CoinDesk 20 Performance Update: Uniswap Drops 3.7% as All Index Constituents Decline
Dec 23, 2025, 2:09 p.m.

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.
The CoinDesk 20 is currently trading at 2702.73, down 0.8% (-22.99) since 4 p.m. ET on Monday.
STORY CONTINUES BELOW
None of the 20 assets are trading higher.
Leaders: LTC (-0.3%) and CRO (-0.4%).
Laggards: UNI (-3.7%) and ICP (-2.0%).
The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.
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L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
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