Five-year price · 20 complete calendar quarters · BTC-relative

Layer 1 Crypto Coins

Is Layer 1 outperforming Bitcoin, and is leadership broad?

Bottom line

TRON ranks first for research priority in Layer 1 crypto at 76/100, and its native activity evidence clears the coverage gate. The theme's 13-week excess versus Bitcoin is -6.4% on 6% breadth, which is what decides whether that lead is isolated or broad. 6 of the 78 assets here carry enough native evidence to move past a tape-led label.

These Layer 1 coins are part of the cryptocurrency universe this site tracks daily — 894 of the top 1,000 crypto currency assets by market cap, priced from exchange closes and matched to protocol fees and revenue where a protocol publishes them.

The theme itself · before any single company

How has Layer 1 moved against Bitcoin?

The line below covers 5 years. Over the most recent two of them this theme is 31% behind Bitcoin. Protocol revenue across its protocols fell 28% on average over the last four reported quarters. It has been ahead of Bitcoin on a rolling three-month view for 9 weeks running.

BREAKING OUT · ahead 9w⚠Price down, no fundamental support22 of 60 coins ahead of Bitcoin by 5% or more over three months

RS ↑9w · 7/60 >200d (+0) · 22/60 lead (+2) · EPS 0/4↑

Layer 1, equal-weighted, based at 200 Bitcoin, same base, same start trailing 12-month protocol revenue rising falling

Strength anatomy MixedHow much of the theme is participating, how recently, and whether the movers score well.

Together22 of 60 coins moving

Fresh5 crossed in the last 4 weeks

Down the cap ladder — bar is now, tick is four weeks ago

Large 5/120

Mid 9/21+1

Small 8/27+1

Participation is spreading downward — the mid and small companies added more this month than the large ones did.

Both lines start at 200 in the same week, so the distance between them is the whole story: the theme line is an equal-weighted index of its 60 coins. The bars underneath are trailing 12-month protocol revenue, one bar per reported quarter, each member rebased to 100 at the start and the theme taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while protocol revenue grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

RISK OFF market context

Layer 1 vs Bitcoin — Relative Strength & Breadth

Layer 1 crypto has underperformed Bitcoin by 26.1% over 52 weeks on an equal-weight index of current members. Over 13 weeks the figure is -6.4%. 4 of 62 covered assets are above their own 200-day average. Worldcoin leads Bitcoin-relative strength at +51.7%. Price readings are as of 2026-07-24.

-6.4%13w vs BTC

-26%52w vs BTC

4/62Above 200-DMA

WLDRS leader · +52%

Assets

canonical functional membership

Activity-covered

6/78

enough native evidence

Top score

76.0/100

TRON

Calendar quarters

complete; missing stays missing

Global asset selection · top 20 shown

Showing 20 of 78 assets

00 · exact additive research priority

4-Factor Crypto Evidence Score

A within-theme research-priority score for the 78 assets in Layer 1, out of 100. The four displayed point contributions add exactly to the total, and the market regime changes the action label, never the arithmetic. TRON is highest at 76/100 on 87% evidence. It ranks research attention, not portfolio action.

Market leadership · 35Network & economic traction · 30Value capture · 20Liquidity & downside risk · 15

TRON leads the current research queue at 76/100 with 87% evidence.

6/78 assets have enough native activity evidence to move beyond a tape-led label.

Missing native metrics are not scored as zero and are not silently reweighted. They pull only the affected factor toward neutral and lower its visible evidence percentage.

1. TRON · TRX

76.0/100 · Priority research · market gate closed · 87% evidence

Exact sum: 31.2 + 13.9 + 16.9 + 14.0 = 76.0

Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.

31.2/35Market leadership

RS-BTC 19.4 pp · RS-sector 3.1 pp · 200-DMA above

100% evidence

13.9/30Network & economic traction

Fees -34.5% · revenue -34.5% · users —

70% evidence

16.9/20Value capture

Fee yield 1.39% · revenue yield 1.39%

80% evidence

14.0/15Liquidity & downside risk

30d median volume $461,295,413 · vol 16.7%

100% evidence

2. Ethereum · ETH

55.9/100 · Mixed · market gate closed · 82% evidence

Exact sum: 18.4 + 14.1 + 10.6 + 12.8 = 55.9

Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.

18.4/35Market leadership

RS-BTC -2.4 pp · RS-sector 16.8 pp · 200-DMA below

100% evidence

14.1/30Network & economic traction

Fees -74% · revenue — · users 28.1%

80% evidence

10.6/20Value capture

Fee yield 0.14% · revenue yield —

40% evidence

12.8/15Liquidity & downside risk

30d median volume $10,414,475,115 · vol 43.9%

100% evidence

3. Gravity (by Galxe) · G

53.7/100 · Illiquid · research only · 82% evidence

Exact sum: 31.2 + 3.1 + 12.9 + 6.5 = 53.7

Decision use: Price leads usage. Wait for fees, users or TVL to confirm the move.

31.2/35Market leadership

RS-BTC 19.1 pp · RS-sector 3.7 pp · 200-DMA above

100% evidence

3.1/30Network & economic traction

Fees -91.2% · revenue — · users -75.9%

80% evidence

12.9/20Value capture

Fee yield 0.55% · revenue yield —

40% evidence

6.5/15Liquidity & downside risk

30d median volume $655 · vol 10.4%

100% evidence

4. Solana · SOL

53.0/100 · Mixed · market gate closed · 87% evidence

Exact sum: 20.0 + 8.0 + 12.8 + 12.2 = 53.0

Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.

