# Layer 1 crypto coins — market cap, protocol fees and revenue

> Layer 1 vs Bitcoin — Relative Strength & Breadth

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 -6.7% on 12% 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.

## Agent research brief

- What matters now: Layer 1 is -6.7% versus Bitcoin over 13 weeks. Only 12% of covered assets are above trend; leadership is narrow.
- Best research lead: TRON ranks first at 76/100 with 87% total evidence and 74% native evidence.
- The contradiction: 6/78 assets clear the native-evidence gate; the rest should not be treated as fundamentally confirmed.
- What to do with it: Keep this as a research queue, not an entry list. The market gate reopens only when Bitcoin trend and sector breadth improve.

Data: price 2026-07-24; protocol 2026-07-24; chain users/transactions 2026-07-24; chain TVL 2026-07-24; market-cap snapshot 2026-07-04.

## 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.

1. TRON (TRX): 76/100 — Priority research · market gate closed; 31.2 + 13.9 + 16.9 + 14.0 = 76.0; evidence 87%; native evidence 74%
   Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
2. Ethereum (ETH): 56.1/100 — Mixed · market gate closed; 18.5 + 14.1 + 10.6 + 12.9 = 56.1; evidence 82%; native evidence 64%
   Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
3. Gravity (by Galxe) (G): 53.7/100 — Illiquid · research only; 31.2 + 3.1 + 12.9 + 6.5 = 53.7; evidence 82%; native evidence 64%
   Decision use: Price leads usage. Wait for fees, users or TVL to confirm the move.
4. Solana (SOL): 53.1/100 — Mixed · market gate closed; 20.0 + 8.0 + 12.8 + 12.3 = 53.1; evidence 87%; native evidence 74%
   Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
5. Avalanche (AVAX): 47.1/100 — Mixed · market gate closed; 8.6 + 14.1 + 13.2 + 11.2 = 47.1; evidence 87%; native evidence 74%
   Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
6. Cardano (ADA): 40/100 — Lagging · market gate closed; 12.3 + 11.5 + 6.4 + 9.8 = 40.0; evidence 78%; native evidence 56%
   Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
7. XPR Network (XPR): 59.6/100 — Illiquid · research only; 28.9 + 15.5 + 10.0 + 5.2 = 59.6; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
8. Sui (SUI): 57.4/100 — Tape-led · on-chain proof incomplete; 22.6 + 13.3 + 10.0 + 11.5 = 57.4; evidence 35%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
9. eCash (XEC): 56.1/100 — Illiquid · research only; 24.5 + 15.0 + 10.0 + 6.6 = 56.1; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
10. Ozone Chain (OZO): 55.6/100 — Illiquid · research only; 23.1 + 15.0 + 10.0 + 7.5 = 55.6; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
11. Bitcoin SV (BSV): 55/100 — Tape-led · on-chain proof incomplete; 20.2 + 15.0 + 10.0 + 9.8 = 55.0; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
12. Aptos (APT): 53.6/100 — Illiquid · research only; 20.3 + 14.6 + 11.7 + 7.0 = 53.6; evidence 53%; native evidence 46%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
13. Worldcoin (WLD): 52.8/100 — Tape-led · on-chain proof incomplete; 19.8 + 14.2 + 9.4 + 9.4 = 52.8; evidence 73%; native evidence 46%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
14. Gram (prev. Toncoin) (GRAM): 52.7/100 — Tape-led · on-chain proof incomplete; 21.0 + 13.8 + 9.2 + 8.7 = 52.7; evidence 40%; native evidence 36%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
15. Vaulta (A): 52.7/100 — Illiquid · research only; 22.0 + 15.0 + 10.0 + 5.7 = 52.7; evidence 30%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
16. Constellation (DAG): 52/100 — Illiquid · research only; 24.5 + 15.0 + 10.0 + 2.5 = 52.0; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
17. QANplatform (QANX): 51.6/100 — Illiquid · research only; 23.9 + 15.0 + 10.0 + 2.7 = 51.6; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
18. XRP (XRP): 51.4/100 — Tape-led · on-chain proof incomplete; 14.1 + 13.9 + 10.0 + 13.4 = 51.4; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
19. Nesa (NES): 51.3/100 — Tape-led · on-chain proof incomplete; 16.0 + 15.0 + 10.0 + 10.3 = 51.3; evidence 23%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
20. DigiByte (DGB): 51.1/100 — Illiquid · research only; 21.3 + 15.0 + 10.0 + 4.8 = 51.1; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
