Blockchains' Share of Onchain Revenue Drops to Historic Lows

The blockchain landscape has undergone significant changes in recent years, with the share of onchain revenue attributed to blockchains plummeting from 56% in 2021 to just 22% in the first half of 2025. Projections suggest that by the end of this year, blockchain revenues will dip below 20%, meaning apps will capture approximately three-quarters of all onchain revenue.

The shift is largely driven by DeFi applications, which accounted for 63% of all onchain fees collected in the first half of 2025. This is primarily due to trading activity and derivatives volume. Transaction costs have fallen roughly 90% from their 2021 peak, a direct result of scaling improvements, layer-2 adoption, and more efficient block space markets.

Tron, Ethereum, and Solana still dominate what remains of the blockchain-side fee market, collectively accounting for roughly 80% of blockchain-layer fees in H1 2025. The total onchain fee revenue for 2025 is projected at $19.8 billion, representing a 35% year-over-year increase.

Notably, the entire growth figure for 2026 is attributed to the application layer, with zero growth expected from blockchains themselves. Value distributed to token holders in the first half of 2025 hit $9.7 billion, primarily through app-generated buybacks and token burns.