Key Takeaways:
Community culture and resilience remain the backbone of any successful crypto ecosystem in 2025. Ethereum has regained appeal thanks to scaling efforts and stronger applications on mainnet. Success is less about TVL alone and more about attracting real users beyond the crypto bubble. Ecosystems are shifting from costly incentive programs to focused, sustainable growth strategies.As the crypto market has matured over the past few years, ecosystems have had to adapt in order to continue attracting both users and builders. Success today isn’t just about fast growth or incentives — it’s about resilience, adaptability, and strong communities that keep projects alive through ups and downs.
One of the key ingredients of a winning ecosystem remains its community: people who continue to believe in the project and support it even in hard times. ETHCluj, the “Ethereum for Everyone” conference held in Cluj Napoca, Romania, centered on the idea of opening up the ecosystem to anyone curious and willing to learn more. Over three days, speakers explored Ethereum’s future and the ways in which builders and communities can contribute to it.
At the ETHCluj conference, Cryptonews spoke with Max Lomu, Arbitrum DAO Delegate and Grant Manager, about what makes a crypto ecosystem win in 2025.
‘The Space Is Still Wide Open’
Cryptonews: In your view, which Ethereum L2s or other networks are clearly winning in 2025 — and what makes you say that?
Max Lomu: Ethereum has made a comeback. The foundation’s renewed focus on scaling and attracting applications to L1 has made mainnet appealing again for both users and innovators.
CN: What does “success” look like for ecosystems today: is it still TVL and developer count, or have new metrics taken over?
ML: TVL remains important because it’s harder to fake, but developers and users are even more critical. The real signal is whether new apps attract users from outside the crypto bubble, not just from other on-chain ecosystems. New users drive revenue, which can be reinvested into improving the ecosystem.
CN: Are we seeing any surprising winners or ecosystems that are fading despite big promises in 2023–2024?
ML: Hyperliquid has become a dominant player through “bottom-up” growth. ZK rollups haven’t yet exploded as expected, but it’s too early to crown winners. The space is still wide open — a couple of standout apps could easily change a chain’s trajectory.
CN: How do you personally define long-term ecosystem strength — and is it possible to measure that early?
ML: Each ecosystem should define KPIs based on its target users. The broader the ambition (general-purpose L1/L2), the harder it is to choose and track meaningful metrics. Early indicators include where innovation and new narratives originate, where TVL is most sticky, user retention rates, and institutional deployment trends.
Source: ETHCluj‘The Focus Has Shifted Away From Pure Incentives’
CN: How has the formula for ecosystem growth evolved since the last bull market?
ML: The focus has shifted away from pure incentives. Last cycle, ecosystems spent hundreds of millions on liquidity and builder attraction, but ROI wasn’t proportional to spend. Now, some ecosystems like MegaETH and Berachain make focused bets through in-house incubators, prioritizing quality over quantity. Base continuously ships tools to simplify building. Gnosis launched Gnosis Pay — a complete payment pipeline (ID, on/off ramp, card) — tailored to its network strengths.
CN: What role does governance design play in ecosystem health today — is it something builders actively care about when choosing where to launch?
ML: Governance sets the strategies and programs builders value. Currently, governance is too time-intensive for early-stage builders, but we’re streamlining processes and tightening feedback loops to improve builder experience.
‘In Crypto, Long Term Is a Very Loose Concept’
CN: Which verticals or narratives are driving ecosystem competition right now — and which ones actually have long-term substance?
ML: In crypto, long term is a very loose concept. The biggest excitement today revolves around AI, both in the form of autonomous agents and new “vibe coding” opportunities. Real World Assets are evolving quickly. Layered on top of all this is the growing ability to speculate and hedge on these sectors through perpetual and derivative protocols, which further fuels ecosystem activity.
CN: How important is community culture in sustaining ecosystem momentum — and can it be engineered, or must it emerge organically?
ML: It’s critical, and it’s both top-down and bottom-up. People should feel welcome, excited for the future, and able to make an impact quickly. When that happens, a positive flywheel forms: builders attract more builders, and growth compounds.
CN: What would you say is the biggest myth or misconception about growing a blockchain ecosystem today?
ML: Tech alone drives success: “Build it and they will come” is outdated. More incentives always equal better results. It’s actually better to have a more focused approach.
The post What Makes a Crypto Ecosystem Win in 2025? Expert Answers appeared first on Cryptonews.
