data analysis agency Kaiko released the 2025 public chain revenue report. The data shows that the revenue performance of mainstream public chains in 2025 presents significant differentiation: Solana recorded a huge net loss of $4.15 billion, Ethereum a net loss of $1.62 billion, while Tron successfully covered inflation costs with $624 million in revenue, becoming the only mainstream public chain to achieve profitability and token deflation.