Major public blockchains posted net losses last year.
Crypto data analytics firm Kaiko estimated Solana's net loss in 2025 at about $4.15 billion, while Ethereum posted a net loss of about $1.62 billion.
In Solana's case, a net loss of $4.15 billion means the value of newly issued tokens exceeded the fees paid by users, or revenue, by $4.15 billion. For token holders, it amounts to dilution in the value of their holdings.
On revenue, Ethereum recorded about $260 million, while Solana posted about $170 million. Tron generated $624 million in revenue and was the only major layer-1 in which fee revenue exceeded the cost of newly issued tokens.
Inflation costs for major public chains are currently 7 to 25 times revenue. Ethereum's market-cap-to-fee ratio, akin to a price-to-earnings ratio, is about 1,274 times, and revenue would need to rise 7.2 times from current levels to reach break-even.
Hyperliquid distributes net income to validators, and its market-cap-to-fee ratio is only 9.43 times, a structure viewed as having a sustainable revenue model.
Chi-gyu Hwang
delight@d-today.co.kr