On-chain data reveals the current status of 5 new public chains.

Author: Stacy Muur Translator: Shan Ouba, Jinse Caijing

At the beginning of 2025, the blockchain industry welcomed the launch of several new public chains with high attention, each claiming to possess unique value propositions. Six months later, data revealed a more sobering reality: the actual popularity after launch did not meet expectations.

Performance Overview: Monthly Key Indicator Changes

On-chain Performance Analysis

Berachain: The Real Test of the Speculation Cycle

Key Highlights: Uses the Proof of Liquidity (PoL) consensus mechanism, combining network security with liquidity provision.

Token: BERA, initial price $6.90, current price $2.45 (drop 58%)

Berachain attracted $3.1 billion in liquidity before its launch, and within 20 days of the mainnet launch, the total value locked (TVL) reached $3.27 billion, briefly becoming the sixth-largest chain by TVL. However, data shows that a typical "launch and peak" trend subsequently occurred: TVL plummeted from $3.14 billion in March to $988 million in June, a decline of 68%; in May alone, on-chain trading volume dropped by 87%.

Reality: Despite the innovative PoL mechanism, Berachain is facing the dilemma of "post-airdrop incentives being difficult to sustain." Its metrics have rapidly declined, indicating that its growth relies more on token rewards rather than genuine usage demand.

Unichain: The New Aristocrat of DeFi Native Infrastructure

Key Features: A DeFi-optimized Layer 2 chain developed by the Uniswap team, with a block time of 1 second and a 95% reduction in transaction fees.

Token: Native token has not been issued yet.

During the testnet period, Unichain processed 95 million transactions and deployed 14.7 million smart contracts, demonstrating strong developer interest. TVL surged from $2.28 million to $755 million, and the monthly trading volume of DEX reached $12.86 billion in April, reflecting a real trend of DeFi user migration.

Reality: Thanks to the ecological integration of Uniswap, Unichain's initial growth has been steady. The recent 69% decline in trading volume is more likely due to the overall market environment rather than structural issues within the chain itself. Its DEX activity shows strong liquidity retention.

Abstract: Robust construction, but insufficient user stickiness

Key Highlights: A consumer-oriented blockchain that focuses on user experience and account abstraction design.

Token: Not yet issued

Abstract shows a certain growth signal: TVL increased from 14 million dollars to 28 million dollars (+102%), but user activity is still clearly insufficient. Although active addresses remain at 72,000, May's trading volume plummeted by 74%, and transaction fees also dropped by 70%. DEX activity is minimal, indicating a low penetration rate of DeFi.

Reality: Despite avoiding the short-term hype of "pulling up prices by issuing tokens", Abstract still lacks sufficient intrinsic mechanisms to retain users. The growth of TVL is disconnected from actual on-chain activities, and there may be phenomena such as wash trading or incentive-based deposits, rather than genuine usage.

Ink: The Silent Challenger

Key Highlights: Layer 2 supported by Kraken, focusing on institutional-grade DeFi and trading infrastructure.

Token: Native token not yet issued

The overall indicators for Ink show limited growth but there are concerns: TVL increased by 46% in the first half of 2025, reaching 7.55 million USD, but the starting point was low. Despite maintaining around 75,000 active addresses, the trading volume has decreased by 71% in recent months. The monthly trading volume of the DEX briefly surged to 145 million USD in April, before plummeting by 92% to 11.74 million USD.

Reality: Even with Kraken's endorsement, Ink still struggles to break through in the crowded L2 market. The low and volatile TVL indicates that user growth and activity are still not sustainable. Its institutional positioning has yet to translate into significant market appeal.

Worldchain: An Unexpected Dark Horse

Highlights: Bound to the Worldcoin ecosystem, with a blockchain that has an identity verification mechanism.

Token: WLD, current price $1.13

WorldChain performed outstandingly in the later stage, with TVL soaring from 2.92 million USD in March to 40.21 million USD in May, an increase of 1276%. This growth is closely related to other developments in the Worldcoin ecosystem and the upward trend in token prices.

Reality: Thanks to Worldcoin's verification system, WorldChain is forming a unique network effect. Recent growth trends indicate that the narrative of "identity + blockchain" may possess practical value that transcends initial skepticism.

Market Signals and Trends

Incentive "Cliff" Effect

Most new chains experienced a significant decline in trading volume from May to June, indicating that the launch incentive period has ended. Berachain saw its trading volume plummet by 87% during this period, becoming a typical representative of this trend.

TVL is disconnected from usage activity

A high Total Value Locked (TVL) does not necessarily indicate sustained activity. Although Berachain still maintains a TVL of nearly $1 billion, its trading volume has collapsed, indicating that assets may be locked or in a non-liquid state.

The Importance of DeFi Integration

Unichain's current DEX trading volume of $2.05 billion proves that when infrastructure is tailored for DeFi and deeply integrated with existing protocols, it can indeed bring real usage demand.

Identity verification creates "stickiness"

The explosive growth of WorldChain in the later stages indicates that networks with authentication mechanisms may have different growth drivers compared to purely financial blockchains.

Summary of the First Half of 2025

The new chain wave of 2025 shows a maturing market: the initial hype cycle is rapidly compressing. To succeed, at least one of the following conditions must be met:

• Ecological Deep Integration (such as Unichain)
• Continuous Incentive Mechanism Beyond Airdrops (Berachain is still facing challenges)
• Unique value propositions that can create network effects (such as WorldChain's identity system)

But most public chains face real tests after going live on the mainnet: transforming speculative use into real demand is the most difficult step in the blockchain scaling process. In May to June 2025, the trading volume of multiple new chains fell by over 70%, indicating that the market is becoming more rational, and users are more cautious about the allocation of funds and attention. Chains that can truly survive and develop in the long term are those that solve real problems, rather than just promising 'better performance.'