The global digital asset market set a new record in 2025, with a total capitalization reaching $4.3 trillion, driven by policy changes, institutional capital flows, and strong growth in onchain trading activities, according to The Block’s Digital Assets Outlook 2026 report. However, the growth has been uneven, as capital and liquidity are mainly concentrated in a few blockchains, applications, and financial products.
At the foundational layer, Solana, BNB Chain, and Hyperliquid attract speculative activity, while Ethereum continues to strengthen its role as a payment and data infrastructure with a focus on rollup-based scalability. Conversely, Layer 2 networks show clear differentiation, with Base leading in TVL, users, and transactions, while many new projects decline after the end of their incentives.
The tokenization of real assets is accelerating, along with expanded adoption by enterprises and organizations, reflecting a clear maturation trend in the digital asset market.