I will not accept the U.S. government telling me that the past legislation, you have to bribe people

or cut them million dollar campaign checks.

This is for the American people, the American industry, and the 55 million people who hold

cryptocurrency.

Value capture is shifted away from layer ones. A new CoinDesk research report reveals that while

layer one still holds 90% of market cap, they now capture only 12% of on-chain fees, explore the

structural changes defining 2026 from Bitcoin's post-quantum risks and Ethereum's roll-up economics

to the new era of compliant privacy with input outputs midnight at coindesk.com forward slash research.

Hey, everyone, you're watching CoinDesk, and I'm Jen Sanassi.

The state of blockchain report commissioned by input output found that layer one tokens broadly underperformed in 2025, despite regulatory and institutional wins.

Joining us now to unpack some of the key findings is input output founder, Charles Huskinson.

Charles, welcome back.

Jen, it's good to be here.

Thanks for having me on.

Yeah, as always, great to have you here.

Let's dig into some of the findings in this report.

Like I just mentioned in my intro, layer ones underperformed in

2025 when we look at the tokens, but network fundamentals like TVL and activity actually grew.

Just make sense of that for me. What does that mean? And what does that say about where

crypto is heading? Well, I think it's the great maturing of the industry.

You know, you saw first a lot of institutional onramps with the appreciation of Bitcoin.

It probably went from what, 60,000 to 120. I forget the all-time high. But it was very good year,

...