Hey there! If you’re into the wild world of blockchain, you’ve probably heard about the big mainnet launches in 2025. Stacy Muur’s recent thread on X dives deep into the performance of new chains like Berachain, Unichain, and Worldchain six months after their launches. Let’s break it down in a way that’s easy to digest, whether you’re a crypto newbie or a seasoned pro.

Berachain: The Hype Fades Fast

Berachain kicked off 2025 with a bang, thanks to its unique Proof-of-Liquidity (PoL) model, which ties network security to liquidity provision. Its token, BERA, launched at $6.90 but has dropped 58% to $2.45. The chain hit a peak Total Value Locked (TVL)—that’s the amount of money locked in its smart contracts—of $3.27 billion within 20 days. But here’s the kicker: by June, TVL crashed 68% to $988 million, and transaction volume tanked 87% in May alone.

What’s going on? It seems the initial hype, fueled by a $3.1 billion pre-launch liquidity pool, relied heavily on token rewards and airdrops. Once those incentives dried up, users moved on, leaving Berachain scrambling to build organic demand. It’s a classic case of the “incentive cliff”—a term for when launch buzz fades without real-world use.

Unichain: DeFi’s New Darling

Next up, Unichain, built by the Uniswap team, is making waves as a DeFi-optimized Layer 2 (L2) solution. Think of an L2 as a fast lane on the blockchain highway, offering 1-second blocks and 95% lower fees than the main Ethereum network. During its testnet, Unichain processed 95 million transactions and deployed 14.7 million smart contracts, showing serious developer interest.

Its TVL jumped from $2.28 million to $755 million, with DEX (decentralized exchange) volumes hitting $12.86 billion in April. Even with a 69% transaction drop recently, the strong DEX activity—currently at $2.05 billion—suggests users are sticking around. Unichain’s success seems tied to its deep integration with Uniswap’s ecosystem, proving that purpose-built blockchains can drive real usage.

Worldchain: Identity Powers Growth

Then there’s Worldchain, linked to the Worldcoin project, which surprised everyone with a 1,276% TVL surge from $2.92 million in March to $40.21 million in May. Its token, WLD, trades at $1.13, and the growth ties back to World ID 2.0, which verifies user identities and integrates with platforms like Shopify. This identity angle creates a “stickiness” that keeps users engaged, challenging early doubts about biometric blockchain risks.

What Does It All Mean?

Stacy’s analysis points to a maturing market where hype alone isn’t enough. Chains like Berachain face a post-launch reality where speculative activity drops off without organic use. Unichain shows that ecosystem integration can sustain growth, while Worldchain hints that identity verification might be a game-changer. Across the board, transaction volumes dropped 70%+ in May-June 2025, suggesting investors are getting pickier about where they put their money.

So, what’s the takeaway? The winners will be chains that solve real problems—whether it’s cheaper DeFi transactions or secure identity systems—rather than just promising better stats. If you’re curious, check out DefiLlama for live TVL data or AlexaBlockchain for more on 2025’s blockchain trends. What do you think—will identity-driven chains like Worldchain lead the pack? Drop your thoughts below!