In 2022, blockchains like Ethereum and Solana absorbed more than 90% of revenues generated on-chain. This figure has fallen to approximately 25% by early 2026, with financial and consumer applications now capturing nearly three-quarters of the total. Ethereum exemplifies this decline: the network generated over 40% of all on-chain fees in 2021, compared to less than 3% today, due to the rise of layer 2 scaling solutions. Decentralized finance protocols capture 73% of all fees generated on-chain while their combined weight in total market capitalization remains below 10%. The top twenty protocols, barely 2% of the sample studied, alone account for 69% of all on-chain fees.
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