20.0/35Market leadership

RS-BTC 3.2 pp · RS-sector 10.7 pp · 200-DMA below

100% evidence

8.0/30Network & economic traction

Fees -68.4% · revenue -91.2% · users —

70% evidence

12.8/20Value capture

Fee yield 0.63% · revenue yield 0.07%

80% evidence

12.2/15Liquidity & downside risk

30d median volume $2,013,332,988 · vol 48.2%

100% evidence

5. Avalanche · AVAX

47.0/100 · Mixed · market gate closed · 87% evidence

Exact sum: 8.5 + 14.1 + 13.2 + 11.2 = 47.0

Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.

8.5/35Market leadership

RS-BTC -15.4 pp · RS-sector -0.3 pp · 200-DMA below

100% evidence

14.1/30Network & economic traction

Fees -30.5% · revenue -30.5% · users —

70% evidence

13.2/20Value capture

Fee yield 0.21% · revenue yield 0.21%

80% evidence

11.2/15Liquidity & downside risk

30d median volume $240,925,668 · vol 48.8%

100% evidence

6. Cardano · ADA

39.9/100 · Lagging · market gate closed · 78% evidence

Exact sum: 12.2 + 11.5 + 6.4 + 9.8 = 39.9

Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.

12.2/35Market leadership

RS-BTC -17.1 pp · RS-sector 13 pp · 200-DMA below

100% evidence

11.5/30Network & economic traction

Fees -59.2% · revenue — · users —

50% evidence

6.4/20Value capture

Fee yield 0.03% · revenue yield 0%

65% evidence

9.8/15Liquidity & downside risk

30d median volume $314,994,745 · vol 70.7%

100% evidence

7. XPR Network · XPR

59.6/100 · Illiquid · research only · 55% evidence

Exact sum: 28.9 + 15.5 + 10.0 + 5.2 = 59.6

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

28.9/35Market leadership

RS-BTC 14.9 pp · RS-sector 22.8 pp · 200-DMA above

100% evidence

15.5/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

5.2/15Liquidity & downside risk

30d median volume $1,547,737 · vol 85.2%

100% evidence

8. eCash · XEC

56.1/100 · Illiquid · research only · 50% evidence

Exact sum: 24.5 + 15.0 + 10.0 + 6.6 = 56.1

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

24.5/35Market leadership

RS-BTC 17.4 pp · RS-sector 42 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

6.6/15Liquidity & downside risk

30d median volume $4,950,772 · vol 208.3%

100% evidence

9. Ozone Chain · OZO

55.6/100 · Illiquid · research only · 50% evidence

Exact sum: 23.1 + 15.0 + 10.0 + 7.5 = 55.6

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

23.1/35Market leadership

RS-BTC 16.5 pp · RS-sector 2 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

7.5/15Liquidity & downside risk

30d median volume $251,621 · vol 2.9%

100% evidence

10. Bitcoin SV · BSV

54.9/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 20.1 + 15.0 + 10.0 + 9.8 = 54.9

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

20.1/35Market leadership

RS-BTC 0.7 pp · RS-sector 21.9 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

9.8/15Liquidity & downside risk

30d median volume $13,507,199 · vol 69.3%

100% evidence

11. Worldcoin · WLD

52.9/100 · Tape-led · on-chain proof incomplete · 73% evidence

Exact sum: 19.8 + 14.2 + 9.4 + 9.5 = 52.9

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

19.8/35Market leadership

RS-BTC 51.7 pp · RS-sector -32.4 pp · 200-DMA below

100% evidence

14.2/30Network & economic traction

Fees — · revenue — · users -20.1%

33% evidence

9.4/20Value capture

Fee yield 0.06% · revenue yield 0.04%

65% evidence

9.5/15Liquidity & downside risk

30d median volume $216,167,824 · vol 96.7%

100% evidence

12. Gram (prev. Toncoin) · GRAM

52.7/100 · Tape-led · on-chain proof incomplete · 40% evidence

Exact sum: 21.0 + 13.8 + 9.2 + 8.7 = 52.7

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

21.0/35Market leadership

RS-BTC — · RS-sector — · 200-DMA above

20% evidence

13.8/30Network & economic traction

Fees — · revenue — · users —

17% evidence

9.2/20Value capture

Fee yield 0.07% · revenue yield 0.03%

65% evidence

8.7/15Liquidity & downside risk

30d median volume $51,495,886 · vol 65.7%

100% evidence

13. Constellation · DAG

52.1/100 · Illiquid · research only · 50% evidence

Exact sum: 24.5 + 15.0 + 10.0 + 2.6 = 52.1

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

24.5/35Market leadership

RS-BTC 15.6 pp · RS-sector 94.5 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

2.6/15Liquidity & downside risk

30d median volume $740,886 · vol 111.7%

100% evidence

14. Sui · SUI

51.8/100 · Tape-led · on-chain proof incomplete · 17% evidence

Exact sum: 17.5 + 13.3 + 10.0 + 11.0 = 51.8

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

17.5/35Market leadership

RS-BTC — · RS-sector — · 200-DMA —

0% evidence

13.3/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

11.0/15Liquidity & downside risk

30d median volume $17,359,670 · vol —

80% evidence

15. QANplatform · QANX

51.7/100 · Illiquid · research only · 50% evidence

Exact sum: 23.9 + 15.0 + 10.0 + 2.8 = 51.7

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

23.9/35Market leadership

RS-BTC 14.8 pp · RS-sector 31.6 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

