Blockchain revenues, their drivers and origins, sector trends and valuation implications.

Published
Data through
Q3 2026
Blockchain revenue 2026e
~$100B
Institutional and broader economy
30%
Earned by public companies
16%
Dividend-token index, YTD
+82%

Key takeaways

  1. 01

    Blockchain revenue fell 28% YoY, broadly in line with the 30% decline in crypto prices, but is still expected to reach ~$100B in 2026

  2. 02

    Contrary to the overall decline, revenues tied to institutional adoption and broader economy use grew to 30% of the total in 2026, with broader economy revenues overtaking Blockchain infrastructure in Q3 for the first time

  3. 03

    Public companies earn 16% of Blockchain revenues now, up from 7% in 2022; concentration is high, but for protocols, revenue leadership keeps rotating

  4. 04

    Paying token holders is what the market rewards in 2026: the dividend-token index returned 82% YTD. Distributing apps now trade in line with public companies; only blockchains keep a premium on Price to Fee ratios

  5. 05

    Revenue should recover as these trends continue, with three themes to watch: the growing importance of onchain data, uncertainty around AI’s impact on onchain revenue, and the evolving convergence of token and equity characteristics

Mania - Maturity - Broader Adoption

Our 2025 Revenue Report, “From Mania to Maturity”, showed falling transaction costs letting applications scale user-paid fees while base layers’ share of revenue declined. Both trends held in 2026, even as total blockchain revenues fell with crypto prices.

Beneath the drawdown, the revenue mix is shifting: institutions and broader economy adoption generated 30% of revenues in 2026:

  • Institutional clients and owners (12%) and tokenized assets, payments and prediction markets (18%) are gaining share. In Q3 ’26 the latter overtook Blockchain infrastructure’s revenue for the first time.
  • Adoption concentrates where legacy structures cannot yet deliver (24/7 tokenized stock trading, pre-IPO price discovery) and where intermediaries’ take rates are compressible (card networks, bookmakers)
  • Public companies are deepening their engagement and capture a growing share of 16% of total revenues in 2026

Annual Blockchain revenues and BTC over time

Annual Blockchain revenues (USD billions), 2012 to 2026e, split by origin; BTC price as quarterly average (USD, log scale). 2026e annualises Q1 to Q3.

$1$10$100$1k$10k$100k$0$30B$60B$90B$120B$150B2013 BTC ATH ~$1,150<1M users · global, permissionless transactions2017/18 BTC ATH ~$19,70035M+ users · global fundraising (ICOs)2021 BTC ATH ~$69,000~295M owners · DeFi2025 BTC ATH ~$126,000~740M owners · Broader adoptionBTC price, quarterly average (USD, log scale)Annual Blockchain revenues(USD billions)7%18%30%BTC price (log, left)22%Blockchain Infrastructure48%Blockchain Applications30%Institutional and broadereconomy adoption20122014201620182020202220242026e

Users and owners: 2013 based on Blockchain.info wallet counts; 2017 identity-verified exchange users (Cambridge Centre for Alternative Finance, 2018), a floor as not all users hold exchange accounts; 2021 and 2025 year-end crypto owners per Crypto.com Crypto Market Sizing Reports.

This report combines onchain data from 2,600+ protocols, earnings of 100+ public companies, and additional sources on private entities, through Q3 2026, to map blockchain revenues: their drivers and origins, sector trends, and valuation implications.

What are Blockchain revenues and how big are they?

Blockchain revenue fell 28% YoY, broadly in line with the 30% decline in crypto prices, but is still expected to reach ~$100B in 2026

2026 Blockchain revenues on track to $100B

Annual Blockchain revenues (USD billions)BTC price, quarterly average (USD)$0$30B$60B$90B$120B$150B$0$25k$50k$75k$100k$125k$11B$17B$12B$21B$145B$82B$62B$115B$138B$99B (e)BTC price$71k(Q3 avg)20122014201620182020202220242026

2025 total Blockchain revenues reached ~$140B, close to the 2021 record. Most Blockchain revenues track crypto-asset prices:

  • Blockchain revenues in 2026 declined 28% YoY, in line with the decline of Bitcoin’s average price - relative to total crypto market cap, revenues are flat YoY
  • Extrapolating Q3 2026 YtD, 2026 revenues are expected to reach ~$100B

Blockchain revenues are about 50-60% user-paid fees (12-17% onchain) and 40-50% other income since 2021

View
Annual Blockchain revenues (USD billions)$0$50B$100B$150B9%46%46%17%39%44%14%40%46%12%40%48%13%44%43%15%44%41%14%46%40%$21B$145B$82B$62B$115B$138B$99B (e)2020202120222023202420252026Other incomeOffchain feesOnchain fees

Blockchain revenues cluster into three origins:

  • , e.g., trades on Uniswap, publicly available in real time
  • , e.g., trades on Binance, which can’t be derived from onchain data directly
  • Other income, e.g. Bitcoin mining (paid indirectly through dilution of holders) or Circle’s stablecoin reserve income (earned on T-bill yield); most is derivable onchain

The split has been stable, but the distinction matters: other income mainly depends on asset prices (~half of it is mining and staking rewards) and external yields.

DeFi/Finance dominates while Blockchain infrastructure revenue share declines since 2021

View
Annual Blockchain revenues (USD billions)$0$50B$100B$150B58%40%54%41%52%38%55%37%61%30%64%26%66%22%$21B$145B$82B$62B$115B$138B$99B (e)2020202120222023202420252026Other sectorsBlockchainsDeFi/Finance
  • DeFi/Finance has grown its share since 2022 to ⅔ in 2026.
  • Blockchain infrastructure’s share keeps shrinking and its transaction fees have fallen in absolute terms since 2021.

