Kaiko Report: By 2025, Solana's net loss is approximately $4.15 billion, and Ethereum's net loss is approximately $1.62 billion

WuSaidBlockchainW · 2026-03-03T13:33:21+00:00

Kaiko report indicates that although Layer 1 tokens are gaining institutional attention through ETFs, mainstream public chains like Solana and Ethereum still face net losses. In 2025, Solana is projected to lose $4.15 billion, Ethereum $1.62 billion, while TRON is the only one to achieve revenue that covers inflation costs. ETH's revenue needs to increase by 7.2 times to break even.

WuSaidBlockchainW

2026-03-03 13:33:21

Abstract generation in progress

Wu said that according to a Kaiko report, as Layer 1 tokens are increasingly valued by institutions through ETFs in a “stock-like” manner, most mainstream public chains are still at a loss for token holders at the economic level. In 2025, Solana is expected to have a net loss of about $4.15 billion, Ethereum a net loss of about $1.62 billion; ETH revenue is approximately $260 million, SOL about $170 million, while TRON’s revenue reaches $624 million, making it the only traditional L1 to achieve revenue that covers inflation costs and maintains net deflation. Currently, the inflation costs of mainstream public chains are typically 7 to 25 times their revenue. ETH’s current price-to-fee ratio (P/F) is about 1,274 times, requiring a 7.2-fold increase in revenue to break even. In comparison, Hyperliquid demonstrates a feasible structure based on real revenue distribution to validator rewards with a P/F of 9.43.

SOL-5.1%

ETH-4.74%

TRX-0.9%

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