In today’s maturing blockchain ecosystem, investors are shifting focus from speculative trends to projects demonstrating clear real-world utility and sustainable value generation. While traditional Web3 themes such as DeFi remain important, new themes such as stablecoins and tokenization of real-world assets (RWAs) are emerging as top priorities for institutional and retail investors.
In this article, we introduce a Blockchain Maturity Benchmarking Framework designed to assess and compare the maturity of Layer-1 (L1) blockchain platforms across these emerging market themes. The objective is to provide industry participants with a clear lens to evaluate the progress of major L1 ecosystems based on a robust framework that includes vision, strategy, business lines, and platform strength.
Summary of Layer-1 Comparison Across Themes:
- Stablecoin/Payment: ETH & TRON lead in stablecoin market share (54% & 31%). SOL & BSC have smaller share (~6% & 3%, respectively), but have diverse holdings (USDC, USDT,etc.) similar to ETH. TRON’s focus on USDT may limit its value proposition. SOL has compliance features (e.g., confidential transactions) that are attractive to institutions.
- AI: Less mature theme overall (compared with DeFi, Stablecoin, etc.). SOL leads with high transaction speeds and 800+ agents launched. BASE followswith high adoption (~700 agents ) and an advanced AI agent toolkit. Emerging Al activity is more focused on L2s (e.g., Base) due to higher transaction speeds than most L1s.
- RWA: Aptos leads with high total RWA value on-chain ($331M) and diversityof assets (treasury, institutional funds, and private credit). Avalanche & Stellar closely follow ($160M & $ 475M RWA on-chain but less asset diversity). Hedera has smaller RWA value ( <$5M RWA on-chain) but has promising infrastructure (e.g., tokeenization studio).
- Sustainability/Positive Behavior: VeChain is the main L1 focusing on sustainability via its growing VeBetter platform (2.7M+ users, 30+ dApps encouraging sustainability or positivbehaviors). Polygon and NEAR have secondary emphasis on energy- efficient infrastructureand each have a flagship dApp focused on positive behaviors.
- DeFi, NFT, Memecoin: Ethereum & Solana lead in Total Value Locked (TVL) and # of dApps for DeFi . Other L1s are building presence but are still looking for differenttiation.
Three Primary Insights Emerge from this Assessment:
- Layer-1s are actively progressing but have not yet reached full maturity: Most chains remain at Stage III (“Growing Ecosystem”), having established their foundational technology but still needing to expand their ecosystems and create sustainable revenue streams. Notably, no blockchain has yet reached Stage V (“Mainstream”), highlighting the significant growth potential still present within the industry.
- Successful Layer-1s typically maintain diverse thematic portfolios: Ethereum and Solana stand out due to their comprehensive roadmaps, deep token liquidity, and robust developer communities, which enable them to lead across multiple market themes such as DeFi, stablecoins, and AI. This underscores a key industry trend — excelling in a single vertical no longer guarantees sustained growth or network value. Growth across multiple themes enhances network effects, attracts a broader developer and user community, and reinforces a blockchain’s foundational status in the ecosystem.
- Recurring revenue models are becoming a hallmark of successful chains: In traditional Web2 businesses, market capitalization typically reflects a combination of operating cash flows and market valuation of user growth or perceived potential. Historically, Web3 projects have relied heavily on market enthusiasm rather than sustainable financial fundamentals. However, investor priorities are now shifting toward projects that can demonstrate tangible, recurring revenue streams. This shift is also influencing developers’ platform selection for emerging use cases. For example, Solana and Base have become favored blockchains for AI-agent development due to their ability to generate substantial on-chain revenue — $375M and $85M respectively in 2024. Leading blockchain platforms increasingly differentiate themselves by establishing predictable and recurring revenue models, such as transaction fees or stablecoin usage fees. These stable income sources support ecosystem growth and resilience, setting apart successful chains from less mature competitors.
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