2.8/15Liquidity & downside risk

30d median volume $165,813 · vol 114.7%

100% evidence

16. Nesa · NES

51.4/100 · Tape-led · on-chain proof incomplete · 23% evidence

Exact sum: 16.1 + 15.0 + 10.0 + 10.3 = 51.4

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

16.1/35Market leadership

RS-BTC — · RS-sector -6.1 pp · 200-DMA —

23% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

10.3/15Liquidity & downside risk

30d median volume $258,130,971 · vol 186%

100% evidence

17. XRP · XRP

51.3/100 · Tape-led · on-chain proof incomplete · 55% evidence

Exact sum: 14.1 + 13.9 + 10.0 + 13.3 = 51.3

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

14.1/35Market leadership

RS-BTC -6 pp · RS-sector 3.7 pp · 200-DMA below

100% evidence

13.9/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

13.3/15Liquidity & downside risk

30d median volume $1,244,788,744 · vol 37.4%

100% evidence

18. DigiByte · DGB

51.1/100 · Illiquid · research only · 50% evidence

Exact sum: 21.3 + 15.0 + 10.0 + 4.8 = 51.1

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

21.3/35Market leadership

RS-BTC 3.2 pp · RS-sector 41.2 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

4.8/15Liquidity & downside risk

30d median volume $3,072,538 · vol 139.3%

100% evidence

19. Onyxcoin · XCN

51.0/100 · Illiquid · research only · 42% evidence

Exact sum: 19.6 + 15.0 + 10.0 + 6.4 = 51.0

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

19.6/35Market leadership

RS-BTC 17.4 pp · RS-sector 2 pp · 200-DMA below

77% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

6.4/15Liquidity & downside risk

30d median volume $0 · vol 0%

100% evidence

20. Xphere · XP

50.8/100 · Tape-led · on-chain proof incomplete · 5% evidence

Exact sum: 17.5 + 15.8 + 10.0 + 7.5 = 50.8

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

17.5/35Market leadership

RS-BTC — · RS-sector — · 200-DMA —

0% evidence

15.8/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

7.5/15Liquidity & downside risk

30d median volume — · vol —

0% evidence

Showing 20 of 78 ranked assets

01 · complete calendar-quarter evidence

Which projects are generating the most network fees?

LeaderTRON · $429M

Gap43% versus #2

Persistence0 assets have positive comparable growth

Coverage15/78 assets

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: fee growth turns negative across two complete calendar quarters or fee coverage falls below the stated threshold.

Trailing 12-month fees is the sum of the latest four complete calendar quarters. Growth compares that sum with the prior four-quarter sum.

Trailing 12-month feestop five

1TRON TRX$429.0M

2Solana SOL$299.1M

3Ethereum ETH$292.3M

4Bitcoin BTC$101.4M

5Avalanche AVAX$6.3M

Fee growthtop five

1Aptos APT-5.0%

2Avalanche AVAX-31%

3TRON TRX-35%

4Cardano ADA-59%

5Bitcoin BTC-65%

Network fees · asset comparison

15/78 level · 9/78 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month fees	Fee growth
tron	$89.7M	-35%
ethereum	$52.8M	-74%
g-token	$3.2K	-91%
solana	$41.1M	-68%
avalanche-2	$330.4K	-31%
cardano	$164.6K	-59%
proton	—	—
ecash	—	—
ozone-chain	—	—
bitcoin-cash-sv	—	—
worldcoin-wld	$57.3K	—
the-open-network	$391.1K	—
constellation-labs	—	—
sui	$528.5K	—
qanplatform	—	—
nesa	—	—
ripple	—	—
digibyte	—	—
chain-2	—	—
xphere	—	—
abey	—	—
aptos	$505.6K	-5.0%
bitcoin	$18.6M	-65%
cysic	—	—
fractal-bitcoin	—	—
hippo-protocol	—	—
mango-network	—	—
orizon	—	—
pharos-network	—	—
pi-network	—	—
plasma	$7.0K	—
qtum	—	—
vaulta	—	—
songbird	—	—
bityuan	—	—
ethereum-classic	—	—
sonic-3	$10.4K	—
celestia	$6.2K	-89%
ong	—	—
hedera-hashgraph	$62.8K	—
conflux-token	—	—
harmony	—	—
vechain	—	—
ethereum-pow-iou	—	—
kava	—	—
flare-networks	$43.0K	—
apex-4	—	—
movement	$42	—
aelf	—	—
brevis	—	—
coredaoorg	—	—
oho-blockchain	—	—
polkadot	—	—
bitcoin-cash	—	—
monad	$458.8K	—
neo	—	—
nexus-4	—	—
electroneum	—	—
cosmos	—	—
kaia	—	—
naoris	—	—
space-and-time	$33.8K	—
kusama	—	—
gas	—	—
moonriver	—	—
vethor-token	—	—
iostoken	—	—
ontology	—	—
stratis	—	—
waves	—	—
ark	—	—
quantum-resistant-ledger	—	—
bitkub-coin	—	—
zilliqa	—	—
ardor	—	—
irys	—	—
atomone	—	—
venom	—	—

Showing 20 of 78 assets

02 · complete calendar-quarter evidence

Which projects convert activity into protocol revenue?

LeaderTRON · $429M

Gap1128% versus #2

Persistence0 assets have positive comparable growth

Coverage7/78 assets

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: revenue growth turns negative or the revenue-to-fees take rate falls for two complete calendar quarters.

Trailing 12-month revenue is the sum of the latest four complete calendar quarters. Growth compares that sum with the prior four-quarter sum.