Blockchain revenues 2026: 66% DeFi/Finance, 22% Blockchain infrastructure

Fold a sector
2026 full-year run-rate (USD billions)DeFi/Finance$65B (66%)Blockchains$22B (22%)offchain $38Bonchain $8.6Bother $19BTotal Blockchain revenues 2026e$99BCEX and derivatives venues$28BAsset mgmt, custody and ETF/ETPs$4.5BCeFi and fintech brokerage$2.5BPrediction markets$4.2BOther offchain fees (incl. overlap deductions)−$1.2BOnchain DeFi/Finance fees$8.6BStablecoin reserve income$8.3BOther income (incl. overlap deductions)$11BRemainder ex DeFi/Finance$34BMining and staking income$20BTransaction fees and MEV$2.3BRemainder ex DeFi/Finance and Blockchains$12BConsumer$9.4BWallets and interfaces$0.9BDePIN$0.4BMiddleware$1.0B

$65B DeFi/Finance revenues in 2026, driven by offchain fees1):

  • 42% and derivative venues
  • 7% asset management / ETF-related
  • 6% prediction markets2)
  • 13% onchain user-paid fees
  • 29% other income (stablecoin reserve income, yields)

$22B Blockchain infrastructure revenues at lowest since 2020: actual transaction fees paid are now less than 3% of all Blockchain revenues

$12B remaining sectors, with Consumer the largest (9%)

1) Note that the overlap deductions are not included in the listed percentages ↩

2) Offchain fees only; onchain fees for prediction markets are under “Onchain DeFi/Finance fees”, see prediction markets ↩

DeFi/Finance down 16% YoY: CEXs and onchain fees with the largest declines

DeFi/Finance revenues, half-year (USD billions)$0$10B$20B$30B$40B$16.6B$6.5B$3.7B$6.2B$5.6B$38.7BH1 2025$12.4B$6.6B$4.1B$5.6B$3.9B$32.6BH1 2026−16%−$6.0B−31%Onchain user-paid fees−2%Other income−9%Other onchain income+10%Stablecoin reserve income−18%Offchain user-paid fees+2%Other offchain fees−25%Binance and other CEX
  • Offchain user-paid fees −18%
    • Price-sensitive areas fell most: CEXs −25% (they are ~65% of offchain fees); mgmt. and custody fees −34%, ETF/ETP fees −20%, brokerage −34%
    • CeFi operations +12%, driven by institutions
    • Prediction markets went from less than $50M to $1.5B+ in H1 2026 (Kalshi and Polymarket)1)
  • Other income −2%
    • Stablecoin issuers like Tether and Circle grew reserve income 10%
    • Yields and rewards of miners, onchain asset managers, and staking providers −9%
  • Onchain user-paid fees −31%
    • −50% YoY given the price sensitivity of fees and volumes
    • Perps +14% as RWA markets reduced their dependence on crypto prices
    • Lending markets flat YoY in H1, but down 46% in Q3

1) Most prediction market fees are not traceable onchain; in these cases we use estimates based on Allium data as offchain user-paid fees (see prediction markets) ↩

Blockchain transaction fees halved YoY while transactions increased

Blockchains, H1 2026 vs H1 2025Total revenues$19B → $12B−39%Staking and mining income$16.6B → $10.4B−37%Onchain fees$2.4B → $1.2B−50%Transactions108B → 127B+18%

MAU and transaction data per Tokenterminal for 103 chains, excl. voting transactions for Solana

Blockchain infrastructure revenues −39%:

  • and mining income decline price driven; now ~90% of Blockchain income (Bitcoin mining rewards are about half)
  • Transaction fees (onchain fees) halved, while
    • Transaction count expected to exceed previous years by 18%
    • Monthly active users about 200M, above 2024 levels (where transaction fees were even ~3x higher), though −35% vs. 2025

This continues the trend we described in the 2025 report and laid out as part of the Cost of Trust thesis.

Wallets more than halved, Consumer flat, DePIN down despite rising onchain fees

Half-year revenues (USD billions)$0$2B$4B$6B$3.1B$1.2B$1.1B$5.6BH1 2025$3.3B$1.0B$0.4B$5.0BH1 2026−11% / −$0.6B−10%DePIN$293M → $264M−60%Wallets+2%Consumer−15%Other Consumer+8%Gambling and gaming
  • Consumer flat overall, though the largest category, gambling and gaming, is up 8%, driven by online casinos like stake.com
  • Wallets and interfaces lost 60% of fees as both prices and activity declined.
  • −10%: token rewards fell ~$100M (−65%)1), as prices declined, while user-paid onchain fees doubled to $170M YoY

1) and Staking are common mechanisms to compensate node operators in tokens whilst the DePIN protocol earns the fees ↩

What is the key trend in Blockchain revenues?

Contrary to the overall decline, revenues tied to institutional adoption and broader economy use grew to 30% of the total in 2026, with broader economy revenues overtaking Blockchain infrastructure in Q3 for the first time

Institutional and broader economy revenues to reach 30% of the total in 2026

0%25%50%75%100%7%18%30%Blockchain Infrastructure22%Blockchain Applications48%Broader Economy18%Institutional12%202120222023202420252026e
  • Institutional revenues doubled in three years to $6B in H1 2026, 12% of total Blockchain revenues
  • Broader economy revenues grew 58% YoY, led by prediction markets and trading fees and overtook Blockchain infrastructure revenues in Q3 for the first time1)
  • Combined: 30% of blockchain revenues for full-year 2026, based on 33% of Blockchain revenues in Q3 2026.

