Blockchain revenues have plummeted by over 57% year-on-year, reaching one of their lowest levels since 2022, with only $141.90 million generated in July across 33 chains. The crypto market has seen over $1.13 trillion in value evaporate this year as median transaction fees continued to fall without attracting users back on-chain. Solana stood alone as an exception with 28.4% revenue growth, while Ethereum took the heaviest hit at 39.1%. The closures of BitMEX and BitMart are adding to skepticism about whether prices have truly bottomed.
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