"Ghost Chains: Avoid These Overvalued Crypto Coins in 2025"

Cryptocurrencies have experienced significant growth in recent years, with some coins like Bitcoin, Mantra, and BNB gaining substantial popularity and returns for investors. Mantra, in particular, has seen quadruple gains over the past 12 months. However, not all cryptocurrencies are created equal, and some layer-1 and layer-2 blockchains, known as ghost chains, lack a thriving ecosystem of applications. This article explores some of the most overvalued ghost chain crypto coins to avoid in 2025.

Cardano (ADA) is currently the most overvalued ghost chain crypto coin, with a market capitalization of over $27 billion, making it the 9th largest cryptocurrency in the world. Its popularity surged in 2021 when it was seen as a potential alternative to Ethereum, which was then a proof-of-work (PoW) network. At its peak, Cardano was valued at over $90 billion. However, despite its size, Cardano is now considered a ghost chain with no significant ecosystem. According to DeFi Llama, Cardano has a total value locked (TVL) of over $368 million and just $21 million in stablecoins. A closer look at its ecosystem reveals that most of the largest players are not popular, with Liqwid, the biggest lending network in Cardano, having a TVL of just $81 million, and Minswap, the biggest DeX network in Cardano, handling less than $10,000 in volume a day.

Near Protocol (NEAR) is another large ghost chain in the crypto industry, with a market capitalization of over $4 billion, making it the 29th biggest player. Near Protocol is a layer-1 network that aims to be a better alternative to Ethereum and Cardano, incorporating the concept of sharding to enhance its throughput. However, Near Protocol is considered a ghost chain due to its relatively small ecosystem, with just 30 dApps in the decentralized finance industry. Burrow, a lending protocol, is the biggest dApp in the Near Protocol ecosystem, with a TVL of $125 million, followed by Ref Finance, a DEX network that handles little volume a day. While Near Protocol has established itself as a top crypto coin in the artificial intelligence industry, there are no major notable dApps so