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2025 Crypto Year in Review: Winners, Losers, and the Rise of RWA Assets
The altcoin market in 2025 experienced a slow year, with most traditional crypto narratives showing significant weakness. According to research, only a few sectors managed to post net gains and demonstrate sustainable growth, highlighting a year of selective opportunities for investors.
RWA Tokenization Emerges as a Bright Spot
Among the few thriving narratives, RWA (Real-World Asset) tokenization stood out as the most profitable class. Coingecko data shows that top RWA tokens returned 185.8% on average, driven by rising demand for on-chain exposure to stock and other tangible assets. Chainlink (LINK) emerged as a key proxy for tokenized stocks, while smaller platforms like ONDO, with a market cap of just $1.2 billion, also played significant roles despite lower valuations.
Layer-1 Chains Show Mixed Results
Traditional Layer-1 (L1) blockchains struggled to deliver meaningful gains. Ethereum (ETH) declined by roughly 10% despite growing activity in stablecoins, lending, and other utility services, while Solana (SOL) fell over 34%, even with strong meme season activity and trading hub growth. Only BNB (+22%) and TRX (+9.9%) ended the year in positive territory, while smaller chains like Avalanche (AVAX) and Telegram’s TON token suffered losses of 66.5% and 73.4%, respectively, losing traffic to Layer-2 networks.
Memes, AI Agents, and L2 Chains Face Declines
Narratives like memes and AI agent tokens, although innovative, also struggled. Memes fell 31.6%, AI agents dropped 50.2%, and DEX-based tokens plunged 55.5%, reflecting broader market weakness. L2 chains, some hosting these narratives, declined 40.6% on average, and the Solana ecosystem saw an overall 64% drop due to slower meme-driven activity.
GameFi and DePIN Tokens Hit Hardest
The worst performers of 2025 were GameFi and DePIN tokens, with some DePIN assets losing over 95% of their value. Investors increasingly sought new trends and use cases, favoring infrastructure and sustainable growth rather than chasing outsized returns typical of previous bull cycles.
Despite overall declines, RWA tokenization and select L1 winners demonstrated that even in a sluggish altcoin market, innovation and utility-driven projects could generate notable gains.