Trailing 12-month revenuetop five

1TRON TRX$429.0M

2Solana SOL$34.9M

3Avalanche AVAX$6.3M

4Gram (prev. Toncoin) GRAM$1.6M

5Worldcoin WLD$541.8K

Revenue growthtop five

1Avalanche AVAX-31%

2TRON TRX-35%

3Solana SOL-91%

Protocol revenue · asset comparison

7/78 level · 3/78 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month revenue	Revenue growth
tron	$89.7M	-35%
ethereum	—	—
g-token	$3.2K	—
solana	$4.9M	-91%
avalanche-2	$330.4K	-31%
cardano	$32.9K	—
proton	—	—
ecash	—	—
ozone-chain	—	—
bitcoin-cash-sv	—	—
worldcoin-wld	$41.2K	—
the-open-network	$195.5K	—
constellation-labs	—	—
sui	$528.5K	—
qanplatform	—	—
nesa	—	—
ripple	—	—
digibyte	—	—
chain-2	—	—
xphere	—	—
abey	—	—
aptos	$366.1K	—
bitcoin	$0	—
cysic	—	—
fractal-bitcoin	—	—
hippo-protocol	—	—
mango-network	—	—
orizon	—	—
pharos-network	—	—
pi-network	—	—
plasma	$7.0K	—
qtum	—	—
vaulta	—	—
songbird	—	—
bityuan	—	—
ethereum-classic	—	—
sonic-3	$10.4K	—
celestia	$0	—
ong	—	—
hedera-hashgraph	$0	—
conflux-token	—	—
harmony	—	—
vechain	—	—
ethereum-pow-iou	—	—
kava	—	—
flare-networks	—	—
apex-4	—	—
movement	$42	—
aelf	—	—
brevis	—	—
coredaoorg	—	—
oho-blockchain	—	—
polkadot	—	—
bitcoin-cash	—	—
monad	$312.3K	—
neo	—	—
nexus-4	—	—
electroneum	—	—
cosmos	—	—
kaia	—	—
naoris	—	—
space-and-time	$29.0K	—
kusama	—	—
gas	—	—
moonriver	—	—
vethor-token	—	—
iostoken	—	—
ontology	—	—
stratis	—	—
waves	—	—
ark	—	—
quantum-resistant-ledger	—	—
bitkub-coin	—	—
zilliqa	—	—
ardor	—	—
irys	—	—
atomone	—	—
venom	—	—

Showing 20 of 78 assets

03 · complete calendar-quarter evidence

Where is capital actually committed on-chain?

LeaderEthereum · $37B

Gap656% versus #2

Persistence3 assets have positive comparable growth

Coverage42/78 assets

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: TVL rises while fees and users fall; that pattern can be incentive-funded mercenary liquidity.

Quarter-end TVL uses protocol TVL first for protocol assets and exact-ID chain TVL for chain assets or where protocol TVL is unavailable. A blank is unavailable, not zero. Growth compares with the same complete quarter one year earlier.

Quarter-end TVLtop five

1Ethereum ETH$37.0B

2Solana SOL$4.9B

3TRON TRX$4.4B

4Bitcoin BTC$3.9B

5Plasma XPL$792.6M

TVL growthtop five

1Movement MOVE+70%

2VeChain VET+69%

3Electroneum ETN+19%

4Xphere XP0.0%

5TRON TRX-3.9%

Total value locked · asset comparison

42/78 level · 39/78 change

Latest comparable data · top 20 shown first

Asset	Quarter-end TVL	TVL growth
tron	$4.4B	-3.9%
ethereum	$37.0B	-41%
g-token	$80.8K	-97%
solana	$4.9B	-43%
avalanche-2	$471.6M	-69%
cardano	$82.4M	-70%
proton	$40.1M	-10%
ecash	—	—
ozone-chain	—	—
bitcoin-cash-sv	—	—
worldcoin-wld	$30.9M	-30%
the-open-network	$69.1M	-53%
constellation-labs	—	—
sui	$413.8M	-76%
qanplatform	—	—
nesa	—	—
ripple	$36.0M	-52%
digibyte	—	—
chain-2	—	—
xphere	$5	0.0%
abey	—	—
aptos	$109.7M	-89%
bitcoin	$3.9B	-38%
cysic	—	—
fractal-bitcoin	—	—
hippo-protocol	—	—
mango-network	—	—
orizon	—	—
pharos-network	$739.5K	—
pi-network	—	—
plasma	$792.6M	—
qtum	—	—
vaulta	—	—
songbird	$189.6K	-86%
bityuan	—	—
ethereum-classic	$74.6K	-80%
sonic-3	$17.2M	-97%
celestia	—	—
ong	$1.6K	-61%
hedera-hashgraph	$44.3M	-40%
conflux-token	$7.2M	-26%
harmony	$200.7K	-86%
vechain	$1.1M	+69%
ethereum-pow-iou	$10.6K	-81%
kava	$22.1M	-84%
flare-networks	$117.3M	-27%
apex-4	—	—
movement	$121.8M	+70%
aelf	$4.8M	-42%
brevis	—	—
coredaoorg	$6.4M	-98%
oho-blockchain	—	—
polkadot	—	—
bitcoin-cash	$7.5M	-19%
monad	$362.8M	—
neo	$1.8M	-88%
nexus-4	—	—
electroneum	$113.5K	+19%
cosmos	$121.9K	-70%
kaia	—	—
naoris	—	—
space-and-time	—	—
kusama	—	—
gas	—	—
moonriver	$1.6M	-38%
vethor-token	—	—
iostoken	—	—
ontology	$4.1M	-34%
stratis	$21.9K	-64%
waves	$6.5M	-66%
ark	—	—
quantum-resistant-ledger	—	—
bitkub-coin	$1.2M	-64%
zilliqa	$220.1K	-83%
ardor	—	—
irys	—	—
atomone	—	—
venom	$558.1K	-92%

Showing 20 of 78 assets

04 · complete calendar-quarter evidence

Which chains are gaining real users?

