Public token sales have pulled in $1.42 billion so far this year, but the capital is not spreading widely across the landscape. Data from CryptoRank, cited in the original report , shows that five blockchain ecosystems account for roughly $1.34 billion, or about 94% of the total. The fundraising window may be wide open, but project founders and investors are voting with their wallets for a very short list of networks.
Ethereum again claimed the largest share, attracting $334 million in public token sale proceeds. BNB Chain followed at $288 million, with Base at $269 million and Solana at $241 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.
Why the top five keep winning
Ethereum’s lead is not simply about brand inertia. Despite persistent fee spikes during high-demand periods, it still offers the deepest pool of existing liquid capital and the richest developer tooling infrastructure. A recent look at the top blockchains by developer activity confirms that Ethereum, BNB Chain, and Solana remain magnets for protocol building. That developer density feeds directly into the token sale pipeline, where teams want to launch where users and liquidity already sit.
BNB Chain and Base, both EVM-compatible environments, appear to be capturing a distinct slice of the market: projects that want cheap transactions and a built-in user funnel without leaving the Ethereum Virtual Machine orbit. Base, in particular, has benefited from its integration with the Coinbase ecosystem, which gives token projects exposure to a ready-made retail audience that other layer-2s cannot match as easily.
Solana’s $241 million shows that high-throughput non-EVM chains are not being sidelined. After multiple network-outage cycles earlier in the cycle, Solana has rebuilt credibility, and its monolithic architecture appeals to projects that want speed without fragmentation. Sonic’s presence in the top five, at $206 million, is perhaps the most telling signal. The chain’s rapid ascent in fundraising rankings reflects a broader appetite for fresh, performance-focused networks, particularly when they can onboard existing EVM liquidity through bridge infrastructure.
Concentration risk and the market’s blind spots
The 94% concentration ratio cuts both ways. On one hand, it gives new token buyers a clear signal about where professional capital allocators are placing bets. On the other, it raises questions about whether the public sale market is becoming a closed loop. If only the top five chains can reliably raise public dollars, the long tail of alternative layer-1s and app-specific chains may find themselves shut out from the kind of open market funding that defined earlier cycles.
What remains uncertain is whether this concentration reflects genuine demand dynamics or a temporary flight to safety. During periods of market stress or regulatory ambiguity, investors often retreat to the most liquid, most established venues. The tokenization of real-world assets has started to reshape on-chain capital flows in ways that could further reinforce the position of incumbent chains, as highlighted in recent institutional tokenization moves . If larger-scale RWA activity keeps piling into Ethereum and its closest rivals, the public sale market may track that institutional footprint even more closely in the coming quarters.
For projects that cannot launch on a top-five chain, the data forces a hard question: whether no public raise at all is better than launching into an illiquid ecosystem where volume and visibility remain thin. Founders now have to weigh community-building on smaller chains against the reality that the bulk of open-market capital is flowing to a handful of networks.
The year-to-date figures do not strip out private or over-the-counter rounds, which typically dwarf public sales. But public token sale data matters because it reflects the most visible, regulation-exposed segment of crypto fundraising. As legal frameworks around token offerings continue to evolve, the choice of chain may soon carry compliance implications that are not priced into today’s concentration numbers. That is a development worth watching, particularly for ecosystems hovering just outside the top tier.