Several blockchain networks that once attracted billions in funding are now producing very little on-chain revenue. Data cited in a reposted market analysis shows the group raised about $2.6 billion in total, yet generates only around $65,000 in weekly fees, or roughly $3.4 million a year. That gap between capital raised and actual usage has fueled fresh scrutiny over how durable these networks really are if adoption fails to improve.
Crypto analyst Nick Valdez reviewed the claims in a recent video and walked through the charts and network metrics for Algorand, Celestia, Monad, and Sei. His framework was straightforward. Some chains appear short on active users, some are barely monetizing activity, and some still face heavy token supply expansion ahead.
Celestia struggles with low user count and repeated technical rejection
Valdez began with Celestia (TIA), which he said has a market capitalization of roughly $300 million. Even at that valuation, the network reportedly has only about 1,200 daily active users, the lowest figure among the projects discussed. On the chart, TIA has repeatedly failed near its 50-day moving average, with that level continuing to act as resistance rather than support.
His view was simple: if TIA rallies back toward that area again, the move could present an exit opportunity rather than a confirmed reversal. The resistance has not gone away.
Sei shows user activity, but fee generation remains extremely light
Sei (SEI) presented a different imbalance. The chain records around 7,000 daily active users, but fee revenue remains thin, with recent figures near $232 per day and roughly $2,000 per week. Supply is also part of the discussion. Out of a total supply of 10 billion tokens, about 6.7 billion are already in circulation, leaving room for more tokens to enter the market over time.
From a charting perspective, Valdez described SEI as trading inside a range channel. For traders already holding the token, he suggested the upper end of that range could be a level to watch for a possible exit.
Sonic faces weak fee flow and pressure below the 50-day average
The third network in the review was Sonic, the rebranded version of Fantom. Its on-chain fee generation is also limited, coming in at about $155 per day. It is a small number, and it points to restrained network usage.
Price action has shown a pattern similar to Celestia. Sonic has also been rejected multiple times near the 50-day moving average, which Valdez said keeps the chart under pressure. In his reading, the token would need to reclaim that level before any stronger recovery could take hold.
Monad draws attention for future token unlock pressure
Monad stands out for a different reason. The project carries a fully diluted valuation close to $800 million, while only 10 billion tokens are circulating out of a potential 100 billion supply. The report also noted that large allocations remain set aside for the team and early investors.
As those tokens unlock over time, Valdez warned that new supply hitting the market could add to selling pressure. That overhang can matter as much as current trading momentum, especially in thinner conditions.
Algorand has weak fees too, but the chart looks more constructive
Among the names reviewed, Algorand (ALGO) was the one Valdez viewed with the most favorable technical setup. Chain fees are still very low at about $12, yet the network maintains around 26,000 active addresses, a stronger activity reading than several others on the list.
On the chart, ALGO appears to be forming a falling wedge, a pattern that sometimes comes before an upside break. Valdez said that if the structure resolves higher, ALGO could stage a rebound and offer what he called an “off-ramp” for investors looking to exit positions.
The broader point of the analysis was not about one chart alone. It focused on the widening gap between fundraising, token valuations, and real network usage. For Celestia, Sei, Sonic, and Monad, adoption trends and supply dynamics remain at the center of the market debate.