CoinDesk Holiday Crossword
To celebrate the end of a tumultuous year, we present a special edition crossword inspired by recent events. How much can you fill in?

This crossword, part of CoinDesk's Crypto 2023 series, was created by Myles Mellor, a professional puzzle maker. Please send completed crosswords to [email protected]. We'll release the results on Thursday, Dec. 15, 48 hours after publication.
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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.
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