WATCH: Our On Tap Meetup in Tokyo United Japanese Blockchain Fans With Global Makers
Our first Tokyo meetup, held with our friends at CoinDesk Japan, brought together investors, devs, and crypto lovers.

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State of the Blockchain 2025

L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
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Bitcoin slips below $88,000 as traders brace for $28.5 billion Deribit options expiry

Crypto continues to lose ground ahead of this week's record options expiration, while defensive positioning and thinning liquidity suggest caution into 2026.
What to know:
- Bitcoin and crypto prices moved steadily lower in U.S. Monday afternoon trading.
- Over $28.5 billion in bitcoin and ether options are set to expire Friday on derivatives exchange Deribit, the largest expiry in its history.











