Blockchain Revenue Falls as Real-World Use Grows

A 1kx Capital report forecasts blockchain revenue of about $100 billion in 2026, down 28% year on year as crypto prices and trading activity weaken. The decline broadly tracks an estimated 30% fall in average crypto prices, even as on-chain transaction counts are projected to rise 18% and monthly active users remain near 200 million. The latest figures point to a shift in blockchain revenue towards institutional adoption and real-world applications, which are expected to provide 30% of the total. In the third quarter, revenue from real-world uses—including tokenised real-world assets, payments and prediction markets—reportedly surpassed blockchain infrastructure revenue for the first time. Tokenised equities and prediction markets are among the faster-growing sources, while infrastructure revenue is forecast to fall 39% and transaction fees to roughly halve. DeFi and financial services remain the largest sector, accounting for about 66% of revenue; infrastructure contributes around 22%. Listed companies’ share of blockchain revenue has risen to 16%, from 7% in 2022. A dividend-token index is reported to have gained 82% year to date, highlighting the growing role of distributions and buybacks in crypto valuations. For traders, the data suggest that blockchain revenue is increasingly tied to applications, institutional activity and cash flows, but remains exposed to crypto prices and market liquidity.