Not L1s or Wallets – Who Generates the Bulk of Crypto’s $20B in Revenue?

On-chain Fees:- Crypto’s money has moved – but not where many expect. A new industry analysis finds that in 2025 roughly $20 billion of on-chain fee revenue flowed through the ecosystem, and it isn’t blockchains or wallets that captures the largest share. Instead, the lion’s share landed with application-layer finance: decentralized exchanges, perpetuals, derivatives and

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