Just looked at the chain data for 2025 and it's wild how differently capital moved across different networks. Ethereum absolutely dominated with $4.21 billion flowing in, which honestly isn't surprising given its ecosystem size. But what caught my eye is how some Layer 2s got absolutely wrecked while others thrived.

Hyperliquid pulled in $2.88 billion mainly through derivatives volume, and smaller chains like Sonic ($1.25B), WorldChain ($671M), and Solana ($625M) showed solid inflows too. These are the best funded networks that investors clearly wanted exposure to. Meanwhile, Arbitrum took the biggest hit with $5.13 billion flowing out—that's a brutal reversal. BNB Chain, Base, and Polygon all saw significant outflows as well, which suggests capital was rotating away from some of the earlier Layer 2 favorites.

The pattern here is pretty clear: Ethereum remains the gravitational center, derivatives and newer ecosystems attracted capital, but established Layer 2s lost momentum. Interesting to see how 2026 plays out given these fund flows shifted so dramatically last year.