LeaderEthereum · 534,071

Gap1652% versus #2

Persistence1 assets have positive comparable growth

Coverage3/78 assets

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: address growth reverses for two complete quarters or activity rises without corresponding fees.

Average daily active addresses uses verified chain activity only. Host-chain users are never assigned to an application token. A blank means the source does not cover that asset, not zero users.

Average daily active addressestop five

1Ethereum ETH534,071

2Gravity (by Galxe) G30,478

3Worldcoin WLD16,977

User growthtop five

1Ethereum ETH+28%

2Worldcoin WLD-20%

3Gravity (by Galxe) G-76%

Active users · asset comparison

3/78 level · 3/78 change

Latest comparable data · top 20 shown first

Asset	Average daily active addresses	User growth
tron	—	—
ethereum	534,071	+28%
g-token	30,478	-76%
solana	—	—
avalanche-2	—	—
cardano	—	—
proton	—	—
ecash	—	—
ozone-chain	—	—
bitcoin-cash-sv	—	—
worldcoin-wld	16,977	-20%
the-open-network	—	—
constellation-labs	—	—
sui	—	—
qanplatform	—	—
nesa	—	—
ripple	—	—
digibyte	—	—
chain-2	—	—
xphere	—	—
abey	—	—
aptos	—	—
bitcoin	—	—
cysic	—	—
fractal-bitcoin	—	—
hippo-protocol	—	—
mango-network	—	—
orizon	—	—
pharos-network	—	—
pi-network	—	—
plasma	—	—
qtum	—	—
vaulta	—	—
songbird	—	—
bityuan	—	—
ethereum-classic	—	—
sonic-3	—	—
celestia	—	—
ong	—	—
hedera-hashgraph	—	—
conflux-token	—	—
harmony	—	—
vechain	—	—
ethereum-pow-iou	—	—
kava	—	—
flare-networks	—	—
apex-4	—	—
movement	—	—
aelf	—	—
brevis	—	—
coredaoorg	—	—
oho-blockchain	—	—
polkadot	—	—
bitcoin-cash	—	—
monad	—	—
neo	—	—
nexus-4	—	—
electroneum	—	—
cosmos	—	—
kaia	—	—
naoris	—	—
space-and-time	—	—
kusama	—	—
gas	—	—
moonriver	—	—
vethor-token	—	—
iostoken	—	—
ontology	—	—
stratis	—	—
waves	—	—
ark	—	—
quantum-resistant-ledger	—	—
bitkub-coin	—	—
zilliqa	—	—
ardor	—	—
irys	—	—
atomone	—	—
venom	—	—

Showing 20 of 78 assets

06 · complete calendar-quarter evidence

Which chains are processing the most transactions?

LeaderEthereum · 696,772,935

Gap24% versus #2

Persistence1 assets have positive comparable growth

Coverage3/78 assets

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: transaction growth turns negative while users and fees also deteriorate.

Trailing 12-month transactions is the sum of the latest four complete calendar quarters. Growth compares that sum with the prior four-quarter sum.

Trailing 12-month transactionstop five

1Ethereum ETH696,772,935

2Worldcoin WLD560,848,823

3Gravity (by Galxe) G99,169,480

Transaction growthtop five

1Ethereum ETH+56%

2Gravity (by Galxe) G-76%

Transactions · asset comparison

3/78 level · 2/78 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month transactions	Transaction growth
tron	—	—
ethereum	203,851,224	+56%
g-token	6,482,289	-76%
solana	—	—
avalanche-2	—	—
cardano	—	—
proton	—	—
ecash	—	—
ozone-chain	—	—
bitcoin-cash-sv	—	—
worldcoin-wld	109,358,934	—
the-open-network	—	—
constellation-labs	—	—
sui	—	—
qanplatform	—	—
nesa	—	—
ripple	—	—
digibyte	—	—
chain-2	—	—
xphere	—	—
abey	—	—
aptos	—	—
bitcoin	—	—
cysic	—	—
fractal-bitcoin	—	—
hippo-protocol	—	—
mango-network	—	—
orizon	—	—
pharos-network	—	—
pi-network	—	—
plasma	—	—
qtum	—	—
vaulta	—	—
songbird	—	—
bityuan	—	—
ethereum-classic	—	—
sonic-3	—	—
celestia	—	—
ong	—	—
hedera-hashgraph	—	—
conflux-token	—	—
harmony	—	—
vechain	—	—
ethereum-pow-iou	—	—
kava	—	—
flare-networks	—	—
apex-4	—	—
movement	—	—
aelf	—	—
brevis	—	—
coredaoorg	—	—
oho-blockchain	—	—
polkadot	—	—
bitcoin-cash	—	—
monad	—	—
neo	—	—
nexus-4	—	—
electroneum	—	—
cosmos	—	—
kaia	—	—
naoris	—	—
space-and-time	—	—
kusama	—	—
gas	—	—
moonriver	—	—
vethor-token	—	—
iostoken	—	—
ontology	—	—
stratis	—	—
waves	—	—
ark	—	—
quantum-resistant-ledger	—	—
bitkub-coin	—	—
zilliqa	—	—
ardor	—	—
irys	—	—
atomone	—	—
venom	—	—

Showing 20 of 78 assets

06 · let price answer last

Which assets lead on price and relative strength?

Worldcoin leads the Layer 1 tape on Bitcoin-relative strength at +52% over 90 days. 4 of 62 covered assets are above their own 200-day average. Price shows what happened; BTC-relative strength shows whether the asset beat crypto’s opportunity-cost benchmark. Both lines run through 2026-07-24.

Complete set · no silent drops

Which assets are in Layer 1?

