December 25, 2025

Layer 1 tokens face reckoning as user growth stalls and revenues concentrate

OAK Research says 2025 punished undifferentiated L1 and L2 tokens as users rotated, MAUs fell 25%, and revenue pooled in stablecoins while dev activity stayed resilient.SummaryOAK Research reports major Layer 1 tokens suffered steep 2025 drawdowns even as …

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