1kx: Onchain Economy Hits $20B as Fees Signal Real Demand

Venture firm 1kx's Onchain Revenue Report (H1 2025), which analyzed data from over 1,200 protocols, indicates the crypto industry's onchain economy has hit $20 billion, signifying a shift toward usage and real demand, evidenced by rising fees rather than just speculation. While DeFi still generates about 63% of total onchain fees, newer sectors like wallets (260% YoY revenue growth), consumer apps (200% growth), and DePIN (400% growth) are rapidly increasing their share. Ethereum's dominance has lessened as scaling solutions reduced average transaction fees by 86% since 2021. The report notes a divergence where top protocols capture 70% of fees, but valuations lag, with DeFi applications trading at 17x price-to-fees versus blockchains at 3,900x. 1kx suggests this pricing mismatch presents an opportunity as markets begin valuing applications like businesses. The firm forecasts the onchain economy will generate $32 billion in fees by 2026, driven by RWAs, DePIN, wallet monetization, and consumer apps, potentially marking crypto's "mature phase."

(Source：CoinDesk)