78 priced assets are assigned to Layer 1, listed below by rank with every one visible — including tape-only names that publish no protocol activity. Each asset has exactly one canonical functional theme, chosen by a specific-to-general first match on its categories. Pegged, wrapped, liquid-staking receipt and tokenized-asset instruments are excluded because they have no independent price discovery.

Rank	Asset	Price	90d	RS-BTC	200-DMA	30d vol	Median volume	Price quality	Activity source	Score	Evidence
1	TRON TRX	$0.3305	+2.0%	+19%	Above	17%	$461.3M	usable	protocol + chain TVL	76.0	87%
2	Ethereum ETH	$1,860.18	-20%	-2.4%	Below	44%	$10.4B	usable	chain + chain TVL	55.9	82%
3	Gravity (by Galxe) G	$0.0001	+1.7%	+19%	Above	10%	$655	usable	chain + protocol + chain TVL	53.7	82%
4	Solana SOL	$73.88	-14%	+3.2%	Below	48%	$2.0B	usable	protocol + chain TVL	53.0	87%
5	Avalanche AVAX	$6.30	-33%	-15%	Below	49%	$240.9M	usable	protocol + chain TVL	47.0	87%
6	Cardano ADA	$0.1638	-35%	-17%	Below	71%	$315.0M	usable	protocol + chain TVL	39.9	78%
7	XPR Network XPR	$0.0025	-2.5%	+15%	Above	85%	$1.5M	usable	chain TVL	59.6	55%
8	eCash XEC	$0.0000	0.0%	+17%	Below	208%	$5.0M	usable	tape only	56.1	50%
9	Ozone Chain OZO	$0.1302	-0.9%	+16%	Below	3%	$251.6K	usable	tape only	55.6	50%
10	Bitcoin SV BSV	$13.21	-17%	+0.7%	Below	69%	$13.5M	usable	tape only	54.9	50%
11	Worldcoin WLD	$0.3473	+34%	+52%	Below	97%	$216.2M	usable	chain + chain TVL	52.9	73%
12	Gram (prev. Toncoin) GRAM	$1.47	—	—	Above	66%	$51.5M	return withheld · discontinuity	protocol + chain TVL	52.7	40%
13	Constellation DAG	$0.0077	-1.8%	+16%	Below	112%	$740.9K	usable	tape only	52.1	50%
14	Sui SUI	$0.7574	—	—	—	—	$17.4M	usable	protocol + chain TVL	51.8	17%
15	QANplatform QANX	$0.0121	-2.6%	+15%	Below	115%	$165.8K	usable	tape only	51.7	50%
16	Nesa NES	$0.2536	—	—	—	186%	$258.1M	usable	tape only	51.4	23%
17	XRP XRP	$1.09	-23%	-6.0%	Below	37%	$1.2B	usable	chain TVL	51.3	55%
18	DigiByte DGB	$0.0035	-14%	+3.2%	Below	139%	$3.1M	usable	tape only	51.1	50%
19	Onyxcoin XCN	$0.0010	0.0%	+17%	Below	0%	$0	usable	tape only	51.0	42%
20	Xphere XP	—	—	—	—	—	—	usable	chain TVL	50.8	5%
21	Abey ABEY	$0.0152	-11%	+6.2%	Below	20%	$21.2K	usable	tape only	50.6	50%
22	Aptos APT	$0.6060	—	—	—	—	$3.2M	usable	protocol + chain TVL	50.5	35%
23	Bitcoin BTC	$64,098.50	-17%	0.0%	Below	31%	$27.3B	usable	protocol + chain TVL	50.3	73%
24	Cysic CYS	—	—	—	—	—	—	usable	tape only	50.0	0%
25	Fractal Bitcoin FB	—	—	—	—	—	—	usable	tape only	50.0	0%
26	Hippo Protocol HP	—	—	—	—	—	—	usable	tape only	50.0	0%
27	Mango Network MGO	—	—	—	—	—	—	usable	tape only	50.0	0%
28	Orizon ORI	—	—	—	—	—	—	usable	tape only	50.0	0%
29	Pharos PROS	—	—	—	—	—	—	usable	chain TVL	50.0	0%
30	Pi Network PI	—	—	—	—	—	—	usable	tape only	50.0	0%
31	Plasma XPL	$0.0847	-15%	+2.1%	Below	123%	$78.1M	usable	protocol + chain TVL	49.9	50%
32	Qtum QTUM	$0.6810	-24%	-6.6%	Below	37%	$7.9M	usable	tape only	48.8	50%
33	Vaulta A	$0.0664	—	—	—	—	$440.6K	usable	tape only	48.6	12%
34	Songbird SGB	—	—	—	—	—	—	usable	chain TVL	48.0	5%
35	Bityuan BTY	$0.0320	-0.5%	+17%	Below	134%	$347.9K	usable	tape only	47.9	50%
36	Ethereum Classic ETC	$6.55	-22%	-5.0%	Below	34%	$33.2M	usable	chain TVL	47.8	55%
