1️⃣EigenLayer
Restaking is rewriting Ethereum yield and bootstrapping a new marketplace for security. Expect AVS expansion, operator incentives, and fresh utility for EIGEN to drive attention and flows. It is the most bid narrative for on-chain income in 2025.
- Restaking boosts ETH yield without leaving the ecosystem
- Explosive TVL and developer momentum
- Multiple AVS rewards and points stacking
- Strong backers and Ethereum alignment
- Clear 2025 catalysts like AVS launches and staking program expansions
- Institutional-friendly narrative
- Smart contract and slashing risk
- Strategy complexity for newcomers
- Potential reward dilution as TVL scales
2️⃣Celestia
The modular data-availability layer powering a wave of rollups and appchains. As more chains plug into TIA, fees, staking demand, and integrations can compound. It is quickly becoming default DA for teams that want speed and sovereignty.
- First-mover in modular DA
- Robust staking yields and liquidity
- Rapid ecosystem growth with rollup stacks
- Strong research and community
- Clear product–market fit for L2s and appchains
- Competition from other DA layers
- Token unlock overhang
- Throughput bottlenecks during spikes
3️⃣zkSync
A zk-rollup aiming for mainstream UX and fast finality. After a messy token launch, the team is shipping toward greater decentralization and stronger value capture. New consumer apps and liquidity programs could reignite growth in 2025.
- Cheap
- fast transactions
- Advanced ZK tech
- Growing base of consumer apps
- Airdrop and tokenomics backlash dented community goodwill
- Sequencer and prover centralization concerns
- Bridge and ecosystem fragmentation
- Unclear long-term value capture
4️⃣Jupiter
Solana's dominant DEX aggregator routing billions with sharp pricing. Memecoin waves and new features like perps and LST routing keep volumes hot. Cross-chain expansion could unlock fresh order flow.
- Leader on Solana by volume
- Deep liquidity and tight routing
- Active airdrops and campaigns
- Strong brand with retail mindshare
- Revenue tied to trading-cycle mania
- SOL network hiccups can impact UX
- Token emissions and buyback clarity still evolving
5️⃣Ethena
USDe and the “internet bond” aim to deliver cash-like yield on-chain via delta-neutral perps strategies. If liquidity and risk controls scale, it can pull significant stablecoin capital. 2025 is about exchange integrations, insurance, and conservative growth.
- High on-chain yield relative to stables
- Capital-efficient hedging engine
- Backed by reputable market makers
- Clear institutional interest
- Depeg and liquidation cascade risk in stress events
- Yield depends on perps funding rates and liquidity
- Regulatory scrutiny on synthetic dollars
- Smart contract and custody risk