Ethereum Crushes Competition as Public Token Sales Hit $1.42B

Public token sales have pulled in $1.42 billion so far this year, but the capital is not spreading widely across the landscape. Five blockchain ecosystems account for roughly $1.34 billion, or about 94% of the total.

Ethereum claimed the largest share, attracting $334 million in public token sale proceeds. $BNB Chain followed at $288 million, with Base and Solana taking third and fourth place respectively, each raising over $200 million. Sonic rounded out the top five at $206 million.

The numbers suggest a market structure where most of the action happens inside a circle of dominant general-purpose chains, while newer or smaller ecosystems struggle to draw meaningful liquidity for early-stage raises.