1) Blockchain infrastructure ~$5.1B vs. ~$5.3B from broader economy revenues. Note that this amount for Blockchain infrastructure only covers the amounts not included in the other categories, e.g., fee share of staking rewards captured by institutions or DeFi protocols ↩

Institutional adoption drives ~$6B of Blockchain revenues in H1 2026

Institutional revenues (USD billions)$0$2B$4B$6B$8B$1.5B$0.9B$1.5B$2.8B$6.8BH1 2025$1.7B$0.8B$1.7B$1.9B$6.1BH1 2026−10% / −$0.7B−17%Institutional client revenues(72%)−34%Asset mgmt and custody (incl. stakingfees)+10%Institutional share of CEX andderivatives−7%CeFi and other institutional clientrevenues+10%Institutional owners (28%)

Institutional revenues fell $0.7B YoY to $6.1B in H1 ’26, entirely from price-sensitive management, custody, and staking fees:

  • $1.7B institutional owners, +10% YoY
    • Fintech brokerage revenues down by $0.4B
    • Banks and incumbents: +$0.2B to $0.6B; from zero three years ago. ⅓ are ETF/ETP fees by asset managers
    • Institution-owned chains (Canton, Robinhood Chain, Arc, Soneium): +$0.35B from ~0 last year; H1 is all Canton
  • $4.4B institutional client revenues, −17%
    • Asset management, custody and staking fees −34%, driven by price decline of assets
    • Institutional share of and derivatives +10%, e.g. Coinbase reported 9% of total revenues / $236M from institutional transactions in H1 2026, doubling this share YoY (6x vs. H1 2023)1)

1) See Coinbase 10-Q Q2 2026, large part of YoY increase was related to the acquisition of Deribit ↩

Broader economy adoption grew revenues 58% YoY, driven by prediction markets and RWA trading

Broader economy revenues (USD billions)$0$2B$4B$6B$8B$3.9B$0.5B$5.1BH1 2025$4.2B$0.5B$1.0B$0.5B$1.4B$8.0BH1 2026+58%+$2.9BUtilities (29%)Prediction marketsConsumer and DePINPaymentsRWAs (71%)RWA trading and lendingRWA issuance and yieldsStablecoin issuance and reserveincome

Drivers of the $2.9B YoY increase H1 2026 of Broader economy adoption revenues:

  • +$0.25B stablecoin issuance fees and reserve income1), still the largest component ever since the Fed raised rates in 2022
  • +$1.1B from increased RWA tokenization and RWA-related trading and lending fees
  • +$1.6B in utilities:
    • +$1.4B prediction markets2), mainly Kalshi and Polymarket, ~0 last year but estimated to surpass $4B this year
    • +$0.2B credit cards, trade finance and other payments; per BCG, businesses are involved in ~60% of stablecoin transfers in 2025. Whilst stablecoin supply has stalled lately, their payment volumes are at all time highs

1) Note that onchain fees for issuance are included here, vs. the amount shown in the DeFi/Finance breakdown, which is just the Stablecoin reserve income (other income); issuance fees are part of onchain fees ↩

2) As noted under prediction markets, we exclude crypto-related revenues from prediction markets here, hence the H1 total is less than shown there ↩

RWAs drive trading fees as their perp volumes grew 100x+ YoY

RWA share of all perpetual volumeRWA perpetual volume per quarter (USD billions)$0$500B$1,000B$1,500B$2,000B$2,500B0%5%10%15%20%25%Share of all perp volume18%(left axis)$0.4B$1.2B$21B$18B$82B$512B$944B$2,230B122x YoYQ4Q1Q2Q3Q4Q1Q2Q3202420252026Other2%Indices14%Commodities23%Pre-IPO6%Stocks55%

Source: CEX volumes self-reported, other venues DefiLlama, total perp volume CoinGecko

RWA trading volume saw wide traction this year, accounting for 18% of all perpetual volumes in Q31):

  • Tokenized stocks are 55% of perp volume (gold led last year); oil perps lead commodities
  • Pre-IPO listings are new, SpaceX the best known
  • Est. $1B in trading fees for H1 2026 (avg. 7bps)

Adoption came fast, alongside regulatory engagement:

  • Tokenized stock volume on Robinhood Chain passed $13B in Q3, over 70% of it while US exchanges are closed2); all chains ~$50B spot volume
  • TradFi incumbents move toward off-hours trading: Nasdaq announced 23h/5-day trading starting December
  • Regulation advances: the SEC proposed its first transfer-agent overhaul in 40 years citing tokenization; Coinbase seeks SEC approval for 24/7 equity perps; Hyperliquid in talks with Payward on a US perps push

1) We limited the total perp volume from CoinGecko perpetual volume to 15 of the largest CEXes by volume in line with those considered on theblock.co for derivative volumes to exclude less reliable volumes; the total perps/futures volume by CoinGecko is about 2x larger than ours ↩

2) Data by Blockworks, dune.com/queries/8071940 shows about $10B for Q3, 70% reported by Robinhood ↩

