Insights: Layer 1 & 2 Chains - October 2025

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Syndica Insights: Layer 1 & 2 Chains - October 2025

Solana maintained dominance as Ethereum regained share in tokenized stock volume. By October 2025, Solana continued to control the tokenized stock market with a 79% share. Ethereum’s share recovered to 20%, driven primarily by renewed trading activity on Ondo Finance.

Solana’s DEX activity stayed diverse while Ethereum’s stablecoin volume declined in October 2025. On Solana, trading remained broadly distributed across other tokens, reflecting a vibrant and varied market structure. Meanwhile, Ethereum’s DEX volume with stablecoin share is falling sharply from 62% to 33%.

Solana remained the dominant force in Bitcoin trading. More than half of BTC traders invested on Solana, accounting for 57% of total traders, outpacing Ethereum and Base combined.

Additionally, Solana’s ratio of DEX volume to supply for BTC climbed to 2.1M, reflecting sustained growth in on-chain trading momentum.

BSC’s memecoin launches surged 288% in October while Solana’s activity slowed. BSC recorded its strongest month yet with over 529K new memecoin launches, up 288% from September. Meanwhile, Solana remained ahead with 615K launches but saw a 30% month-over-month decline.

Solana remained the leading hub for memecoin liquidity in October 2025. While BSC recorded a tenfold surge in memecoin launches with at least $10K in trading volume, Solana still outpaced all competitors with 39x more than BSC, underscoring its dominance in on-chain liquidity.

BSC nearly matched Solana’s memecoin market cap in October 2025. With all the memecoins that launched in October, Solana held a slight lead with $490M in total memecoin market cap, representing 50.7% of the market, while BSC followed closely with $467M, capturing 48.4%. Base remained a distant third with $9M.

Solana maintained the highest memecoin survival rate as BSC surged in October 2025. Memecoins that sustained a market cap above $100K by the end of October remained strongest on Solana, BSC saw an 8x rise in surviving projects, signaling rapid improvement in memecoin quality and traction.

Solana and BSC closely trailed Ethereum in bridging volume in October 2025. Ethereum remained the top chain for cross-chain transfers with $2.0B in volume, while Solana and BSC followed closely at $1.7B and $1.6B, respectively.

Perpetuals trading volume surged 76% to $1.4 trillion in October 2025. Global perpetual futures volume jumped from $772B in September to $1.4T in October. The growth was driven largely by BSC, which contributed $350B, its strongest monthly performance to date.

Top perpetuals trading platforms showed strong on-chain user metrics. Hyperliquid led with over 350K active users, including the highest proportion of mid-tier (19%) and whale (15%) traders among leading platforms.

Chain public funding attracted $4.5 billion since 2024. Chain public funding is the funds contributed to the network by users in exchange for token allocations, points, or early access before mainnet. Since early 2024, Zircuit led with a record $2.0B in deposits, followed by two funding rounds from Stable Chain totalling $1.3B.