On-Chain Revenue to Hit $19.8B in 2025 Amid Record Fees
According to 1KX’s latest On-Chain Revenue report, blockchain fees are set to drive on-chain revenue to a record $19.8 billion in 2025. User-paid fees reached $9.7 billion in H1 2025—a tenfold rise since 2020—though they may not surpass 2021’s $24.1 billion peak. This growth reflects real demand for decentralized applications across trading, gaming, NFTs and subscriptions. Broad adoption of tokenized real-world assets (RWAs), DePINs and wallet-based consumer apps underpins fee growth. Tokenized RWAs topped $35 billion on-chain by Q3 2025, with institutions like JPMorgan, BlackRock and BNY Mellon launching tokenized funds on platforms such as Kinexys and Securitize. As protocols mature and regulation stabilizes, consistent blockchain fees become a key benchmark for sustainable crypto revenue. However, network congestion, fee structure optimization and regulatory uncertainty remain challenges. Projects that adopt multi-chain strategies, improve scalability and enhance user experience can sustain fee-driven models. Traders should monitor fee trends and protocol updates to assess growth potential. Overall, on-chain revenue maturity signals a bullish outlook for market stability and long-term innovation.
Bullish
Growing on-chain revenue and record blockchain fees signal real demand for blockchain services and increasing economic activity. In the short term, positive fee trends may boost trader confidence and drive higher network usage, supporting token valuations. Long-term, steady fee generation underpins protocol sustainability, attracting institutional capital and reducing volatility. The shift from speculative trading to fee-driven models strengthens market fundamentals, suggesting a bullish outlook for the crypto market.