Report: On-chain economy exceeds $20 billion, cost growth shows real demand drives industry into maturity
2025-10-30 18:37:33
1kx, a venture capital firm, released its "Onchain Revenue Report H1 2025", which aggregates on-chain verification data for more than 1,200 protocols, showing that the "on-chain economy" of the crypto industry has formed a $20 billion ecosystem and is growing rapidly. The report points out that on-chain fees have become the most direct measure of real market demand. DeFi protocols, which still account for 63% of total on-chain fees, but emerging areas are growing rapidly: 260% year-on-year growth in wallet revenue, 200% growth in consumer applications, and 400% growth in DePIN (decentralized physical infrastructure network). At the same time, Ethereum's share of the overall share has declined, and while its transaction fees have declined by 86% since 2021, the number of eco-protocols has expanded eightfold.
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