Prediction markets: 19x in fees YoY

View
$0$0.5B$1B$1.5B$2B959M165M113M370M$36M$86M$315M$542M$1.06B$1.66B19x YoYQ2Q3Q4Q1Q2Q320252026Other56MPolymarket USPolymarket offshoreRobinhoodKalshi

Prediction market fees by quarter

Source: Allium and DefiLlama; Robinhood filings (event contracts revenue, pre-Q2 2026 reconstructed, Q3 estimated - actual reported $173M)

Prediction markets became popular during the 2024 US election and grew to settle about $55B in Q3 2026:

  • Most volume relates to sports; crypto-related markets are estimated to take less than 15% of volume1)
  • Heavily concentrated in Kalshi and Polymarket, though there are 100+ platforms
  • Larger companies catch up as distribution partners (Robinhood and Coinbase reported ~$200M prediction market revenues in Q2 2026, mostly via Kalshi)2) and by buy/build (Robinhood’s Rothera3), DraftKings’ DKeX, Meta’s Arena, Interactive Brokers’ ForecastEx, Kraken acquired Bitnomial)
  • Nasdaq’s private markets became a data provider for Polymarket

Fees ~$1B in Q2 2026, est. $1.5B+ in Q3. Volume tracks fees less closely as platforms add continuous markets, parlays, and opinion markets.

Business hedges (e.g., Blanket) and insurance products are expected to drive further demand.

1) Based on Allium volume split. Recent allegations of wash trading on Kalshi focus on their crypto markets (perp markets) ↩

2) For Robinhood that was more than their equities- or crypto-trading revenues ↩

3) And reported for June that ⅓ of volume already runs through Rothera ↩

Payments: crypto payment card spend tripled YoY to $3.4B in Q3 2026

View
Card spend per quarter (USD)$0$1B$2B$3B$4B$75.3M$134M$236M$383M$494M$719M$1.12B$1.47B$1.93B$2.52B$3.38B3x YoYQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3202420252026Other (27)$1.27BWirex One$107MKarta$152MKAST$308MEtherFi$339MRedotPay$1.2B

Source: Paymentscan.xyz

Payment revenues (cards, remittances, on/off-ramps) est. $500M+ in H1 ’261). Credit card revenues are fast-growing:

  • Credit Card revenues more than doubled as volumes tripled YoY Q3 ’26
  • Onchain card fees even rose 8x on 11x volume: take rates fell 25%+, a sign of competition

Almost all volume runs on Visa’s network, following a capital-light strategy to become the standard.

Mastercard acquired BVNK this year for up to $1.8B, accessing ~$30B stablecoin volume and licenses in 100+ markets; this vertical integration lets it capture B2B and cross-border flow, beneficial if stablecoin settlement itself becomes a fee pool.

A detailed report on payment card spend is provided in a16zcrypto’s report (link).

1) Not included are payment related transaction fees for the underlying Blockchain. Based on the adjusted stablecoin volume by Allium these are ~$300-400M in H1 2026, see Allium, State of Stablecoins and Payments Q3 2026 ↩

Who captures the revenues and who is winning?

Public companies earn 16% of Blockchain revenues now, up from 7% in 2022. Concentration is high, but for protocols, revenue leadership keeps rotating

Public companies’ revenue share rose from 7% in 2022 to 16% in 2026

0%25%50%75%100%7%11%16%Token26%Private58%Public16%2020202120222023202420252026e

Blockchain revenues by ownership class (share of total)

More public companies are earning meaningful Blockchain revenue, increasing their overall share over time:

  1. Driven by general revenue expansion and more IPOs, e.g., Circle in 2025
  2. Revenues are concentrated: the top 6 companies account for ~60% of revenue; for private entities it’s over 50% as well
  3. Token protocols’ share at total is lowest since 2020. After accounting for the decrease in token launches and infrastructure revenues, the share of protocols amongst user-paid fees is actually at all-time-highs

What drives the rising share of public companies’ revenues?

Public-company Blockchain revenue (USD billions)$0$5B$10B$15B$20B28%72%29%63%34%57%31%62%36%46%13%32%33%27%$0.5B$8.6B$6.0B$6.5B$12.5B$18.3B$16.0B (e)2020202120222023202420252026Year of IPO2026202520242023202220212020 or earlier

Three IPO cohorts drive revenue and company count

  • 2025 saw 30 IPOs, led by Circle, which added $1.7B in 2025 and is expected to add $2.7B in 2026
  • The 2020 cohort is the largest by count, as it includes TradFi entities; these entities overall still generate a small share (~10%), but are the only ones that grew revenues YoY in absolute terms ($0.2B)
  • 2021 is 70-90% Coinbase over the years

Existing companies expanding revenue

  • Directly: the top 10 companies (~⅔ of 2026 revenue) doubled revenues in three years
  • Via acquisitions: BVNK (Mastercard), OpenZeppelin (S&P Global), bitbank (SBI), Zodia Custody (Standard Chartered), or protocols like Axelar (Circle)

Not included, but noteworthy, is direct ownership of protocol and network tokens:

  • Apollo agreed to acquire up to 90M MORPHO; its tokenized funds became collateral on Morpho
  • BlackRock invested strategically in the Uniswap ecosystem, reportedly incl. UNI, while enabling BUIDL trading via UniswapX
  • Apollo, BlackRock, SBI, Standard Chartered and others gained exposure to Circle’s Arc via the 740M token presale

Revenues are concentrated: the largest six account for 50-60% of their category

Public
H1 2026 total $8.0B

$0$1B$2B$3BCoinbase (incl. Deribit)$2.6BCircle$1.4BRobinhood$0.49BMARA$0.34BBitdeer$0.32BCleanSpark$0.27BOthers (n=98)$3.3B59%of public total

Private
H1 2026 total $29.5B

$0$5B$10B$15BBinance$5.8-7BTether$2.9BStake.com$2.2-3BOKX$1.1-2BKraken$1.02BKalshi$0.9-1.2BOther$14.1B52%of private total

Coinbase bar includes $0.66B of Circle income; this overlap is excluded from the panel total.

