Blockchain: Onchain revenues explode to nearly $20 billion in 2025

Web3, blockchain, and the crypto universe no longer play in the field of abstract promises. We are witnessing a clear turning point: projects are settling in the real world, usages are diversifying, and the numbers speak. Between the explosion of onchain fees and institutional adoption, the ecosystem proves its rise in power. Speculation decreases a notch, revenues take over. In short, blockchain is no longer a playground… it’s an industry.

A strong signal: blockchain moves from gadget to economic lever

In 2025, onchain revenues from the blockchain should peak at 19.8 billion dollars, according to the 1kx report. Already 9.7 billion has been generated in the first half-year, a +41% year-on-year increase. The authors emphasize:

We consider fees paid as the best indicator because they reflect recurring utility for which users and businesses are willing to spend. As protocols mature and regulation progresses, the ability to generate and distribute regular fee-based revenues will distinguish sustainable networks from simple emerging experiments.

Crypto is therefore entering a new era. The time of blockchains as mere speculation platforms makes way for a more structured model based on real utility. Another signal: the number of protocols generating more than 1 million $ in annual revenue rose from 125 in 2021 to nearly 400 today. Profitability becomes a criterion, and recurring cash flows a standard.

In this logic, even the most popular blockchains — Ethereum, Solana, Tron — see their fees stagnate, but the economy shifts towards upper layers. The user pays for a service, not just to validate a transaction.

The crypto market reorganizes: the rush to apps finally pays off

In the crypto industry, base blockchains are no longer the only ones generating revenue. Today, apps capture the attention… and the revenue. In 2025, 63% of onchain fees come from sectors related to DeFi and financial services. Blockchains themselves capture only 22%. A clear shift.

1kx data point to centralization:

The top 5 protocols (Tron, Ethereum, Solana, Jito, Flashbots) captured about 80% of blockchain fees in the first half of 2025. Although this number remains high, it is an improvement from 2021, when Ethereum alone represented 86% of blockchain fees.

However, outsiders stand out. Platforms like Pump.fun, Meteora, or Axiom have generated millions of dollars in revenue in record time.

The crypto market becomes more agile. Stablecoins, DEXs, launchpads, or DeFAI bots show impressive momentum. And democratization follows: an 86% drop in fees since 2021 makes apps accessible to hundreds of millions of wallets.

These new blockchain giants to watch

In the blockchain ecosystem, the surprise comes from ratios. Where historic blockchains like Solana or Ethereum show price-to-revenue (P/R) ratios exceeding 7,300x, some apps cap between 8x and 17x. A distortion indicating undervalued investment opportunities in crypto.

1kx analysts note that the top 20 protocols capture nearly 69% of onchain revenues. But this dominance is fluid. In 2024, a project like Meteora surpassed heavyweights in a few weeks. Crypto is a ground of ultra-fast disruption. It is also a showcase for regulation. The European framework (MiCA) and American ambitions (Genius Act) pave the way for an institutional influx that redefines the landscape.

Trends and numbers not to miss

• Nearly 400 protocols generate >1M$ ARR in 2025;
• Onchain revenues have increased by 60% per year since 2020;
• Tokenized assets exceed 35 billion $ in onchain value;
• DeFi captures more than 63% of blockchain revenues;
• The average cost per transaction has dropped by 86% in four years.

If the crypto industry breaks records and recovers more than 4,000 billion dollars, it is thanks to solid sub-sectors. DeFi and stablecoins offer blockchain what it lacked: massive, visible, measurable utility. Behind tokens, there are now uses. Behind promises, reality.