21. Onyxcoin (XCN): 50.9/100 — Illiquid · research only; 19.5 + 15.0 + 10.0 + 6.4 = 50.9; evidence 42%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
22. Xphere (XP): 50.8/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.8 + 10.0 + 7.5 = 50.8; evidence 5%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
23. Abey (ABEY): 50.6/100 — Illiquid · research only; 19.1 + 15.0 + 10.0 + 6.5 = 50.6; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
24. Bitcoin (BTC): 50.4/100 — Tape-led · on-chain proof incomplete; 17.9 + 11.9 + 6.6 + 14.0 = 50.4; evidence 73%; native evidence 46%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
25. Cysic (CYS): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
26. Fractal Bitcoin (FB): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
27. Hippo Protocol (HP): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
28. Mango Network (MGO): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
29. Orizon (ORI): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
30. Pharos (PROS): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
31. Pi Network (PI): 50/100 — Tape-led · on-chain proof incomplete; 17.5 + 15.0 + 10.0 + 7.5 = 50.0; evidence 0%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
32. Plasma (XPL): 49.9/100 — Tape-led · on-chain proof incomplete; 15.6 + 15.0 + 10.0 + 9.3 = 49.9; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
33. Ontology Gas (ONG): 49.8/100 — Illiquid · research only; 20.5 + 13.8 + 10.0 + 5.5 = 49.8; evidence 35%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
34. Sonic (S): 49.4/100 — Illiquid · research only; 20.5 + 12.6 + 12.3 + 4.0 = 49.4; evidence 36%; native evidence 26%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
35. Qtum (QTUM): 49/100 — Tape-led · on-chain proof incomplete; 13.2 + 15.0 + 10.0 + 10.8 = 49.0; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
36. Songbird (SGB): 48/100 — Tape-led · on-chain proof incomplete; 17.5 + 13.0 + 10.0 + 7.5 = 48.0; evidence 5%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
37. Ethereum Classic (ETC): 47.9/100 — Tape-led · on-chain proof incomplete; 12.6 + 13.2 + 10.0 + 12.1 = 47.9; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
38. Bityuan (BTY): 47.8/100 — Illiquid · research only; 20.6 + 15.0 + 10.0 + 2.2 = 47.8; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
39. Celestia (TIA): 46.6/100 — Tape-led · on-chain proof incomplete; 18.8 + 10.6 + 7.1 + 10.1 = 46.6; evidence 68%; native evidence 36%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
40. Hedera (HBAR): 46.2/100 — Tape-led · on-chain proof incomplete; 12.9 + 14.3 + 7.7 + 11.3 = 46.2; evidence 63%; native evidence 26%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
41. Conflux (CFX): 46.1/100 — Tape-led · on-chain proof incomplete; 11.8 + 15.0 + 10.0 + 9.3 = 46.1; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
42. Harmony (ONE): 45.8/100 — Illiquid · research only; 16.9 + 12.9 + 10.0 + 6.0 = 45.8; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
43. VeChain (VET): 45.8/100 — Tape-led · on-chain proof incomplete; 8.6 + 17.3 + 10.0 + 9.9 = 45.8; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
44. EthereumPoW (ETHW): 45.6/100 — Illiquid · research only; 16.3 + 13.2 + 10.0 + 6.1 = 45.6; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
45. Kava (KAVA): 45.4/100 — Tape-led · on-chain proof incomplete; 11.4 + 13.0 + 10.0 + 11.0 = 45.4; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
46. Flare (FLR): 45.2/100 — Illiquid · research only; 14.1 + 14.9 + 8.3 + 7.9 = 45.2; evidence 63%; native evidence 26%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
47. APEX (AP3X): 45.1/100 — Illiquid · research only; 14.6 + 15.0 + 10.0 + 5.5 = 45.1; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
48. aelf (ELF): 44.7/100 — Illiquid · research only; 13.5 + 14.2 + 10.0 + 7.0 = 44.7; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
49. Brevis (BREV): 43.8/100 — Tape-led · on-chain proof incomplete; 10.7 + 15.0 + 10.0 + 8.1 = 43.8; evidence 43%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
