Gate Research has published its ‘Q1 2025 Review of the Three Leading Public Blockchains’, offering a comprehensive analysis of Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) in terms of market performance and technical advancements. The report examines price movements, on-chain activity, protocol evolution, and upcoming developments, providing valuable insights for crypto asset investors.

Key Highlights:

• BTC Network Performance: BTC reached a historic high of $108,228 on January 20, before entering a phase of price correction and volatility. By the end of Q1, its market capitalization had declined by approximately 12% to $1.6 trillion. Despite the correction, on-chain transaction volume rose by 26%, while average transaction fees dropped by 42.5%. The total value locked (TVL) across BTC Layer 2 solutions grew to $2.2 billion, with CORE maintaining its lead. Notably, the emerging protocol Hemi exceeded $200 million in TVL. Key network upgrades centered on enhancing privacy and scalability, with more Layer 2 rollouts anticipated in Q2.
• ETH Network Dynamics: ETH’s market cap fell to $217.3 billion in Q1 amid cautious market sentiment. Derivatives activity saw a 34.5% increase in options trading volume, while open interest dipped 6.9%. The number of on-chain addresses surpassed 161 million, with user activity remaining stable, though overall momentum softened. Average gas fees fell by more than 50%, and ETH burn volume declined by over 60% quarter-over-quarter. The total amount of ETH staked reached 27.67 million. While TVL distribution became more fragmented, Aave continued to dominate with $14.3 billion in TVL. The upcoming Pectra upgrade, expected in Q2, aims to enhance scalability and introduce smarter account functionalities.
• Solana Ecosystem Developments: SOL surged to an all-time high of $295 before entering a consolidation phase. Derivatives open interest climbed to $4.6 billion. The network averaged 5.2 million daily active users and processed over 95.3 million transactions during the quarter. Decentralized exchange (DEX) daily trading volume soared to $11 billion, a 125% quarterly increase. Meanwhile, DePIN (Decentralized Physical Infrastructure Networks) projects generated weekly revenues of $5.6 million. The market cap of stablecoins on Solana rose 1.43x to $12.1 billion, further energizing on-chain activity. However, the inflation-reduction proposal SIMD-0228 failed to pass, reflecting the community’s cautious approach to adaptive monetary mechanisms.
• Future Outlook: The Bitcoin network is poised to further enhance transaction efficiency and script capabilities, thereby improving composability across Layer 2 solutions. Ethereum’s Pectra upgrade is poised to be a defining milestone in 2025, potentially transforming the on-chain user experience. Solana will continue strengthening its DeFi and DePIN ecosystems, with stablecoins and deep liquidity as key pillars. Despite recent valuation adjustments, all three blockchains demonstrate strong long-term potential driven by ongoing technical innovation and protocol upgrades.

Gate Research
Gate Research is a comprehensive blockchain and crypto research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

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Disclaimer
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Investing in the cryptocurrency market involves high risks. Users are advised to conduct independent research and fully understand the nature of the assets and products before making any investment decisions. Gate.io is not responsible for any losses or damages resulting from such investment decisions.

Gate.io Team
April 23, 2025

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