2025 has been a fruitful year for mainstream L1 protocols, with multiple blockchains making significant progress in scalability, ecosystem development, and institutional recognition.

On the Ethereum side, the expansion plans continued to deepen after Dencun. Fusaka implemented PeerDAS technology to address data availability bottlenecks, and ZK-EVM achieved real-time production-level proof capabilities. Stablecoins performed remarkably well, with single-quarter transfer volumes surpassing the historical high of trillion USD. The Pectra upgrade further enhanced scalability and staking efficiency, and the Ethereum staking ETF launched by Grayscale paid out its first on-chain rewards, with institutional participation clearly increasing.

Binance Chain (BNB) also maintained strong momentum. At the institutional level, Grayscale submitted an application for a BNB spot ETF; at the ecosystem level, Binance users exceeded 300 million, with institutional trading dominating. Technologically, Lorentz and Maxwell upgrades reduced fees by approximately 98%, and block times shortened to 0.75 seconds. opBNB and Greenfield expanded the execution layer and data availability layer respectively, continuously improving ecosystem integrity.

Solana continued last year’s hot streak. Morgan Stanley submitted an application for a Solana spot ETF, with 2025 spot trading volume expected to reach @E5@ trillion USD. On the technical front, the Firedancer client was officially released, which is expected to significantly improve network reliability and throughput. Regarding stablecoins, the launch of JupUSD pushed stablecoin supply to a new high of billion USD, with 3.23 million daily active users, maintaining its position as the second most used L1.

In the stablecoin sector, TRON performed outstandingly. USDT transfer and settlement volume on its network reached trillion USD, with daily stablecoin net inflows multiple times hitting a peak of billion USD. Integration with Base and Kalshi expanded practical application scenarios, with over 355 million users processing more than 60% of global stablecoin transactions via TRON.

Sei gained attention through technological innovation. Sei Giga’s multi-proposal EVM achieved finality in 400 milliseconds, with target TPS exceeding 200,000. After the approval of SIP-3, the core architecture was further simplified and strengthened. On the institutional side, the integration of BlackRock BUIDL and Apollo ACRED sent important signals, and the launches of PYUSD and USDY advanced payment systems and tokenized treasury development.

Cardano and Midnight’s privacy testing received support from Google Cloud, and nodes were included in the Nasdaq Crypto Index. Leios scalability upgrades helped throughput reach Hydra levels, and the Chang hard fork achieved fully on-chain governance.

BCH continued to enhance payment practicality, with Coinbase enabling 24/7 trading. CashTokens unlocked native NFTs and DeFi primitives, with protocol upgrades improving scalability while maintaining low fees, and P2P payment adoption steadily growing.

SUI introduced privacy transaction features through Mysten Labs’ technology, aiming for 100,000 TPS with the Remora upgrade. The native trustless Ethereum bridge was also launched, and the development ecosystem was further accelerated by the completion of SuiNS and Move tools.