50. OHO Blockchain (OHO): 43.4/100 — Illiquid · research only; 12.5 + 15.0 + 10.0 + 5.9 = 43.4; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
51. Core (CORE): 43.3/100 — Illiquid · research only; 16.7 + 12.5 + 10.0 + 4.1 = 43.3; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
52. Polkadot (DOT): 42.5/100 — Tape-led · on-chain proof incomplete; 6.2 + 15.0 + 10.0 + 11.3 = 42.5; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
53. Bitcoin Cash (BCH): 42.3/100 — Tape-led · on-chain proof incomplete; 7.3 + 15.2 + 10.0 + 9.8 = 42.3; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
54. Monad (MON): 41.6/100 — Illiquid · research only; 14.0 + 15.0 + 10.0 + 2.6 = 41.6; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
55. NEO (NEO): 41.5/100 — Tape-led · on-chain proof incomplete; 9.1 + 12.8 + 10.0 + 9.6 = 41.5; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
56. Nexus (NEX): 41.1/100 — Illiquid · research only; 14.3 + 15.0 + 10.0 + 1.8 = 41.1; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
57. Electroneum (ETN): 40.7/100 — Illiquid · research only; 9.4 + 16.4 + 10.0 + 4.9 = 40.7; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
58. Cosmos Hub (ATOM): 40.5/100 — Tape-led · on-chain proof incomplete; 5.4 + 13.4 + 10.0 + 11.7 = 40.5; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
59. Kaia (KAIA): 39.5/100 — Illiquid · research only; 5.4 + 15.0 + 10.0 + 9.1 = 39.5; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
60. Naoris Protocol (NAORIS): 39.4/100 — Illiquid · research only; 11.1 + 15.0 + 10.0 + 3.3 = 39.4; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
61. Space and Time (SXT): 38.8/100 — Tape-led · on-chain proof incomplete; 5.5 + 15.0 + 10.0 + 8.3 = 38.8; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
62. Kusama (KSM): 38/100 — Illiquid · research only; 7.0 + 15.0 + 10.0 + 6.0 = 38.0; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
63. Gas (GAS): 37.9/100 — Illiquid · research only; 6.4 + 15.0 + 10.0 + 6.5 = 37.9; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
64. VeThor (VTHO): 37.7/100 — Illiquid · research only; 6.4 + 15.0 + 10.0 + 6.3 = 37.7; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
65. Moonriver (MOVR): 37.6/100 — Illiquid · research only; 8.0 + 14.5 + 10.0 + 5.1 = 37.6; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
66. IOST (IOST): 37.4/100 — Tape-led · on-chain proof incomplete; 3.5 + 15.0 + 10.0 + 8.9 = 37.4; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
67. Ontology (ONT): 36.7/100 — Illiquid · research only; 4.1 + 14.7 + 10.0 + 7.9 = 36.7; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
68. Xertra (STRAX): 36.6/100 — Illiquid · research only; 7.9 + 13.7 + 10.0 + 5.0 = 36.6; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
69. ARK (ARK): 35.9/100 — Illiquid · research only; 5.6 + 15.0 + 10.0 + 5.3 = 35.9; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
70. Waves (WAVES): 35.7/100 — Illiquid · research only; 3.8 + 13.6 + 10.0 + 8.3 = 35.7; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
71. KUB Coin (KUB): 35.3/100 — Illiquid · research only; 6.5 + 13.6 + 10.0 + 5.2 = 35.3; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
72. Quantum Resistant Ledger (QRL): 35.3/100 — Illiquid · research only; 7.4 + 15.0 + 10.0 + 2.9 = 35.3; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
73. Zilliqa (ZIL): 34.5/100 — Illiquid · research only; 4.2 + 13.1 + 10.0 + 7.2 = 34.5; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
74. Ardor (ARDR): 33.6/100 — Illiquid · research only; 5.3 + 15.0 + 10.0 + 3.3 = 33.6; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
75. Irys (IRYS): 31.4/100 — Illiquid · research only; 0.4 + 15.0 + 10.0 + 6.0 = 31.4; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
76. AtomOne (ATONE): 29.1/100 — Illiquid · research only; 1.2 + 15.0 + 10.0 + 2.9 = 29.1; evidence 50%; native evidence 0%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
77. Movement (MOVE): 28.5/100 — Illiquid · research only; 1.9 + 17.4 + 4.3 + 4.9 = 28.5; evidence 68%; native evidence 36%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.
78. Venom (VENOM): 27.6/100 — Illiquid · research only; 2.7 + 12.7 + 10.0 + 2.2 = 27.6; evidence 55%; native evidence 10%
   Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