37	Sonic S	$0.0243	—	—	—	—	$1.1M	usable	protocol + chain TVL	47.1	25%
38	Celestia TIA	$0.3393	-3.1%	+14%	Below	74%	$31.1M	usable	protocol	46.6	68%
39	Ontology Gas ONG	$0.0466	—	—	—	—	$226.6K	usable	chain TVL	46.5	17%
40	Hedera HBAR	$0.0707	-23%	-5.1%	Below	48%	$48.9M	usable	protocol + chain TVL	46.2	63%
41	Conflux CFX	$0.0436	-28%	-11%	Below	48%	$7.5M	usable	chain TVL	46.0	55%
42	Harmony ONE	$0.0004	-17%	+0.2%	Below	11%	$0	usable	chain TVL	45.8	55%
43	VeChain VET	$0.0047	-36%	-19%	Below	44%	$11.9M	usable	chain TVL	45.6	55%
44	EthereumPoW ETHW	$0.2343	-21%	-3.8%	Below	57%	$2.0M	usable	chain TVL	45.5	55%
45	Kava KAVA	$0.0454	-27%	-9.4%	Below	34%	$8.7M	usable	chain TVL	45.2	55%
46	Flare FLR	$0.0064	-19%	-1.5%	Below	41%	$2.7M	usable	protocol + chain TVL	45.1	63%
47	APEX AP3X	$0.0151	-22%	-4.2%	Below	40%	$43	usable	tape only	44.9	50%
48	Movement MOVE	$0.0106	—	—	—	—	$466.4K	usable	protocol + chain TVL	44.9	30%
49	aelf ELF	$0.0598	-24%	-6.7%	Below	62%	$1.5M	usable	chain TVL	44.7	55%
50	Brevis BREV	$0.0728	-46%	-28%	Below	107%	$13.3M	usable	tape only	43.7	43%
51	Core CORE	$4,710.33	-21%	-3.7%	Below	55%	$0	usable	protocol + chain TVL	43.2	55%
52	OHO Blockchain OHO	$0.0007	-24%	-6.5%	Below	44%	$126.6K	usable	tape only	43.2	50%
53	Polkadot DOT	$0.8083	-35%	-18%	Below	46%	$79.9M	usable	tape only	42.3	50%
54	Bitcoin Cash BCH	$210.58	-54%	-36%	Below	51%	$120.9M	usable	chain TVL	42.2	55%
55	Monad MON	$0.0218	-30%	-13%	Below	78%	$109.1K	usable	protocol + chain TVL	41.6	50%
56	NEO NEO	$1.98	-31%	-14%	Below	40%	$5.9M	usable	chain TVL	41.4	55%
57	Nexus NEX	$0.0987	-13%	+4.1%	Below	219%	$0	usable	tape only	41.1	50%
58	Electroneum ETN	$0.0007	-29%	-11%	Below	70%	$270.5K	usable	chain TVL	40.7	55%
59	Cosmos Hub ATOM	$1.39	-31%	-14%	Below	29%	$24.8M	usable	chain TVL	40.5	55%
60	Kaia KAIA	$0.0313	-36%	-18%	Below	36%	$4.8M	usable	tape only	39.3	50%
61	Naoris Protocol NAORIS	$0.0348	-49%	-31%	Below	118%	$1.1M	usable	tape only	39.2	50%
62	Space and Time SXT	$0.0069	-59%	-42%	Below	152%	$83.8M	usable	protocol	38.7	50%
63	Kusama KSM	$3.05	-36%	-18%	Below	61%	$4.0M	usable	tape only	38.0	50%
64	Gas GAS	$1.00	-40%	-22%	Below	51%	$3.6M	usable	tape only	37.8	50%
65	Moonriver MOVR	$1.24	-50%	-33%	Below	80%	$3.3M	usable	chain TVL	37.5	55%
66	VeThor VTHO	$0.0004	-39%	-22%	Below	39%	$1.3M	usable	tape only	37.5	50%
67	IOST IOST	$0.0006	-41%	-24%	Below	34%	$5.4M	usable	tape only	37.3	50%
68	Ontology ONT	$0.0408	-45%	-28%	Below	36%	$4.7M	usable	chain TVL	36.7	55%
69	Xertra STRAX	$0.0093	-29%	-12%	Below	46%	$991.3K	usable	chain TVL	36.4	55%
70	Waves WAVES	$0.2458	-41%	-24%	Below	27%	$3.6M	usable	chain TVL	35.6	55%
71	ARK ARK	$0.1022	-41%	-24%	Below	46%	$618.6K	usable	tape only	35.6	50%
72	Quantum Resistant Ledger QRL	$0.8598	-35%	-17%	Below	101%	$34.5K	usable	tape only	35.2	50%
73	KUB Coin KUB	$0.6137	-32%	-14%	Below	50%	$159.9K	usable	protocol + chain TVL	35.1	55%
74	Zilliqa ZIL	$0.0025	-38%	-21%	Below	52%	$4.2M	usable	chain TVL	34.5	55%
75	Ardor ARDR	$0.0212	-50%	-32%	Below	302%	$1.3M	usable	tape only	33.5	50%
76	Irys IRYS	$0.0124	-64%	-46%	Below	49%	$4.3M	usable	tape only	31.2	50%
77	AtomOne ATONE	$0.1562	-50%	-33%	Below	46%	$5.6K	usable	tape only	28.9	50%
78	Venom VENOM	$0.0102	-47%	-30%	Below	97%	$100.7K	usable	chain TVL	27.4	55%