Public companies: besides ~$3.3B earned by Coinbase and Circle, three large groups:

  • $2B Bitcoin miners: Bitcoin emitted close to $6B in H1 2026; listed miners made ~⅓
  • $1.1B Institutions: banks (JPMorgan), asset managers (BlackRock), exchanges (CME), rating agencies (S&P Global), payment networks (Visa), fintechs (Robinhood)
  • $0.6B other exchanges and market makers: Bullish, Gemini, Web3 services of Amber and SBI

The tail includes staking their assets, Figure’s RWA issuance income, Shopify, and former miners pivoting to AI.

Private entities: large , Tether, retail entities and protocols without a token

  • ~40% CEX and related infrastructure: <10 large CEXs earn ~30% of H1 2026 private revenues; Binance alone ~half of all CEX revenue. Incl. market maker prop trading, the category made ~$13-14B in H1 2026
  • ~9% gaming and gambling (e.g., Stake.com, Roobet); ~7% asset management, CeFi, brokerage, ETF/ETPs (now ~50/50 private vs. public); ~5% prediction markets, mainly Kalshi (see prediction markets)
  • ~30% mining, staking and yield income not captured by public or large entities (~$4B Bitcoin mining plus a similar amount of staking)
  • 5% onchain user-paid fees of protocols without a token, still ~25% of all onchain fees; largest are Fragment ($180M) and Axiom ($125M) in H1 ’26

Token protocols’ share of user-paid fees is rather high once launches and infrastructure revenues are accounted for

0%25%50%75%100%7%12%21%Public company14%Private entity65%Private protocol (no token)6%Token15%2020202120222023202420252026e

User-paid fees ex-Blockchains by ownership class (share of total)

Annual (2026 YtD Q3), 100% stacked, user-paid onchain + offchain fees only, Blockchain infrastructure excluded (e.g. no staking/mining rewards, no transaction fees)

Protocols with tokens make up 26% of Blockchain revenues in 2026 (YtD, Q3), the lowest since 2020. This needs context, as it’s driven by three factors:

  1. Public and private entities captured more “other income”, e.g., stablecoin issuance, mining, and staking, hence the look at user-paid fees
  2. Among user-paid fees, the largest decline has been Blockchain transaction fees (which belongs to the token category): 9% of total revenues at the 2021 peak, <3% now.
  3. Fewer fee-generating protocols launched a token, typical in bear markets. Protocols without a token have gained share lately.

Excluding these, ownership shares of protocols (with or without token) are at all-time-highs, so from here we analyze protocols on onchain user-paid fees

Protocol fees are winner-takes-most, though leadership rotates

Sector
  • DeFi/Finance
  • Blockchains
  • Consumer
  • Wallets
$0$200M$400M$600M$800Mpump$904Muniswap$712Mhyperliquid$640Mcanton$539Mpolymarket$429Maave$425Mpancakeswap$338Msky$316Mmeteora$268Mfragment$263Mtron$250Maxiom$211Mpons$185Msolana$174Mrollbit$157Mjupiter$149Mmorpho$135Mtitan-builder$130Methereum$128Medgex$124M

Polymarket is onchain fees per DefiLlama and combine those of US- and Offshore. Total US fees higher, see p. 28

The top 20 protocols account for 60% of onchain user-paid fees (2026 Q3 YtD):

  • 30 protocols on track to over $100M in onchain fees in ’26
  • Expansion follows two directions: horizontal across ecosystems and products (Uniswap1) now does ⅔ of their fees on Robinhood Chain, its core YoY growth driver) and vertical, within sector (Jupiter: , perps, lending; Polymarket added perps and a stablecoin) or across sectors (Pump.fun into DEX and wallets)
  • New in the top 20: Canton, Polymarket, Pons, edgeX, Titan Builder and Morpho; Meteora was #1 then with $1B+ in fees, now #9

Rotation is typical (as shown in last year’s report). Five examples of how it continues:

  1. Robinhood launched its chain right into the top ecosystems by fees
  2. Hyperliquid might end the regular rotation of perp leaders
  3. Morpho’s curator markets withstand the lending downturn
  4. and new forms of collectibles lead Consumer fees2)
  5. Trading interfaces are now 80%+ of the Wallets sector3)

1) Given Unichain is an app-chain solely designed to run the exchange, one can consider that expansion part of improving the existing product and no vertical expansion ↩

2) See full downloadable deck ↩

3) See full downloadable deck ↩

Robinhood launched its chain right into the top three ecosystems by fees

Share of onchain fees (apps + transaction fees)0%25%50%75%100%Other chains24%Hyperliquid9%Base4%BNB Chain6%Robinhood Chain14%Solana23%Ethereum21%44%below 50% forthe first timeH1H2H1H2H1H2H1H2H1H2H1H2202120222023202420252026

Ecosystem fees of a blockchain are a) the transaction fees it earns plus b) the fees of all applications running on it:

  • In Q3 2026, for the first time, Solana and Ethereum together are below 50%; two years ago Ethereum started to lose its majority share of ecosystem fees
  • Robinhood Chain launched successfully in July, taking the #3 spot from Hyperliquid with 14% in Q3 2026

Will Hyperliquid end the regular rotation of perp leaders?

