On-Chain Revenue Near $10B in First Half of 2025 as DeFi Growth Accelerates
Blockchain protocols and networks have experienced a surge in actual, verified on-chain economic activity in the first half of 2025, with revenue from fees and monetization reaching nahead $10 billion. The surge has prompted some firms to suggest that the total on-chain economy may reach $20 billion, including broader verticals.
A report from , aggregating data across more than 1,200 protocols, reveals that fees and transaction-driven revenue are increasingly replacing pure price speculation as the primary driver of growth in Web3. The findings signal a structural shift that DeFi is evolving into a fee-generating economic system. Protocols that previously relied on token issuance and liquidity incentives are now deriving meaningful income from usage and services, positioning them closer to traditional business models.
Billions in Fees Tell a Story of Growing DeFi Demand
According to the On-Chain Revenue Report for H1 2025, the aggregated fee revenue from activity surged. Earlier estimates suggested a figure of roughly $10 billion, but other sources also cite $20 billion when including broader fee categories across protocols.
What stands out is the income diversification across the decentralized economy. DeFi applications still account for around 63% of total on-chain fees, but newer verticals, including crypto wallets, consumer-facing apps, and DePIN (decentralised physical infrastructure networks), are showing explosive growth. The data cites that wallet revenue has increased by over 260% year-over-year, while apps and DEPIN have surged by over 200% and 400%, respectively.
This trend suggests the crypto ecosystem, especially Defi platforms, is evolving with real-world use cases and active demand, causing users to pay for services while interacting with protocols and assisting them generate consistent revenue streams. For example, on ETH have fallen by 86 % since 2021, yet the number of monetizing protocols has expanded. This data indicates that scale and efficiency are increasing simultaneously on DeFi protocols.
What This Means for DeFi’s Future
The rise in on-chain revenue has significant implications for the future of DeFi. First, it signals the maturation of the DeFi business model, as some blockchain protocols are generating enough fees to be evaluated like businesses rather than experiments for the first time.
Additionally, it could encourage more institutional interest. As usage-based revenue becomes credible, institutions may be more willing to invest in or partner with blockchain protocols, shifting from “token speculation” to “protocol monetization”. Growth in wallets, apps, and DePIN also indicates that the ecosystem is expanding beyond pure finance into infrastructure, consumer services, and (RWA).
However, with the top 20 protocols capturing around 70% of all on-chain fees, there’s a risk that some networks may hold disproportionate influence. So, while the increasing success in DeFi suggests that crypto is shifting towards usage and services, DeFi and related spaces are set to grow, and revenue metrics could become the new foundation for protocol valuation, institutional involvement and regulatory integration.
