Gate Research Institute: Solana and Ethereum Lead Ecosystem Development, Market Size Continues to Expand | December 2025 Web3 On-Chain Data AnalysisIn December 2025, the activity level of the public chain ecosystem slowed down, and differentiation deepened. Solana and Ethereum remain the core, with obvious internal differentiation within Layer2. The market has shifted from narrative-driven to efficiency and application filtering. Regarding BTC, based on the distribution of comprehensive costs, floating losses, supply, and holder structure, the current market is in a phase of cyclical pullback and rebalancing during a bull market. Short-term pressure exists, but long-term holdings remain stable; if the key cost zone below can be effectively maintained, the market is expected to gradually recover after oscillating and digesting. On the project level, BSC predicts that market trading volume will continue to expand, but liquidity is highly concentrated in Opinion, and new platforms are still in the early validation stage. On the token level, $BEAT experienced a maximum increase of nearly 300% driven by capital rotation, with the market mainly driven by trading attributes and sentiment.
GateResearch·01-09 07:47