Share of perps and derivative fees (excl. prediction markets)0%25%50%75%100%Rest of the category28%edgeX3%Aster4%Hyperliquid54%Builders and deployers16% of Hyperliquid feesJupiter6%GMX4%dYdX<1%Synthetix0%H1H2H1H2H1H2H1H2H1H2H1H2H1H22020202120222023202420252026

Source: 1kx Research, Builder list and fees via DefiLlama

Hyperliquid is the largest onchain perps platform by volume and fees, and the fifth protocol to lead the category after dYdX, Synthetix, GMX and Jupiter:

  • Hyperliquid went further than previous market leaders by combining monetized third-party frontends through builder codes with third-party-operated markets (HIP-3), helping expand RWA market coverage and trading activity.
  • Builders and deployer share account for 16% of Hyperliquid’s fees, steadily increasing

Hyperliquid is about to lead the perp DEXs by fees for two years, longer than its competitors before and expanding its share in 2026: is Hyperliquid about to end the regular rotation in fee leadership?

Morpho’s curator markets withstand the lending downturn

Lending onchain fees, USD M per quarter$0$200M$400M$600M$286M$55M$213M$555MQ3 2025$101M$62M$136M$299MQ3 2026−46% / −$256M−36%Others+12%Morpho−65%Aave

User-paid fees on lending markets halved YoY, driven by the leading protocol Aave:

  • Morpho, #2 by fees, reached $62M in Q3 2026, even slightly gaining; these fees are mostly earned by risk curators like Steakhouse or Gauntlet managing markets on Morpho
  • Aave suffered a major drawdown in deposits after the KelpDAO exploit in Q2 2026, slowly recovering
  • Both platforms strive to win the lending markets for tokenized treasuries and credit-linked RWAs

How does the market value revenue generators?

Paying token holders is what the market rewards in 2026: the dividend-token index returned 82% YTD, while distributing apps now trade in line with public companies; only blockchains keep a premium

Distributing value to token holders is the factor driving performance in 2026

Total return by yearBitcoinEthereumCMC100 ex-BTC/ETHIndex of Value DistributorsFee-token market capCoinbaseCircleRobinhoodMiners ETF (WGMI)2026, to 30 Sep0%+100%−5%−10%−5%+82%−4%−18%+4%−0.5%+17%20250%+100%+200%−6%−11%−30%−14%−19%−9%−5%+204%+72%20240%+100%+200%+122%+46%+68%+63%+74%+43%n/a+192%+24%

Index of Value Distributors: 1kx Fundamentals Index Dividend. CMC100 is CoinMarketCap Top 100 Index excluding BTC and ETH. Equities use dividend-adjusted closes. Circle listed in June 2025; its 2025 bar runs from its first close. Fee-token market cap: change in the total market cap of fee-generating tokens. Index figures are hypothetical and based on backtests; see the Disclaimer.

About 40% of Blockchain revenue is publicly investable via tokens or public companies. Their return drivers:

Tokens: Distributing value to holders is a key factor in 2026 both for returns and valuations

  1. Paying holders mattered most: a dividend-token index beat BTC in 2026 (+82%); in parallel, Applications’ fee distribution hit a record
  2. Valuation multiples such as price to fees/price to sales of public exchanges and brokers sit between distributing DeFi and Consumer protocols. Blockchains keep their valuation premium with multiples around 2,000x.
  3. Protocols need less to scale: relative to amounts raised, leading protocols earn significantly more than public companies

Public companies: consistent winners have diversified revenue

  • Robinhood is the top performer in our set; Blockchain revenues ranged from 20-30% of its total since Q1 2025
  • Miners returned double digits every year, related to diversifying into AI
  • Coinbase returns since 2024 are close to Ethereum’s

Paying token holders outperform Bitcoin in 2026

−40%−20%0%20%40%60%80%JanFebMarAprMayJunJulAugSepFundamentals IndexDividend+82%Equal-weight dividend payers(>$100M mcap, >1% yield)+49%BTC−5%CMC100 excl. BTC−7%

Dividend-paying protocols vs. the market, 2026 YTD

Cumulative total return, 1 Jan 2026 to 30 Sep 2026; monthly rebalance, net of 20 bps per trade

Constituents and weights fixed at each monthly rebalance from data available at the time; 20 bps per-trade cost assumed; factors selected on 2021–2026 data. Index figures are hypothetical and based on backtests; see the Disclaimer.

