Ethena Promised 300% Yields, Avalanche Lost 47%, but BlockDAG Quietly Surged 2,380%—Who’s Winning Crypto 2025?

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When one project rises, others are often measured against it—and lately, BlockDAG is setting that bar. While Avalanche boasts high-speed transactions and Ethena pushes boundaries in synthetic stablecoins, both are showing mixed signals in investor returns and price stability. Avalanche has seen sharp price drops, and Ethena’s high-yield promises are now met with skepticism.

BlockDAG, on the other hand, has quietly built momentum, posting a 2,380% ROI since batch 1 and raising over $212.5 million. As discussions heat up about the next Ethereum, BlockDAG’s steady progress and community interest suggest it might be more than just a passing comparison.

Avalanche: A High-Performance Blockchain Platform

Avalanche is a decentralized blockchain platform designed for speed, scalability, and flexibility. Specifically, it utilizes a unique consensus mechanism that enables rapid finality and high throughput, supporting up to 4,500 transactions per second. As a result, this architecture allows developers to create custom blockchains, known as subnets, tailored to specific applications. At launch, investors initially received AVAX tokens, which serve as the native currency for transaction fees, staking, and governance within the Avalanche ecosystem.

Over time, AVAX has experienced significant price fluctuations. In March 2024, AVAX peaked at $65 but declined to approximately $34.05 by January 28, 2025, marking a decrease of around 47.6%. Nevertheless, analysts remain optimistic, with projections suggesting that AVAX could reach up to $110 by the end of 2025, representing a potential increase of over 220% from its current price.

Ethena: Bridging DeFi and Traditional Finance

Ethena is a decentralized finance (DeFi) platform known for its synthetic dollar protocol, offering the stablecoin USDe. To maintain value, USDe maintains stability by hedging price exposure through shorting Ethereum using perpetual swaps. Initially, early investors received ENA tokens, which facilitate governance and utility within the Ethena ecosystem. Notably, in 2024, USDe’s supply surged to $6 billion within ten months, making it the third-largest USD-denominated asset in crypto. Additionally, the protocol also surpassed $1.2 billion in annualized revenue in its first year.

Later, in February 2025, Ethena raised $100 million in a private token sale to develop an institutional-grade stablecoin and expand its DeFi offerings. However, despite these advancements, ENA’s price has faced challenges. After a 63% surge in December 2024, analysts noted that yields nearing 300% remain unlikely. Even so, Ethena’s strategic initiatives position it to bridge the gap between traditional finance and DeFi.

BlockDAG: The Next Blue-Chip Crypto After Bitcoin and Ethereum?

BlockDAG is rapidly gaining traction as a project with serious blue-chip potential, backed by hard numbers and growing investor confidence. To date, with an impressive $212.5 million raised in its presale and over 19 billion coins sold, BlockDAG isn’t just building hype—it’s delivering. At present, it is in batch 27, with the coin priced at $0.0248, marking a staggering 2,380% ROI since batch 1. Clearly, these are the kinds of milestones that turn heads and shift narratives.

Following this, its recent Keynote 3 unveiled the beta testnet and an aggressive roadmap toward mainnet, and BlockDAG raised an additional $5 million. The Keynote emphasized real progress—launching the “Primordial” testnet, laying out future updates, and introducing tools like the X1 Miner app, which brings mobile mining into the picture. Indeed, it’s this level of execution that separates projects with lasting potential from short-lived hype cycles.

Moreover, th excitement isn’t just retail-driven. Analysts and crypto enthusiasts are beginning to compare BlockDAG’s trajectory to Ethereum’s early days, suggesting it could be the next major protocol layer with lasting impact. Whereas Bitcoin offered decentralization and Ethereum brought smart contracts, BlockDAG is promising scalability without compromise, offering a technically robust solution designed for widespread adoption.

Ultimately, BlockDAG isn’t trying to be just another altcoin. It’s building a foundation that could support the next generation of decentralized apps, payments, and enterprise solutions. Given this, many are now asking the real question: Is BlockDAG the next Ethereum? Signs point to yes.

Why BlockDAG Stands Out Now?

Not all progress is equal, and the numbers speak for themselves. Avalanche’s technical promise is tempered by market volatility, while Ethena’s rapid growth is shadowed by doubts over long-term yield sustainability. BlockDAG, meanwhile, has built a case through consistent delivery—$212.5 million raised, over 19 billion coins sold, and a 2,380% ROI since batch 1.

It’s not just the fundraising or hype; it’s the structure, updates, and direction that are drawing attention. If the question is who’s closest to becoming the next Ethereum, BlockDAG isn’t just part of the conversation—it may be steering it.