Ronin and ZKsync’s Onchain Metrics Experienced Notable Declines in 2025

By: crypto insight|2025/12/22 16:30:10

Key Takeaways

Some of the major blockchain networks, including Ronin and ZKsync, saw a significant reduction in onchain activity, with Ronin experiencing a steep decline of 70%.
Despite the decline in some platforms, Ethereum’s main network saw a rise in activity, countering the trend.
Chains like Ronin and ZKsync faced usage drops due to over-reliance on viral moments and airdrop activities which faded over time.
Solana and a few other networks maintained substantial user activity even after the hype reduced, marking them as stable networks in the ecosystem.

WEEX Crypto News, 2025-12-22 16:15:39

A Year of Declines for Certain Blockchains

As we reflect on the past year, 2025 brought significant shifts in the onchain activity of some of the blockchain world’s notable players. In particular, networks like Ronin and ZKsync faced substantial declines. This trend underlines the challenges many blockchain projects face when attempting to sustain growth following viral surges or specific events like airdrops. According to data from Nansen, a noted blockchain analytics firm, the activity on various networks fell sharply, with eleven blockchains showing a decrease in active addresses over the year.

Ronin emerged at the forefront of this decline with a staggering 70% drop in onchain activity, highlighting its challenges. Bitcoin also observed a 7.2% decline, though it held its ground better in comparison. It’s essential to note that several Ethereum layer-2 solutions also registered declines in active addresses. However, Ethereum’s primary network experienced a boost, with both active addresses and transactions increasing notably—by 25% and over 20%, respectively—even amidst ongoing debates about its rollup-centric roadmap and liquidity issues across various layer-2 solutions.

The Rise and Fall of Networks Driven by Viral Success

The intriguing aspect of this decline is the reliance some chains had on viral moments for their growth spurts. For instance, Ronin witnessed a significant spike in activity thanks to the migration of the popular game “Pixels” from the Polygon network in 2023. Initially, Ronin boasted around 20,000 daily active users, but after Pixels migrated, this number surged dramatically, peaking at approximately 300,000 daily users by December 2024. However, this boom was short-lived. The game’s popularity waned, and with it, Ronin’s activity plummeted, demonstrating the network’s dependency on hit applications for engagement.

Similarly, ZKsync recorded a remarkable reduction in transaction activity, plummeting by 90%. This was partly attributed to the waning excitement around its token airdrop, launched in June 2024. This event had initially drawn a significant number of participants—nearly 700,000 wallets were eligible—but enthusiasm faded, with Nansen data indicating that over 40% of airdrop recipients quickly offloaded their allocations.

Another Ethereum layer-2, Arbitrum, also experienced a slight dip in active addresses by 3%, although it still maintained a robust user base of around 31 million—a figure placing it among the top 10 networks. Arbitrum’s airdrop, conducted in 2023, bolstered its transaction volume by 36% to approximately 734.5 million, surpassing Ethereum’s 507 million transactions. This increase was partly due to activity driven by tokenized assets, including 500 US stocks integrated by Robinhood.

Examples of Decline and Resilience

While some networks faced sharp declines after their initial spikes in usage, not all chains experienced the same fate. Base and Optimism stood out among Ethereum layer-2 networks, with increases in both active addresses and transaction volumes. Base, notably lacking a native token and without having conducted an airdrop, saw its onchain activity flourish across areas like memecoins, decentralized exchanges, and AI-related applications.

Solana recorded the highest number of active addresses at over 1 billion, trailed by Tron and Ethereum. In contrast, Bitcoin, despite its prevalence, saw transaction numbers fall by 22%. The trends for Solana and others suggest that while year-over-year comparisons can provide insights, they may not entirely depict a network’s long-term potential or address broader ecosystem viability.

For instance, Solana experienced memecoin-fueled activity surges throughout 2024 and early 2025. Even though activity cooled towards the year’s end, the network benefited from the surge, bringing in users, liquidity, and applications that sustained it beyond the hype. Despite a peak of over 9 million daily active addresses during its high, activity leveled off to a more sustainable range of 2 to 3 million daily users by December.

Analyzing the Decline and Future Prospects

The dramatic decrease in onchain activity for networks heavily reliant on a few applications or engagement programs indicates potential vulnerabilities. Yet, these declines do not necessarily signal permanent problems for the networks. Onchain figures can vary as applications relocate, incentive initiatives taper off, or user bases shift, particularly on younger networks still firming up their core use cases.

The Open Network (TON), which was linked to Telegram, offers additional insights into how growth dynamics can play out. It recorded a 47% drop in active addresses and a 51% decline in transactions after experiencing enormous growth in 2024. The Telegram-based mini-games, like the remarkably popular “Hamster Kombat,” attracted massive engagement. However, once the initial excitement faded, the numbers subsided. This volatility underscores how short-lived booms can distort year-over-year comparisons.

Yet even amidst decline narratives, the notion of blockchain ecosystems failing wholesale is misleading. In several cases, activity cooled after stretches of expansive growth, and year-over-year figures may not give a full picture due to variables like hype cycles, airdrops, or viral applications. Thus, while Ronin and ZKsync struggled to recapture their viral-infused peaks, networks like Solana, BNB Chain, and Base managed to fortify their positions and command enduring usage beyond temporary upticks. These elements suggest that while fluctuations are to be expected, new projects and continual development hold potential for the future.