We analyzed 60+ factors impacting token performance (2021-2026):

  • (paying a “dividend”) is the strongest driver for outperformance vs. other tokens (see full analysis)
  • Outperforming Bitcoin was rare in recent years until 2026, as the weighted and equal-weighted “Dividend Index” show.
  • Other factors are either supersets that draw relevance from “value distributed” (e.g. “has ”, “fee generation”) or show no effect.
  • A record of 283 protocols is distributing value to token holders in Q3 2026, whilst the distribution rate (its ratio to fees) hit a new high in 2026 as well

Valuation multiples of public exchanges and brokers sit between distributing DeFi and Consumer protocols

Median MultiplesQ2/Q3 2026¹Price to feesPrice to sales10x100x1,000x6x6x6x8x18x2,028xlog scalePublic exchanges andbrokers (median)CircleConsumerDistributing DeFiAll DeFi/FinanceBlockchaininfrastructurePrice to revenuePrice to gross profit10x100x1,000x10x15x8x18x33x1,910xPrice to value distributedPrice to earnings10x100x1,000x28x87x10x45x52x2,588x

Q3 for protocols, Q2 for public companies, Multiples based on FDV

  • Public: Price to Sales higher for Coinbase (8x) and Robinhood (17x), lower for Gemini and eToro (both about 3x)
  • Consumers: 6-10x for all multiples, signaling the high share of fees passed through to holders
  • DeFi: value distributing protocols with lower multiples. Within DeFi, DEXs and lending protocols have the lowest multiples
  • Blockchain infrastructure: ~2,000x based on fees, in line with Applications when based on

The Price-to-Fee ratios over the past quarters have been relatively stable, though on the longer term (since 2021) they have decreased

See the full downloadable deck for a detailed view of multiples across sectors.

Relative to amounts raised, leading protocols earn more fees than public companies

Trailing-12-month fees ÷ total raised (offchain: total revenue), log scale

0.0001x0.001x0.01x0.1x1x10x100x1,000x10,000xno raiseTTM fees =total raisedPubliccompaniesmedian0.77xCoinbase11xRobinhood0.64xTop 20 feeprotocols (Q3 ’26)median6.3xHyperliquidAxiom607xEthereum11xUniswap5.5xpump.fun0.87xOther applicationprotocolsmedian0.083xOtherblockchainsmedian0.0032x

Due to the efficiencies of underlying infrastructure, protocols earn faster at less amounts raised (TTM fees per dollar raised):

  • Some of the top earners didn’t raise any funds, but earn meaningful fees, e.g. Hyperliquid ($939M TTM) and Fragment ($378M TTM)
  • Within public companies, exchanges, brokers, asset managers and stablecoin/tokenization companies sit around 1.1x (median), whilst Bitcoin miners (0.4x) drag the overall median ( not included, median 0.07x)
  • Larger private exchanges like Binance are not shown - their median is estimated around 2.3x
  • Blockchains, in line with their price-to-fee ratios, have ratios magnitudes lower than applications and companies

What to expect for 2027?

Revenue should recover as the key trends continue, with three themes to watch: the growing importance of onchain data, uncertainty around AI’s impact on onchain revenue, and the evolving convergence of token and equity characteristics

Onchain data as the new alpha: RWA perps signal prices when Wall Street is closed

  • Hyperliquid xyz:CL
  • CME WTI front month (CL=F)
  • CME closed
  • CME reopen gap

Apr 10 to 12 (Hormuz blockade ordered)

CME gap +8.6%, Hyperliquid +7.6% an hour before open: 89% priced
Weekend volume $1,089M

0%+5%+10%SatSunMon

Jun 5 to 7, 2026

CME gap +3.1%, Hyperliquid +3.0% an hour before open: 97% priced
Weekend volume $354M

0%+2%+4%SatSunMon

Jul 10 to 12, 2026

CME gap +3.8%, Hyperliquid +3.3% an hour before open: 87% priced
Weekend volume $210M

0%+2%+4%SatSunMon

Jul 24 to 26 (ceasefire headlines)

CME gap −5.2%, Hyperliquid −4.7% an hour before open: 90% priced
Weekend volume $372M

−10%−5%0%SatSunMon

Hyperliquid WTI perp (xyz:CL) against the CME WTI front month over four weekends in 2026, both rebased to their Friday 21:00 UTC level

Selected from the 23 weekends with complete data, Mar 20 to Oct 2, 2026.

Source: Hyperliquid, Yahoo Finance

RWA perps and prediction markets offer more accurate off-hours and pre-IPO price signals:

  • Weekends: Hyperliquid oil perps priced 87-97% of CME’s WTI reopen gap on the largest Iran-conflict weekends.
  • Pre-IPO prices: SpaceX traded onchain 7 months before its IPO
  • Even weather forecasts, as Crosier evaluated in a recent paper

These markets are still illiquid by TradFi standards, but signals start to matter: Bloomberg added Hyperliquid RWA-perp feeds and stablecoin data to its Terminal. Allium details more examples of onchain as alternative alpha.

Onchain data helps predict companies’ earnings calls

Transaction revenue, quarterlyOnchain fees, quarterly$0$500M$1.0B$1.5B$2.0B$0$2.0B$4.0B$6.0B$8.0BQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q22023202420252026Onchain fees$2.8B(right axis)Transaction revenue$599MreportedModel$598M(out of sample)

Model: log-log fit on 2022+ data, one quarter ahead, out of sample from 2024 Q1.

Source: Coinbase shareholder letters and 10-Qs, 1kx revenue report (onchain fees)

For companies whose income depends heavily on Blockchain revenues, onchain data helps predicting their earnings, making it a baseline requirement for analysts:

  • Coinbase: a simple regression on our onchain user-paid fees predicts revenues with <2% median error since 2025; CoinMetrics and Messari/Blockworks regularly publish low single-digit-error estimates
  • Circle: USDC supply is traceable onchain, so revenue estimation errors are below 1% (e.g., Allium)
  • Bitcoin miners: difficulty, block rewards, fees, and pool payout addresses are onchain, so quarterly mining revenue is derivable from hash price times realized hashrate before monthly production releases; remaining error lies in power costs and AI/HPC contracts

Beyond modeling, prediction markets offer markets on quarterly earnings of public companies; CBOE and Robinhood announced SEC-regulated KPI/earnings contracts.