Showing 20 of 78 assets

Methodology · boundaries make the answer useful

What can make this comparison misleading?

This Layer 1 comparison names 5 ways its own evidence can mislead, all listed below. The largest is that crypto network activity is not company earnings: protocol revenue does not automatically accrue to token holders. Coverage is also uneven — 6 of 78 assets carry enough native evidence to rank on more than price.

Crypto network activity is not company earnings. Protocol revenue does not automatically accrue to token holders.
Market-cap values are a dated universe snapshot, not point-in-time historical supply data.
Current category labels are applied to historical prices; this creates survivorship and taxonomy hindsight.
Funding rates, open interest, liquidations, exchange flows, unlock schedules, historical circulating supply and developer activity are not held and are not inferred.
Equal weighting is used for sector history because true historical market-cap weights are unavailable.

Price and technicalsThrough 2026-07-24. Five-year weekly observations benchmarked to Bitcoin.

Protocol activityThrough 2026-07-24. Fees, revenue, protocol TVL and DEX volume.

Chain activityUsers and transactions through 2026-07-24; separately sourced chain TVL through 2026-07-24.

Market capSnapshot dated 2026-07-04; no historical supply series is implied.

Questions the page should answer directly

Crypto analysis FAQs

These 20 answers cover the questions this page can settle from data it holds — what the category is, how the score is built, what the coverage gaps are, and what would change the read. Every answer below is also present in the page’s FAQ schema and in its plain-text rendition. None of them is a recommendation.

What is Layer 1 crypto?

Layer 1 crypto refers to cryptocurrency projects grouped by what they actually do rather than by market fashion. This page tracks 78 such coins by market cap, price and Bitcoin-relative strength, with protocol fees and revenue where a project publishes them. Readings are as of 2026-07-24.

What is the total market cap of Layer 1 crypto coins?

The Layer 1 coins on this page are tracked against a universe of 894 of the top 1,000 crypto currency assets by market cap. Market-cap metadata is dated 2026-07-04, separately from the price series, and each coin's own figure is in the table on this page.

Are Layer 1 crypto coins outperforming Bitcoin?

Layer 1 has returned -26.1% versus Bitcoin over 52 weeks and -6.4% over 13 weeks on an equal-weight current-member index. 4/62 covered assets are above their 200-day averages as of 2026-07-24.

Which Layer 1 asset has the strongest research score?

TRON ranks first at 76/100: 31.2 + 13.9 + 16.9 + 14.0 = 76.0. It is labelled “Priority research · market gate closed” with 87% overall evidence and 74% native-economics evidence.

How is the Layer 1 4-factor score calculated?

The exact sum is Market leadership /35 + Network and economic traction /30 + Value capture /20 + Liquidity and downside risk /15. Missing data pulls only the affected factor toward neutral and lowers evidence; it is never silently reweighted.

Why can a Layer 1 asset be labelled tape-led?

Tape-led means price and relative-strength evidence exists but less than half of the native traction and value-capture evidence is available. Such assets remain visible but rank below fully evidenced assets.

Does protocol revenue accrue to the token?

Not necessarily. Protocol fees and revenue measure network economics; token-holder value depends on the protocol’s burn, buyback, staking, distribution and governance rules. This page never assumes accrual merely because revenue exists.

Does crypto have a P/E or PEG ratio?

No comparable company-style P/E or PEG is used. Where coverage permits, the page shows network fee yield and protocol-revenue yield against a dated market-cap snapshot, with an explicit token-accrual caveat.

How much history is shown for Layer 1?

The page shows five years of weekly price and relative-strength history and 20 complete calendar quarters of on-chain activity where available. Missing periods remain gaps.

Why do the crypto data dates differ?

Prices and technical metrics run through 2026-07-24; protocol activity through 2026-07-24; chain users and transactions through 2026-07-24; chain TVL through 2026-07-24; market capitalisation is a separate snapshot dated 2026-07-04.

Are stablecoins and wrapped tokens included in Layer 1?

No. Pegged, wrapped, liquid-staking receipt and tokenized-asset instruments are excluded because they do not have independent price discovery.

Can one token appear in multiple raw crypto categories?

Yes, but public MLA pages assign each asset to exactly one functional theme using a specific-to-general first-match taxonomy. Layer 1 therefore has one canonical membership list.

What would invalidate the current Layer 1 theme read?

The read weakens if the sector’s 13-week relative return versus Bitcoin falls below zero, fewer than one-third of covered assets remain above the 200-day average, and the leading asset’s native activity also contracts.

Does this page include funding rates, open interest or token unlocks?

No. Those datasets are not held in the current research store, so the page names them as unavailable rather than inferring them from price.

Which projects are generating the most network fees?

TRON leads Layer 1 crypto on Trailing 12-month fees at $429M, 43% ahead of Solana. 0 of 9 assets with comparable change data are growing. Coverage is 15 of the 78 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if fee growth turns negative across two complete calendar quarters or fee coverage falls below the stated threshold.

Which projects convert activity into protocol revenue?

TRON leads Layer 1 crypto on Trailing 12-month revenue at $429M, 1128% ahead of Solana. 0 of 3 assets with comparable change data are growing. Coverage is 7 of the 78 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if revenue growth turns negative or the revenue-to-fees take rate falls for two complete calendar quarters.

Where is capital actually committed on-chain?

Ethereum leads Layer 1 crypto on Quarter-end TVL at $37B, 656% ahead of Solana. 3 of 39 assets with comparable change data are growing, fastest at Movement. Coverage is 42 of the 78 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if TVL rises while fees and users fall; that pattern can be incentive-funded mercenary liquidity.

Which chains are gaining real users?

Ethereum leads Layer 1 crypto on Average daily active addresses at 534,071 addresses, 1652% ahead of Gravity (by Galxe). 1 of 3 assets with comparable change data is growing. Coverage is 3 of the 78 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if address growth reverses for two complete quarters or activity rises without corresponding fees.

Which chains are processing the most transactions?

Ethereum leads Layer 1 crypto on Trailing 12-month transactions at 696,772,935 transactions, 24% ahead of Worldcoin. 1 of 2 assets with comparable change data is growing. Coverage is 3 of the 78 assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if transaction growth turns negative while users and fees also deteriorate.

Which Layer 1 project has the largest fee base?

TRON leads covered trailing-12-month fees at $429M. Coverage is 15/78; this is network activity, not automatically token-holder income.