Blockchains Lose Grip as DeFi Apps Dominate Onchain Revenue
The onchain revenue share of blockchains has plummeted to just 25% in the first half of 2025, according to the 1kx Onchain Revenue Report. This marks a significant drop from 56% in 2021 and is projected to dip below 20% by the end of this year.
The shift in revenue distribution can be attributed to the growing dominance of DeFi applications, which accounted for 63% of all onchain fees collected in the first half of 2025. This surge is driven primarily by trading activity and derivatives volume, resulting in a substantial decrease in transaction costs, a whopping 90% drop from their 2021 peak.
The blockchain-side fee market is still dominated by Tron, Ethereum, and Solana, collectively accounting for roughly 80% of blockchain-layer fees in the first half of 2025. The total onchain fee revenue for 2025 is projected at $19.8 billion, representing a 35% year-over-year increase.