Centralized crypto companies generate approximately $70 billion in annual revenue, compared to roughly $8 billion for on-chain actors, representing a nine-to-one ratio according to data from ARK Invest cited by researcher Lorenzo Valente. Analyst Santiago R. Santos notes that the theory predicting open-source protocols would capture most of the value has not materialized: value concentrates instead among those controlling user access and fiat-crypto bridges. Stablecoins illustrate this dynamic: $14.8 trillion in USDC circulated on-chain in the second quarter, up 151% year-over-year, yet Circle’s revenue grew only 7% to $701 million. Hyperliquid, which controls its blockchain, trading engine, and interface simultaneously, generates approximately $1 billion in annualized fees for $755 million in revenue, demonstrating that controlling user experience enables value capture even in a decentralized environment.
Source: Read the original article