The Broader Implications and Lessons Learned

From the trends discussed, the crypto ecosystem can draw lessons about sustaining growth and engaging users. The overreliance on airdrops or individual applications as primary drivers of onchain activity can lead to significant fluctuations when those drivers fade. Conversely, networks that manage to capture long-term applications and foster organic user interest may demonstrate greater resilience against market shifts.

Furthermore, these trends highlight the need for blockchain projects to cultivate diversified strategies that don’t rely too heavily on single-use cases but rather bolster an adaptable and robust ecosystem. This could mean encouraging broader types of engagement, such as decentralized finance operations, metaverse integrations, or wider e-commerce opportunities that leverage blockchain’s unique attributes.

The interplay of these dynamics permits one to understand better how different blockchain communities can prepare themselves against downturns. As the sector evolves, finding a balance between enticing users through innovative approaches and maintaining foundational stability remains crucial. As networks like Solana exemplify, the right blend of foresight and adaptability can transform potential volatility into sustained growth.

The way forward involves a focus on resilience and innovation—a formula that could help emerging and established blockchains alike navigate the turbulent waters of the evolving digital landscape. In doing so, they might well dictate the future course of blockchain evolution, moving past short-lived viral moments toward fostering sustained engagement and strengthening the digital economy.

FAQs

What led to the decline in Ronin and ZKsync’s onchain activity?

Ronin and ZKsync’s declines were primarily due to the fading excitement of viral moments such as popular game migrations and airdrops. Once these initial surges subsided, the networks struggled to maintain the same level of engagement.

Has Ethereum been affected by these trends?

Unlike some other networks, Ethereum’s base layer has seen an increase in activity, with a rise in both active addresses and transaction numbers, thanks to its well-established ecosystem and continual development efforts.

How did other networks like Solana maintain user engagement?

Solana maintained user engagement by leveraging the surge in memecoin activities to bring in users and liquidity. Its strong foundational support in terms of applications has helped it retain a substantial user base even after initial booms faded.

Are these declines a sign of broader blockchain ecosystem failure?

Not necessarily. While some networks faced declines, others like Solana, BNB Chain, and Base experienced sustained engagement beyond short-lived upticks, indicating that ecosystem resilience can vary significantly across different projects.

What strategies should blockchain projects adopt to sustain growth?

Blockchain communities should focus on creating diverse engagement strategies and avoid relying solely on single-application successes. Developing broad use cases across various sectors like finance, metaverses, and decentralized exchange platforms can help ensure sustained long-term growth.

Over the past 24 hours, the crypto market has shown strong momentum across multiple dimensions. The mainstream discussion has focused on Coinbase's official entry into the prediction market through the acquisition of The Clearing Company, as well as the intense controversy within the AAVE community regarding token incentives and governance rights.

In terms of ecosystem development, Solana has introduced the innovative Kora fee layer aimed at reducing user transaction costs; meanwhile, the Perp DEX competition has intensified, with the showdown between Hyperliquid and Lighter sparking widespread community discussion on the future of decentralized derivatives.

I. Mainstream Topics

1. Coinbase Acquires The Clearing Company, Officially Entering Prediction Market

This week, Coinbase announced the acquisition of The Clearing Company, marking another significant move to deepen its presence in this field after last week's announcement of launching a prediction market on its platform.

The Clearing Company's founder, Toni Gemayel, and the team will join Coinbase to jointly drive the development of the prediction market business.

Coinbase's Product Lead, Shan Aggarwal, stated that the growth of the prediction market is still in its early stages and predicts that 2026 will be the breakout year for this field.

The community has reacted positively to this, generally believing that Coinbase's entry will bring significant traffic and compliance advantages to the prediction market. However, this has also sparked discussions about the industry's competitive landscape.

Jai Bhavnani, Founder of Rivalry, commented that for startups, if their product model proves to be successful, industry giants like Coinbase have ample reason to replicate it.

This serves as a reminder to all entrepreneurs in the crypto space that they must build significant moats to withstand competition pressure from these giants.

2. Kalshi Launches Kalshi Research and Integrates BSC Network

Regulated prediction market platform Kalshi launched its research arm, Kalshi Research, this week, aimed at opening its internal data to the academic community and researchers to facilitate exploration of prediction market-related topics.

Its inaugural research report highlights Kalshi's outperformance in predicting inflation compared to Wall Street's traditional models. Kalshi co-founder Luana Lopes Lara commented that the power of prediction markets lies in the valuable data they generate, and it is now time to better utilize this data.

Meanwhile, Kalshi announced its support for the BNB Chain (BSC), allowing users to deposit and withdraw BNB and USDT via the BSC network.

This move is seen as a significant step for Kalshi to open its platform to a broader crypto user base, aiming to unlock access to the world's largest prediction market. Furthermore, Kalshi also revealed plans to host the first Prediction Market Summit in 2026 to further drive industry engagement and development.

