2025 Fall Public Blockchain Battle: BSC Launches Strong Offensive Against Solana, While Ethereum Defends Its User Base

Original Article Title: "9 Major Public Blockchain Observations: Will the King of Public Chains Change Hands? Solana's Decline and BSC's Strong Rise"

Original Article Author: Frank, PANews

In the fall of 2025, the competitive landscape of the public blockchain sector is undergoing dramatic changes, with a fierce battle unfolding around users, funds, and ecosystem popularity. The former king, Solana, is once again facing a challenge of declining traffic, while BNB Chain, leveraging its strong new ecosystem and technological upgrades, has launched a powerful "suction effect." Meanwhile, the Ethereum mainnet is steadily growing amidst the hustle and bustle, and the Layer2 track is presenting a complex scenario of contrasts.

PANews will conduct an in-depth analysis of the latest data from major mainstream public blockchains, revealing the underlying dynamics and future trends behind this traffic migration.

Solana: Multiple Data Metrics Declining Facing Outflow Challenge

In the last three months, Solana has shown a downward trend in data performance and has begun to lose its leading position in several metrics. Among them, the most significant declines are in active addresses and new token issuance. As of September 24, Solana's network had 2.19 million active wallets, a 63.5% decrease from the 6 million in June. This data level is even lower than the heat before August 2024, and this decline is not an isolated incident. In terms of new token creation, the current data value is around 31,000, a huge drop from the peak of over 80,000 created daily in January. Furthermore, this decline has occurred recently, as on September 15, the daily new token data was still around 50,000.

In terms of DEX trading volume, according to Dexscreene data, as an example in the last 24 hours, the on-chain transaction volume on BSC was around $14.3 billion, while Solana's volume was around $8.3 billion. Solana is no longer the most active chain in trading. However, there were still 5,919 new trading pairs created on Solana in the past 24 hours, maintaining the top position in this data.

In terms of funds, in the past week, Solana has seen a significant outflow of funds, with a net outflow of approximately $63.4 million.

Looking at the outflow direction, according to deBridge data, the BSC chain has become the main destination for Solana's fund outflow. In the past week, approximately $47 million flowed from Solana to BSC, while only $28 million flowed back from BSC. From this perspective, BSC is indeed siphoning off Solana's traffic. Although Solana has positive factors in the capital market, such as ETFs and support from multiple DAT companies, and it just passed the latest Alpenglow upgrade plan in September, none of these have been able to boost the on-chain ecosystem's popularity.

BSC: Rising Strong, Surging Towards Solana's Dominance

The BNB Chain has been on the rise in recent months, showing a strong momentum to surpass Solana. Firstly, in terms of active wallet addresses, as of September 25, BSC had approximately 4.8 million daily active addresses, surpassing Solana's 2.19 million. Back in April, this number was only 2.6 million, showing an increase of about 84.6%. Additionally, there has been a significant surge in daily transaction volume recently, with the current data at around 17 million per day. On August 30, this number was only around 10 million, marking an increase of about 70% over the past month. Compared to the average daily transaction volume of 3 million at the beginning of the year, this is nearly a six-fold growth.

In terms of fund inflow, BSC saw a net inflow of approximately $73.5 million in the past week, ranking as the third chain in terms of inflow amount. According to deBridge's data, the inflow mainly came from Solana, Arbitrum, and the Ethereum mainnet.

The reasons behind these changes can be attributed to the wealth effect on Alpha and the recent popularity of Aster. On September 25, Aster's daily fees reached a staggering $12.92 million, second only to Tether. The contract trading volume reached $35.8 billion, surpassing Hyperliquid.

On September 23, it was revealed on the X platform that validators on the BNB Chain are proposing to reduce the BNB Smart Chain's minimum Gas price from 0.1 Gwei to 0.05 Gwei and accelerate the block interval from 750 milliseconds to 450 milliseconds to maintain competitiveness with the fastest blockchains in the cryptocurrency field. Once this upgrade is completed, BSC's performance will be close to that of Solana. Obviously, this charge of BSC against Solana is no longer as simple as the Four.me meme attack launched previously.

Ethereum: Steady Growth Amid the Noise

Although the Ethereum mainnet's on-chain activity may not be very prominent at the moment, there has been a noticeable improvement in the data. Taking the daily transaction volume data as an example, throughout 2024, the Ethereum network's daily transaction volume remained at around 1 million transactions. However, after April 2025, this data began to climb significantly, with the current data mostly ranging from 1.5 million to 1.8 million transactions, reaching Ethereum's historical high.

In terms of daily active users, a similar trend is also observed. In August, Ethereum's daily active users reached a peak of 557,200, the highest in nearly 3 years. Moreover, this increase is no longer a temporary surge but has been sustained over a period of time. As of September 22, the daily active user data still remains above 500,000.

Of course, as a public chain primarily focused on DeFi and infrastructure, the surge in Ethereum mainnet's activity does not seem to be primarily driven by new projects. For example, on September 25, the number of new transaction pools created on the Ethereum mainnet was 198, with a trading volume of around $11.5 million, accounting for only 0.3% of the on-chain transaction volume for that day, which was approximately $3.88 billion.

Another significant data change for Ethereum is the Total Value Locked (TVL). Since April 2025, Ethereum's TVL has surged from $45 billion to $97 billion. However, the main reason behind this data spike may still be the rise in ETH price, as evidenced by the decreasing amount of ETH staked since April. This indicates a decline in ETH staking on the Ethereum network, with the additional TVL possibly coming from stablecoin growth. As of September 25, the stablecoin market capitalization on Ethereum reached $161.7 billion, nearly doubling from December last year's $84 billion.