## Which projects are generating the most network fees?

What the numbers say: 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.

- TRON (TRX): $429.0M
- Solana (SOL): $299.1M
- Ethereum (ETH): $292.3M
- Bitcoin (BTC): $101.4M
- Avalanche (AVAX): $6.3M

## Which projects convert activity into protocol revenue?

What the numbers say: 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.

- TRON (TRX): $429.0M
- Solana (SOL): $34.9M
- Avalanche (AVAX): $6.3M
- Gram (prev. Toncoin) (GRAM): $1.6M
- Worldcoin (WLD): $541.8K

## Where is capital actually committed on-chain?

What the numbers say: 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.

- Ethereum (ETH): $37.0B
- Solana (SOL): $4.9B
- TRON (TRX): $4.4B
- Bitcoin (BTC): $3.9B
- Plasma (XPL): $792.6M

## Which chains are gaining real users?

What the numbers say: 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.

- Ethereum (ETH): 534,071
- Gravity (by Galxe) (G): 30,478
- Worldcoin (WLD): 16,977

## Which chains are processing the most transactions?

What the numbers say: 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.

- Ethereum (ETH): 696,772,935
- Worldcoin (WLD): 560,848,823
- Gravity (by Galxe) (G): 99,169,480

## Every asset

- TRON (TRX) — 90d +2.0%; RS-BTC +19%; score 76; activity protocol + chain TVL
- Ethereum (ETH) — 90d -20%; RS-BTC -2.4%; score 56.1; activity chain + chain TVL
- Gravity (by Galxe) (G) — 90d +1.7%; RS-BTC +19%; score 53.7; activity chain + protocol + chain TVL
- Solana (SOL) — 90d -14%; RS-BTC +3.2%; score 53.1; activity protocol + chain TVL
- Avalanche (AVAX) — 90d -33%; RS-BTC -15%; score 47.1; activity protocol + chain TVL
- Cardano (ADA) — 90d -35%; RS-BTC -17%; score 40; activity protocol + chain TVL
- XPR Network (XPR) — 90d -2.5%; RS-BTC +15%; score 59.6; activity chain TVL
- Sui (SUI) — 90d —; RS-BTC —; score 57.4; activity protocol + chain TVL
- eCash (XEC) — 90d 0.0%; RS-BTC +17%; score 56.1; activity tape only
- Ozone Chain (OZO) — 90d -0.9%; RS-BTC +16%; score 55.6; activity tape only
- Bitcoin SV (BSV) — 90d -17%; RS-BTC +0.7%; score 55; activity tape only
- Aptos (APT) — 90d —; RS-BTC —; score 53.6; activity protocol + chain TVL
- Worldcoin (WLD) — 90d +34%; RS-BTC +52%; score 52.8; activity chain + chain TVL
- Gram (prev. Toncoin) (GRAM) — 90d —; RS-BTC —; score 52.7; activity protocol + chain TVL
- Vaulta (A) — 90d —; RS-BTC —; score 52.7; activity tape only
- Constellation (DAG) — 90d -1.8%; RS-BTC +16%; score 52; activity tape only
- QANplatform (QANX) — 90d -2.6%; RS-BTC +15%; score 51.6; activity tape only
