CoinGecko data shows that blockchain narratives continued to concentrate around a few dominant ecosystems in 2025, despite visible shifts in investor attention. For the second consecutive year, Solana ranked as the most-followed blockchain ecosystem globally, even as its share of attention declined. The findings rely on non-bot global website traffic measured between January 1, 2024, and December 14, 2025. Significantly, the results underline how investor focus has diversified while remaining anchored to established networks. Solana Leads but Loses Narrative Momentum Solana captured 26.79% of global narrative mindshare in 2025, maintaining its top position among blockchain ecosystems. However, its share fell sharply from 38.79% in 2024. Consequently, the decline reflects growing challenges in expanding its narrative beyond meme-driven activity. Solana’s price also moved within a narrow range for much of the year. This occurred despite rising institutional participation and the launch of US-based exchange-traded funds. Moreover, Solana dropped out of the broader top five crypto narratives ranking. AI agents and Made in USA themes overtook it. Hence, analysts now question whether Solana can secure new catalysts in 2026. The ecosystem’s comeback narrative appears to have lost urgency as attention spreads across competing chains. Base and Ethereum Maintain Strong Positions Coinbase’s Base ecosystem ranked second, accounting for 13.94% of narrative mindshare in 2025. This marked a moderate decline from 16.81% last year. However, Base continued to benefit from steady development. Additionally, the rebranding of Coinbase Wallet into the Base app supported broader user engagement. Partnerships around USDC payments also strengthened its ecosystem relevance. Ethereum followed closely with 13.43% of global interest. Significantly, Ethereum increased its mindshare by 2.7 percentage points year over year. This growth narrowed the gap with Base. Investors remain cautious about ETH price performance. However, Ethereum retained its role as a core settlement layer amid rising competition. Sui, BNB Chain, and Emerging Ecosystems Gain Ground Sui recorded the largest growth among major ecosystems. Its mindshare rose to 11.77%, up 6.9 percentage points year over year. Consequently, Sui advanced to fourth place and approached Ethereum’s position. BNB Chain followed with 9.05% mindshare after a 4.9 percentage point increase. Moreover, Binance Alpha and higher onchain trading volumes fueled renewed interest. Besides established players, new entrants reshaped rankings. XRP Ledger placed sixth with 4.68% mindshare. Bittensor reached ninth at 1.91%, reflecting interest in AI-focused blockchains. Hyperliquid also surged, rising from 0.01% to 1.57%. Additionally, its growth highlighted renewed demand for decentralized perpetuals trading. Overall, the top 20 ecosystems captured 95.60% of total narrative interest in 2025. Hence, investor attention remains concentrated, even as competition among blockchain ecosystems intensifies.
