OAK Research finds leading Layer 1 and Layer 2 tokens posted steep 2025 drawdowns despite resilient developer activity. Monthly active users across top chains fell 25.15% (Solana down ~94M users, >60% decline) while BNB Chain nearly tripled its base. TVL and user flows diverged (Base gained, Optimism contracted). Declines are attributed to overleveraged unlock schedules, weak value-capture, and institutional preference for Bitcoin and Ethereum. Revenue concentrated with stablecoin issuers and derivatives venues (Tether, Circle), leaving general infrastructure tokens under pressure heading into 2026.

Monthly active users down 25.15%; Solana lost ~94M users (>60% decline); BNB Chain nearly tripled its base; TVL/user flow divergence (Base up, Optimism down); most L1 and many L2 finished the year lower; report cites overleveraged unlock schedules, weak value-capture, and revenue concentration at Tether and Circle.