- XRP (XRP) — 90d -23%; RS-BTC -6.0%; score 51.4; activity chain TVL
- Nesa (NES) — 90d —; RS-BTC —; score 51.3; activity tape only
- DigiByte (DGB) — 90d -14%; RS-BTC +3.2%; score 51.1; activity tape only
- Onyxcoin (XCN) — 90d 0.0%; RS-BTC +17%; score 50.9; activity tape only
- Xphere (XP) — 90d —; RS-BTC —; score 50.8; activity chain TVL
- Abey (ABEY) — 90d -11%; RS-BTC +6.2%; score 50.6; activity tape only
- Bitcoin (BTC) — 90d -17%; RS-BTC 0.0%; score 50.4; activity protocol + chain TVL
- Cysic (CYS) — 90d —; RS-BTC —; score 50; activity tape only
- Fractal Bitcoin (FB) — 90d —; RS-BTC —; score 50; activity tape only
- Hippo Protocol (HP) — 90d —; RS-BTC —; score 50; activity tape only
- Mango Network (MGO) — 90d —; RS-BTC —; score 50; activity tape only
- Orizon (ORI) — 90d —; RS-BTC —; score 50; activity tape only
- Pharos (PROS) — 90d —; RS-BTC —; score 50; activity chain TVL
- Pi Network (PI) — 90d —; RS-BTC —; score 50; activity tape only
- Plasma (XPL) — 90d -15%; RS-BTC +2.1%; score 49.9; activity protocol + chain TVL
- Ontology Gas (ONG) — 90d —; RS-BTC —; score 49.8; activity chain TVL
- Sonic (S) — 90d —; RS-BTC —; score 49.4; activity protocol + chain TVL
- Qtum (QTUM) — 90d -24%; RS-BTC -6.6%; score 49; activity tape only
- Songbird (SGB) — 90d —; RS-BTC —; score 48; activity chain TVL
- Ethereum Classic (ETC) — 90d -22%; RS-BTC -5.0%; score 47.9; activity chain TVL
- Bityuan (BTY) — 90d -0.5%; RS-BTC +17%; score 47.8; activity tape only
- Celestia (TIA) — 90d -3.1%; RS-BTC +14%; score 46.6; activity protocol
- Hedera (HBAR) — 90d -23%; RS-BTC -5.1%; score 46.2; activity protocol + chain TVL
- Conflux (CFX) — 90d -28%; RS-BTC -11%; score 46.1; activity chain TVL
- Harmony (ONE) — 90d -17%; RS-BTC +0.2%; score 45.8; activity chain TVL
- VeChain (VET) — 90d -36%; RS-BTC -19%; score 45.8; activity chain TVL
- EthereumPoW (ETHW) — 90d -21%; RS-BTC -3.8%; score 45.6; activity chain TVL
- Kava (KAVA) — 90d -27%; RS-BTC -9.4%; score 45.4; activity chain TVL
- Flare (FLR) — 90d -19%; RS-BTC -1.5%; score 45.2; activity protocol + chain TVL
- APEX (AP3X) — 90d -22%; RS-BTC -4.2%; score 45.1; activity tape only
- aelf (ELF) — 90d -24%; RS-BTC -6.7%; score 44.7; activity chain TVL
- Brevis (BREV) — 90d -46%; RS-BTC -28%; score 43.8; activity tape only
- OHO Blockchain (OHO) — 90d -24%; RS-BTC -6.5%; score 43.4; activity tape only
- Core (CORE) — 90d -21%; RS-BTC -3.7%; score 43.3; activity protocol + chain TVL
- Polkadot (DOT) — 90d -35%; RS-BTC -18%; score 42.5; activity tape only
