Gate Research: Solana and Ethereum Lead Ecosystem Growth as Prediction Market Scale Continues to Expand｜Web3 On-Chain Data Insights for December 2025

In December 2025, on-chain activity across public blockchains slowed and structural divergence deepened. Solana and Ethereum remained at the core of the ecosystem, while internal differentiation within Layer2 networks became more pronounced, as the market shifted from narrative-driven positioning toward efficiency and real-use-case selection. For Bitcoin, an assessment of cost basis distribution, unrealized loss supply, and holder structure indicates that the market is undergoing a cyclical pullback and rebalancing phase within a broader bull trend. While short-term pressure persists, long-term holders remain largely stable; if key cost support levels hold, prices may gradually recover following a period of consolidation. At the project level, trading volume in the BSC prediction-market sector continued to expand, but liquidity remained highly concentrated in Opinion, with newer platforms still in early validation stages. At the token level, $BEAT recorded a peak gain of nearly 300% during the period, driven primarily by capital rotation, trading dynamics, and sentiment amplification rather than fundamental re-rating.

Key Takeaways:

• On-Chain Overview: In December 2025, the public chain ecosystem exhibited a pattern of slowing activity and intensifying structural divergence. Solana maintained its leadership in transaction frequency and user activity, while Ethereum continued to serve as the primary settlement and fee-generating hub. Within Layer 2, divergence became more evident: Base sustained relatively stable absorption capacity, whereas Arbitrum faced clear pressure across transaction activity, fee generation, and capital flows. With year-end approaching, the market did not enter a broad expansion phase, as both capital and user behavior turned more rational, and competition increasingly shifted from narrative momentum toward functional positioning, capital efficiency, and real-world usage.

• BTC Key Metrics Analysis: Over the past month, BTC’s pullback has loosened high-cost supply and accelerated turnover, forming a consolidation structure above major cost concentration zones. While unrealized losses have increased, they are largely confined to short-term holders, with long-term holders remaining predominantly in profit—leaving the medium-term bull market structure intact. The market is best characterized as a “pullback–rotation–rebalancing” transition phase, with future direction hinging on demand strength near key cost supports and the ability to rebuild upside momentum after sentiment cools.

• Highlighted Project Metrics: Following the parallel launch of multiple platforms, the BSC prediction market has entered an internal exploration phase. Aggregate trading volume has continued to expand toward $6.5 billion, but liquidity remains highly concentrated in Opinion, while competing platforms are still undergoing mechanism testing and user acquisition. The competitive landscape remains unsettled in the near term.

• Highlighted Token Metrics: $BEAT posted a peak gain of nearly 300% during the period, driven by capital rotation and improvements in trading structure amid a range-bound market. The rally was primarily fueled by high elasticity trading characteristics and sentiment amplification, underscoring that the current market phase remains dominated by structural expansion and trading-driven dynamics, with trend-level continuation still dependent on new macro or on-chain catalysts.

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Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.

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