The 2025 Blockchain Activity Report: A Deep Dive
The year 2025 painted a vivid picture of the crypto landscape, with on-chain activity revealing distinct winners and losers. Nansen, a leading on-chain analytics firm, provided a comprehensive overview, highlighting the blockchains that processed the most transactions. The top contenders, in descending order of transaction volume, were Solana, BNB Chain, Base, Tron, and NEAR Protocol.
Solana: The DEX Darling and Memecoin Magnet
Solana emerged as the clear leader, largely fueled by a significant trading boom within the decentralized exchange (DEX) sector. Early in 2025, Solana DEXs captured a substantial 40% market share of the industry, according to CoinGecko, processing $293.7 billion in the first quarter alone. This surge was partially attributed to the memecoin frenzy, with celebrity-linked and politically charged tokens, such as the Solana-based $TRUMP, attracting considerable attention and trading volume. DefiLlama data further illustrated Solana‘s sustained dominance, with monthly DEX volumes consistently exceeding the $100 billion mark.
BNB Chain: Riding the Memecoin Wave
BNB Chain secured the second spot, demonstrating the ongoing influence of the Binance ecosystem. While the report indicates a significant number of transactions, the details behind the activity are less specific. The rise of memecoins on BNB Chain appears to have played a crucial role in driving network traffic, mirroring the trends seen on Solana. This highlights the power of speculative trading and community engagement in propelling blockchain adoption.
Base: Coinbase’s On-Chain Launchpad
Coinbase’s Layer-2 solution, Base, secured a respectable third place. Its success was linked to its direct integration with Coinbase’s vast user base. A 2026 outlook by Messari researcher AJC shows Base‘s impressive growth. The Base ecosystem also experienced significant expansion, encompassing a diverse range of applications, including DEXs, AI-driven applications, and prediction platforms.
Tron: The Stablecoin Sanctuary
Tron‘s position in the top five was firmly cemented by its role as a key infrastructure provider for the stablecoin economy. The network hosted a significant portion of circulating USDt (USDT). The growth of stablecoin adoption, with daily transfer volumes in the tens of billions of dollars, solidified Tron‘s importance within the digital asset ecosystem.
NEAR Protocol: Championing Privacy and Innovation
NEAR Protocol rounded out the top five, demonstrating notable activity throughout the year. Beyond mere transaction counts, NEAR‘s story was interwoven with advancements in privacy technology. This partnership with Zcash (ZEC) enabled users to navigate the privacy-focused Zcash ecosystem without relying on centralized exchanges. This integration propelled Zcash’s adoption and fueled increased activity within NEAR’s ecosystem, underscoring the growing demand for privacy-preserving solutions.
Looking Ahead
The 2025 blockchain activity underscores several crucial trends. Low fees and high throughput remain critical for attracting users. The data also reveals the impact of innovative financial instruments like DEXs and stablecoins, alongside the ongoing influence of speculative trading via memecoins. Furthermore, the rise of privacy-focused projects highlights the evolving needs and expectations of the crypto community. As the crypto landscape continues to mature, these factors will likely shape the trajectories of leading blockchains for years to come.