- Bitcoin Cash (BCH) — 90d -54%; RS-BTC -36%; score 42.3; activity chain TVL
- Monad (MON) — 90d -30%; RS-BTC -13%; score 41.6; activity protocol + chain TVL
- NEO (NEO) — 90d -31%; RS-BTC -14%; score 41.5; activity chain TVL
- Nexus (NEX) — 90d -13%; RS-BTC +4.1%; score 41.1; activity tape only
- Electroneum (ETN) — 90d -29%; RS-BTC -11%; score 40.7; activity chain TVL
- Cosmos Hub (ATOM) — 90d -31%; RS-BTC -14%; score 40.5; activity chain TVL
- Kaia (KAIA) — 90d -36%; RS-BTC -18%; score 39.5; activity tape only
- Naoris Protocol (NAORIS) — 90d -49%; RS-BTC -31%; score 39.4; activity tape only
- Space and Time (SXT) — 90d -59%; RS-BTC -42%; score 38.8; activity protocol
- Kusama (KSM) — 90d -36%; RS-BTC -18%; score 38; activity tape only
- Gas (GAS) — 90d -40%; RS-BTC -22%; score 37.9; activity tape only
- VeThor (VTHO) — 90d -39%; RS-BTC -22%; score 37.7; activity tape only
- Moonriver (MOVR) — 90d -50%; RS-BTC -33%; score 37.6; activity chain TVL
- IOST (IOST) — 90d -41%; RS-BTC -24%; score 37.4; activity tape only
- Ontology (ONT) — 90d -45%; RS-BTC -28%; score 36.7; activity chain TVL
- Xertra (STRAX) — 90d -29%; RS-BTC -12%; score 36.6; activity chain TVL
- ARK (ARK) — 90d -41%; RS-BTC -24%; score 35.9; activity tape only
- Waves (WAVES) — 90d -41%; RS-BTC -24%; score 35.7; activity chain TVL
- KUB Coin (KUB) — 90d -32%; RS-BTC -14%; score 35.3; activity protocol + chain TVL
- Quantum Resistant Ledger (QRL) — 90d -35%; RS-BTC -17%; score 35.3; activity tape only
- Zilliqa (ZIL) — 90d -38%; RS-BTC -21%; score 34.5; activity chain TVL
- Ardor (ARDR) — 90d -50%; RS-BTC -32%; score 33.6; activity tape only
- Irys (IRYS) — 90d -64%; RS-BTC -46%; score 31.4; activity tape only
- AtomOne (ATONE) — 90d -50%; RS-BTC -33%; score 29.1; activity tape only
- Movement (MOVE) — 90d -94%; RS-BTC -77%; score 28.5; activity protocol + chain TVL
- Venom (VENOM) — 90d -47%; RS-BTC -30%; score 27.6; activity chain TVL

## Limitations

- 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.

## FAQs

### 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 -26.3% versus Bitcoin over 52 weeks and -6.7% over 13 weeks on an equal-weight current-member index. 8/67 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.

### Which are the biggest Layer 1 crypto coins by market cap?

Bitcoin is the largest Layer 1 crypto coin by market capitalisation at $1.3T, ahead of Ethereum at $212.5B and XRP at $71.5B. The 78 Layer 1 coins on this page carry $1.7T between them, with a market-cap figure on file for 78 of them. Market-cap metadata is dated 2026-07-04.