Recently, there has been an interesting analysis about the profitability of the blockchain industry, and I’d like to share it.

After Kaiko’s analysts examined the revenues of major networks—including Ethereum and Solana—using 2025 data, some pretty shocking results came to light: many protocols are actually operating at a loss.

Ethereum generated $260 million in revenue last year, and Solana also earned $170 million. Just looking at the numbers, it may sound like things aren’t that bad. However, this is the important part: these networks continuously issue new native tokens. In Ethereum’s case, that results in $188 million of inflation costs, and for Solana, $432 million—ultimately leaving holders facing a serious net loss.

What about Tron, though? While it generated $624 million in revenue last year, its inflation costs are extremely low. In fact, in 2025, the amount by which TRX tokens were reduced exceeded the amount issued, creating a deflationary supply dynamic.

So where does this difference come from? The Tron network serves as a major blockchain for stablecoin transactions, securing steady fee income. In other words, it has a revenue stream based on practicality rather than speculation.

What Kaiko’s analysis points to is that with the introduction of spot crypto asset ETFs, institutional investors have started looking at these figures more closely. The uncomfortable reality that the market had largely ignored so far is now coming to light. Protocols weren’t originally intended to be operated as conventional businesses, but for token holders, this is becoming important now.

When you look at differences like these in profitability, it’s something that makes me feel the design of protocols and the practicality of their business models will be questioned even more going forward.