（加密市场全线翻红）加密市场今日动态：基于Cardano的NIGHT暴跌，ZEC及XMR亦有所下跌

需要了解的:

基于 Cardano 的 Midnight Network 代币 NIGHT 下跌 22%，为前 100 大代币中跌幅最深。

比特币在未能维持90,000美元以上的涨幅后跌破88,000美元，预计在美国GDP发布后将出现潜在波动。

年度终分析显示，2025年推出的加密代币中，只有15% 的交易价格高于其初始估值，其中基础设施和与人工智能相关的代币表现不佳。

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State of the Blockchain 2025

作者 CoinDesk Research

2025年12月20日

Commissioned byInput Output Group

State of the Blockchain 16:9

L1 tokens broadly undERPerformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.

需要了解的:

2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.

This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.

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