What The Hell Are People Doing Onchain in 2025?
summary
Onchain activity in 2025 centers on dollars and trades not NFTs: stablecoins top $200 billion with about two thirds held in Tether, while tokenized treasuries exceed $6 billion but sit in only ~1,200 addresses. L2s like Base surge in daily active addresses, yet Ethereum L1 no longer generates the most revenue as Solana, BNB Chain and Tron out-earn it. Memecoin trading infrastructure pulls in >$1 billion in revenues and assets like Shiba Inu, Pepe and Trump reach hundreds of thousands of holders. stablecoins dominate ($200B, 2/3 Tether) Hyperlquid 60% market share
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chapters (10)
- 0:00Nunson mission
- 1:33Stable coins growth
- 2:17Chain wars analysis
- 3:40Ethereum L2s growth
- 6:12Ethereum L1 revenue
- 9:45Memecoins market
- 11:36Tokenized securities
- 12:39Tokenized equity future
- 13:01Hyperlquid DEX dominance
- 13:42Key takeaways
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