3. AAVE Token Incentive Controversy Persists as Founders and Whales Increase Holdings Against the Market Trend

The AAVE community recently engaged in heated debates around an Aave Improvement Proposal (AIP) titled "AAVE Tokenomics Alignment Phase One - Ownership Governance," aiming to transfer ownership and control of the Aave brand from Aave Labs to Aave DAO.

Aave founder Stani Kulechov publicly stated his intention to vote against the proposal, believing it oversimplifies the complex legal and operational structure, potentially slowing down the development process of core products like Aave V4.

The community's reaction was polarized. Some criticized Stani for adopting a "double standard" in governance and questioned whether his team had siphoned off protocol revenue, while others supported his cautious stance, arguing that significant governance changes require more thorough discussion.

This controversy highlights the tension between the ideal of DAO governance in DeFi projects and the actual power held by core development teams.

Despite governance disputes putting pressure on the AAVE token price, on-chain data shows that Stani Kulechov himself has purchased millions of dollars' worth of AAVE in the past few hours.

Simultaneously, a whale address, 0xDDC4, which had been quiet for 6 months, once again spent 500 ETH (approximately $1.53 million) to purchase 9,629 AAVE tokens. Data indicates that this whale has accumulated nearly 40,000 AAVE over the past year but is currently in an unrealized loss position.

The founder and whale's increased holdings during market volatility were interpreted by some investors as a confidence signal in AAVE's long-term value.

4. Top Articles: DeFi Curators and Ethereum Annual Summary

In this week's top article, Morpho Labs' "Curator Explained" detailed the role of "curators" in DeFi.

The article likened curators to asset managers in traditional finance, who design, deploy, and manage on-chain vaults, providing users with a one-click diversified investment portfolio.

Unlike traditional fund managers, DeFi curators execute strategies automatically through non-custodial smart contracts, allowing users to maintain full control of their assets. The article offered a new perspective on the specialization and risk management in the DeFi space.

Another widely circulated article, "Ethereum 2025: From Experiment to Global Infrastructure," provided a comprehensive summary of Ethereum's development over the past year. The article noted that 2025 is a crucial year for Ethereum's transition from an experimental project to global financial infrastructure. Through the Pectra and Fusaka hard forks, Ethereum achieved significant reductions in account abstraction and transaction costs.

Furthermore, the SEC's clarification of Ethereum's "non-securities" nature and the launch of tokenized funds on the Ethereum mainnet by traditional financial giants like JPMorgan marked Ethereum's gaining recognition from mainstream institutions. The article suggested that whether it is the continued growth of DeFi, the thriving L2 ecosystem, or the integration with the AI field, Ethereum's vision as the "world computer" is gradually becoming a reality.

II. Mainstream Ecosystem Updates

1. Solana: Launches Kora Fee Layer and propAMM Data Research

The Solana Foundation engineering team released a fee layer solution called Kora this week.

Kora is a fee relayer and signatory node designed to provide the Solana ecosystem with a more flexible transaction fee payment method. Through Kora, users will be able to achieve gas-free transactions or choose to pay network fees using any stablecoin or SPL token. This innovation is seen as an important step in lowering the barrier of entry for new users and improving Solana network's availability.

Additionally, a deep research report on propAMM (proactive market maker) sparked community interest. The report's data analysis of propAMMs on Solana like HumidiFi indicated that Solana has achieved, or even surpassed, the level of transaction execution quality in traditional finance (TradFi) markets.

For example, on the SOL-USDC trading pair, HumidiFi is able to provide a highly competitive spread for large trades (0.4-1.6 bps), which is already better than the trading slippage of some mid-cap stocks in traditional markets.

Research suggests that propAMM is making the vision of the "Internet Capital Market" a reality, with Solana emerging as the prime venue for all of this to happen.

2. Perp DEX: Hyperliquid vs. Lighter Competition Intensifies

The competition in the perpetual contract DEX (Perp DEX) space is becoming increasingly heated.

In its latest official article, Hyperliquid has positioned its emerging competitor, Lighter, alongside centralized exchanges like Binance, referring to it as a platform utilizing a centralized sequencer. Hyperliquid emphasizes its transparency advantage of being "fully on-chain, operated by a validator network, and with no hidden state."

The community widely interprets this as Hyperliquid declaring "war" on Lighter. The technical differences between the two platforms have also become a focal point of discussion: Hyperliquid focuses on ultimate on-chain transparency, while Lighter emphasizes achieving "verifiable execution" through zero-knowledge proofs to provide users with a Central Limit Order Book (CLOB)-like trading experience.

This battle over the future direction of decentralized derivatives exchanges is expected to peak in 2026.

Meanwhile, discussions about Lighter's trading fees have surfaced. Some users have pointed out that Lighter charged as much as 81 basis points (0.81%) for a $2 million USD/JPY forex trade, far exceeding the near-zero spreads of traditional forex brokers.

Some argue that Lighter does not follow a B-book model that bets against market makers, instead anchoring its prices to the TradFi market, and the high fees may be related to the current liquidity or market maker balance incentives. Providing a more competitive spread for real-world assets (RWA) in the highly volatile crypto market is a key issue Lighter will need to address in the future.

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