Base: Transactions Remain Active, but User Attrition Raises Concerns

The on-chain transactions on the Base chain remain relatively active. Looking at the daily transaction volume, an increase can be observed from around 8.4 million daily transactions in August to 14.48 million transactions on September 21, marking a significant boost and setting a new historical high, surpassing the peak data from January. Additionally, there is an active trend in the creation of new tokens, as Dexscreene has created 3,586 new transaction pools in the last 24 hours, a number even higher than that of the BSC chain.

However, in terms of daily active user data, Base has shown a clear downward trend since July, declining from a peak of 2.4 million daily active users to 797,000 on September 22, a 67% decrease. Furthermore, in the past week, Base has experienced a net outflow of $99.6 million, making it one of the chains with the highest net outflow of funds.

Overall, Base remains the most active public chain among Ethereum L2 solutions. Despite a decline in daily active user data, it still maintains advantages in various metrics.

Arbitrum: L2 Leadership Position Faces Test

Arbitrum still maintains its leading position on Ethereum L2 in terms of TVL and stablecoin data. However, Arbitrum exhibits significant volatility in daily transaction volume. On September 22, Arbitrum saw a daily transaction volume of 4.28 million transactions, while the previous day it was 1.92 million transactions. This high volatility is a microcosm of Arbitrum's transaction volume change over the past year, with overall transaction volume consistently maintaining this high volatility state.

In terms of fund inflows, Arbitrum ranks first among all public chains, with a net inflow of $217 million in the past week. Looking at the breakdown of inflows, USDT0 and Hyperliquid remain the major sources of inflow, indicating that Arbitrum is still playing a significant role as a fund bridge for Hyperliquid. However, with Hyperliquid's self-issued stablecoin USDH going live, this favorable trend may soon fade away.

Hyperliquid: Facing Intense Competitive Pressure from Emerging Rivals

From a public chain perspective, Hyperliquid's data is not particularly prominent. While its daily active users have shown a noticeable increase, they only amount to 65,200. In terms of transaction volume, the weekly data hovers around 3 million. TVL data has seen a significant increase this year, growing from $1.9 billion in April to $6.1 billion.

From a DEX perspective, Hyperliquid has recently faced significant competition pressure from Aster. Since August, there has been a noticeable downward trend in transaction volume. The fluctuation range has dropped from $10 billion to $20 billion to the range of $5 billion to $10 billion.

Sui: Growth Hits a Bottleneck, Is an Emerging Public Chain Entering a Quiet Period?

Sui's development seems to have hit a bottleneck in 2025. In terms of transaction volume, it has been fluctuating around 10 million transactions since the beginning of 2025, without a clear upward trend.

Although the number of active addresses is significantly higher than before March 2024, it has also been fluctuating between 500,000 and 1 million daily active addresses over the past year, without a clear upward or downward trend. In terms of TVL data, Sui has experienced a notable decline, dropping from $1.24 billion in July to $575 million. There have only been 40 new transaction pools created on-chain in the past 24 hours, far below the levels during the previous MEME active phase. It seems that as a previously promising emerging public chain, Sui is entering a quiet period.

Avalanche: On-chain Activity Surges, RWA Poised to Be Future Focus

After years of dormancy, Avalanche has finally seen a breakout recently. The most notable data point is the surge in active addresses. Since entering September, the daily active address count on Avalanche L1s has skyrocketed from tens of thousands to millions, reaching a historical record of 29 million on September 22. Transaction counts have also suddenly spiked to the 50 million level.

However, this surge seems largely unrelated to the activity on Avalanche (C-Chain). Looking solely at C-Chain data, its active address count still hovers around 200,000, showing some growth but a stark contrast to the overall surge. PANews speculates that this significant data increase may be related to a stress test on a subnetwork of Avalanche. In August, Grove Finance planned to deploy around $250 million in RWA on the Avalanche blockchain through Centrifuge and Janus Henderson.

On September 23, AgriFORCE announced a rebrand to AVAX One, aiming to raise $550 million and become the first Nasdaq-listed company focused on acquiring Avalanche (AVAX) tokens. Looking at the ecosystem's roadmap, Avalanche is currently more inclined towards developing RWA and stablecoins.

World Chain: The "Truth" Behind Massive Fund Inflows, Team Token Migration

World Chain is mentioned here because in the recent weekly on-chain net inflow rankings, World Chain ranked second with a net inflow of $119 million. However, this influx of funds may not have been user-driven but rather a strategic internal token migration by the Worldcoin team. On September 22, the Worldcoin team wallet transferred 110 million WLD tokens from the Ethereum mainnet, with 85 million tokens ($111 million) cross-chain transferred to World Chain.

From the recent data changes, it is evident that the competition in the public chain space has entered a new stage. BSC, leveraging the wealth effect of its viral applications and ecosystem operations, successfully seized a significant amount of traffic and funds from Solana, staging a classic "comeback." Ethereum, relying on its strong network consensus and foundation, has demonstrated a stabilizing force akin to a "bedrock" in stablecoins and infrastructure.

At the same time, the internal competition of Layer 2, the growth dilemma of emerging public chains, tell us that this is a market being driven by a dual cycle of technological iteration and narrative construction. The leading position of any public chain is not permanent. Only through continuous innovation, building a thriving developer ecosystem, and capturing the next market trend can one stand undefeated in this endless battle for traffic. The future landscape is still full of variables.

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