• Blockchain networks generate document charges, approaching US$19.8B in 2025, with DeFi accounting for 63% of income.
  • Ethereum faces competitors from Layer-2 and various chains; worthwhile protocols broaden eightfold.
  • Actual-world asset tokenisation surges to US$35B, supported by establishments; 2026 revenues projected at US$32B.

Blockchain networks are evolving right into a revenue-generating ecosystem, with fee-based exercise on observe to method US$19.8 billion (AU$30.2 billion) in 2025, in line with enterprise capital agency 1kx. The corporate’s Onchain Revenue Report attributes this surge to widespread person participation throughout DeFi, wallets, shopper apps and real-world asset tokenisation.

The info reveals blockchain revenues have multiplied tenfold since 2020, rising at roughly 60% per 12 months. The primary half of 2025 alone noticed a document US$9.7 billion (AU$14.8 billion) in charges, masking funds for transactions, asset swaps, gaming, and digital subscriptions.

Supply: 1kx Capital

In its evaluation of over 1,200 protocols, 1kx discovered that decentralised finance continues to dominate with 63% of complete charges, whereas rising classes are quickly gaining traction. Wallets generated 260% extra income than the earlier 12 months, shopper apps rose 200%, and DePIN networks expanded by 400%.

Ethereum, whereas nonetheless a number one blockchain, has misplaced some market share as layer-2 and various networks decreased transaction prices – common Ethereum charges have fallen 86% since 2021. Even so, the variety of worthwhile protocols has elevated eightfold.

1kx’s report emphasises that charges symbolize “repeatable utility that customers and corporations are keen to pay for,” signalling real use past hypothesis. The researchers argue that sustainable price technology will distinguish long-term viable protocols from experimental tasks.

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Income Versus Valuation

The report additionally recognized a disconnect between income and valuations. The highest 20 protocols generate 70% of all onchain charges, but their market capitalisations haven’t grown proportionally, suggesting a shift towards valuing blockchain tasks based mostly on enterprise fundamentals fairly than hype.

Actual-world asset (RWA) tokenisation has grow to be one other main driver, with the whole onchain worth of tokenised RWAs – excluding stablecoins – surpassing US$35 billion (AU$53.4 billion) by late 2025. This momentum has been supported by establishments equivalent to JPMorgan, BlackRock and BNY Mellon.

Trying forward, 1kx tasks that blockchain revenues will rise to US$32 billion (AU$48.8 billion) in 2026, because the trade transitions right into a extra steady and utility-focused part beneath bettering regulation.

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