CoinDesk 20 Performance Update: Ethereum (ETH) Gains 1.8% as Index Moves Higher
CoinDesk
The CoinDesk 20 update highlights a 2025 divergence where structural progress outpaced stagnant token price action.Summary
The CoinDesk 20 performance update for 2025 reveals a significant divergence where structural progress, including institutional milestones and increased Total Value Locked (TVL) across major ecosystems, collided with stagnant price action for most large-cap Layer-1 tokens, which ended the year flat or negative. This report analyzes this decoupling between network usage and token performance by examining ten major blockchain ecosystems, focusing on protocol versus application revenues, key narratives, and the mechanics driving institutional adoption as the industry looks toward 2026.
(Source：CoinDesk)