Blockchains now account for only 22 % of onchain revenue in the first half of 2025, down from 56 % in 2021, with their share projected to fall below 20 % by year-end. DeFi applications generate 63 % of all onchain fees, driven primarily by trading activity and derivatives volume. Total onchain fee revenue is projected at $19.8 billion for 2025, a 35 % year-over-year increase, rising to over $32 billion in 2026. All of this growth is attributed to the application layer, with zero growth expected from blockchains themselves. Transaction costs have simultaneously dropped approximately 90 % from their 2021 peak.
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