。
用户活跃度同样未出现大规模流失。BNB Chain 月活跃地址数约5980万，Solana 约3980万，NEAR 达3870万。Sei Network 的活跃地址数已超过1000万，接近比特币水平，而以太坊则稳定在930万左右。数据表明，Layer-1 网络仍然承载着大量真实交易需求。
综合来看，2025年 L1 代币价格下跌的核心原因在于投机溢价消退，而非网络失去竞争力。资金正重新聚焦于那些能够持续产生交易量、手续费和链上收入的公链。对于关注 Layer-1 公链基本面、L1 代币长期价值以及区块链真实使用场景的投资者而言，这一阶段更像是去泡沫后的再平衡，而不是终局。
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Articoli correlati
Bitcoin Attempts Bottom as Analyst Flags $79K and $65K Levels
Bitcoin is nearing a key price test that could confirm a bottom or expose this move as another failed attempt. The outcome will shape whether improving market conditions translate into a sustained recovery or stall again.
Key Takeaways:
Willy Woo identifies bitcoin’s cost basis near $79K as a
Coinpedia59m fa
Bitcoin Holds Steady as Momentum Builds — Why These Are Emerging as the 4 Key Coins to Hold Ahead of a Potential Altcoin Surge
Early-stage altcoins are gaining attention as risk appetite gradually returns in 2026 crypto markets.
Utility-driven and meme-based tokens are attracting different types of investors with distinct motivations and expectations.
Market uncertainty remains high, with sentiment playing a
CryptoNewsLand1h fa
日本央行維持利率 0.75%，日圓升值比特幣承壓 7.65 萬美元
比特幣於 4 月 29 日暫報 76,500 美元附近，延續下跌走勢，美元兌日圓下跌近 0.5% 至 158.95。根據日本央行於 4 月 28 日公布的貨幣政策決議，委員會以 6 比 3 票決定維持基準利率於 0.75% 不變，三名委員投票主張當日立即升息，交易員隨即將 6 月 16 日升息的定價概率調升至 74%。
MarketWhisper1h fa
Trump Orders Long-Term Blockade of Iran to Force Nuclear Concessions Through Economic Pressure
Gate News message, April 29 — President Trump has directed his team to prepare a long-term blockade of Iran aimed at cutting off the regime's funding sources and forcing Tehran to make nuclear concessions, according to U.S. officials. The strategy focuses on maintaining economic pressure on Iran and
GateNews1h fa
XRP Sharpe Ratio Reaches 0.065 in April Recovery
CryptoQuant, a cryptocurrency analysis platform, has shared data showing that XRP's Sharpe Ratio—a key metric measuring return per unit of risk—reached approximately 0.065 in April, marking the highest level for the month, according to the analysis. The improvement reflects XRP's recovery
CryptoFrontier5h fa
Bitcoin's Fate: Next 10 Weeks Critical, Experts Say
Two cryptocurrency industry experts have identified the next 10 weeks as a critical period that will determine whether Bitcoin reaches record highs with increased institutional adoption or faces a market peak, according to analysis from Andrew Parish and James Butterfill.
Spot ETF Liquidity as
CryptoFrontier6h fa
