On-Chain Revenue Hits $20 Billion in 2025 as DeFi Drives Growth

Why It Matters

The surge underscores a maturing crypto ecosystem that is attracting institutional capital and delivering measurable fee‑based earnings, making on‑chain metrics a key barometer for investors and regulators.

Summary

On‑chain revenue hit $20 billion in 2025, with users paying $9.7 billion in fees in the first half of the year – a 41% YoY increase and the highest H1 total on record. DeFi generated 63% of those fees, led by DEX trading and derivatives, while lending remained dominated by Aave ($39 billion TVL) and a fast‑growing Morpho aggregator. DEXs on Solana such as Raydium and Meteora captured market share as Uniswap fell from 44% to 16%, and derivatives platforms Jupiter and Hyperliquid together now command 80% of fee volume. The report projects on‑chain revenue to exceed $27 billion in 2026, buoyed by improved blockchain efficiency and clearer regulation like the GENIUS Act.