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。
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