Protocol Revenue
Why Layer‑1 Tokens Were Crushed in 2025: A Post‑Mortem on SOL and AVAX
In 2025 major Layer‑1 tokens like SOL and AVAX plunged as market expectations collided with weak protocol revenue and growing centralization risks. This post‑mortem explains what broke, with a practical investor framework to separate durable L1s from hype.
Published at 2025-12-25 14:52:47