Data: 1kx report shows on-chain economic scale surpasses 20 billion dollars

ChainCatcher news, venture capital firm 1kx has released the "Onchain Revenue Report H1 2025," summarizing on-chain verification data from over 1,200 protocols, showing that the crypto industry's "on-chain economy" has formed an ecosystem worth $20 billion and is growing rapidly.

The report points out that on-chain fees have become the most direct indicator of real market demand. DeFi protocols still account for 63% of total on-chain fees, but emerging sectors are growing rapidly: wallet revenue has increased by 260% year-on-year, consumer applications have grown by 200%, and DePIN (Decentralized Physical Infrastructure Networks) has surged by 400%. Meanwhile, Ethereum's share of the overall market has declined; despite its transaction fees dropping by 86% since 2021, the number of ecosystem protocols has expanded eightfold.

1kx notes that a dislocation between market capitalization and actual revenue is becoming apparent: the top 20 protocols account for 70% of on-chain fees, but DeFi projects have a market cap only 17 times their revenue, while public chains have an average valuation as high as 3,900 times, indicating a premium investors place on "nation-state-like" narrative assets.

Looking ahead, 1kx expects the total on-chain economic fees to reach $32 billion by 2026, a year-on-year increase of 63%, driven mainly by RWA (Real World Asset Tokenization), DePIN networks, wallet monetization, and consumer-grade crypto applications. The report believes that as regulatory clarity improves and infrastructure expands, the on-chain economy is entering a "mature phase"—a new cycle driven by usage, revenue, and value distribution.