1kx Report: On-chain economy surpasses $20 billion; fee growth indicates real demand driving industry into maturity.

Venture capital firm 1kx released its "Onchain Revenue Report H1 2025," which aggregates on-chain verification data from over 1,200 protocols, showing that the crypto industry's "on-chain economy" has formed a $20 billion ecosystem 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 increased by 260% year-over-year, consumer applications by 200%, and DePIN (Decentralized Physical Infrastructure Network) by 400%. Meanwhile, Ethereum's share of the overall market has declined, although its transaction fees have decreased by 86% since 2021, but the number of ecosystem protocols has expanded eightfold.