Can the “machine-native economy” drive onchain revenues?

$205MAI-related onchain fees, 2026 YTD$0$25M$50M$75M$100MAI compute, training and inference$107MAI agents / permissionless AI apps$89MAI infra financing (InfraFi)$7MAgentic payment rails$1M

BlackRock’s “Machine-Native Economy” argues AI is a demand source for digital assets via agentic payments and compute. Today they are limited in scale on Blockchain rails (see Fanti and Jules) and still early-stage: Onchain user-paid fees are ~$200M in 2026 YTD.

As stated in our Cost of Trust Thesis 2.0, we believe these two areas will gain relevance: as intelligence gets cheaper, the bottleneck shifts to trusted deployment (credentials, data access, policies, payments). However, traction is low, yet:

  • Agentic payment rails: x402 demonstrated the capacity to facilitate high-volume micropayments, but activity has since declined1); other standards either stall (Stripe/OpenAI’s ACP) or lack usage data (Google’s AP2, Visa’s TAP). Given leading agent frameworks’ integration with card networks, blockchain payment rails may prove more relevant where traditional payments remain constrained, such as cross-border, high-value and underserved-market transactions.
  • Compute markets: onchain perps and prediction markets have small, single-digit million volumes, most traction is on related equities and ETFs; CME started H100 and B200 futures in October; Kalshi’s CEO predicts compute futures worth $100T+ by 20302). This should benefit decentralized AI compute, training and inference networks, and InfraFi protocols, which generated $7M in protocol fees this year (e.g., USD.AI with $300M+ loan volume)

1) ~$1-2M monthly volume in ’26 vs. $5M+ in Q4 ’25; 29M payments averaging 6ct in August 2026, MPP does <1M monthly payments. See Allium, State of Stablecoins and Payments Q3 2026 ↩

2) E.g. Goldman Sachs $5.3T 2025-2030, Morgan Stanley $2.9T 2025-2028 ↩

Tokens become more equity-like, while equities become more token-like

Tokens becoming equity-like

Buybacks and holder payouts spread: dYdX, Optimism, Aave, Magic Eden
Uniswap adopts DUNI, a Wyoming DUNA: holders get a legal entity that can contract and sue
Coinbase buys Echo ($375M), launches Sonar: KYC-gated token sales
SEC/CFTC token taxonomy and safe harbor: no security once managerial efforts end
Blockworks Transparency Alliance: 40+ protocols back S-1-style token disclosures
SEC proposes Reg Crypto Assets: $5M / $75M tiers with ongoing reporting

Equities becoming token-like

Robinhood tokenizes SpaceX and OpenAI exposure
Private secondaries scale: EquityZen joins Morgan Stanley; Forge, Hiive grow
SEC splits tokenized stocks into issuer, custodial and synthetic models
SEC approves Nasdaq trading of tokenized Russell 1000 stocks, DTC-cleared
DTCC tokenization pilot: 50+ institutions incl. BlackRock, JPMorgan
SEC exemption: NMS stocks trade onchain via AMMs, 24/7

We classify onchain capital formation as on the brink of becoming a mature market in our Cost of Trust Thesis. Two trends underneath might accelerate its convergence:

  • Tokens attempting to provide guarantees to holders beyond economic promises. Clearly the market started to reward such, e.g., via value distribution as shown in the valuation section.
  • Equity markets gaining more features of tokens

Conclusion and outlook

The end of the bull market in 2025 also marked a peak in Blockchain revenues. Revenues rose again in Q3 vs. Q2, and 2026 is on track for ~$100B despite the decline.

Against this drawdown, revenues tied to institutional and broader economy adoption are increasing and reached 30% of Blockchain revenues in 2026. This shift comes with rising activity and ownership from TradFi companies across the full stack, from Blockchain infrastructure to middleware to DeFi applications and frontends.

The number of protocols monetizing keeps increasing and, more relevant for investors, the number distributing value to holders is at an all-time high; investing in such protocols significantly outperformed Bitcoin and the market in 2026.

Outlook: regulatory tailwinds, a growing number of tokenized assets, and a market price turn signal an uptrend in Blockchain revenues in the coming quarters, continuing the shift above. This is one aspect of the “convergence of TradFi and crypto”, which makes continuous analysis of onchain data more indispensable than ever. We share regular updates of our observations and the revenue dashboard, and are always open to deepening the discussion with investors and founders.

How we measure Blockchain revenues

Scope

This report focuses on revenues made by businesses and protocols that leverage Blockchain infrastructure to generate income:

  • User-paid fees, directly paid for services such as transaction or trading fees
    • , e.g., swapping on Uniswap or transacting on Ethereum
    • , e.g. trading on CEXs or paying custody fees
  • Other income related to Blockchain ecosystems not directly paid by end users (e.g. mining rewards, staking yields, interest income from reserve assets)

Our focus is on aggregate figures, key trends and underlying drivers. Value accrual to token holders or treasuries is only briefly discussed. Profitability and cost structures are out of scope for this edition.

Classification and definitions

Classification draws on taxonomies from DeFiLlama, TokenTerminal, CoinGecko, and Messari, consolidated into six sectors: Blockchain infrastructure (e.g., Bitcoin, Base), Middleware (e.g. Chainlink, OpenZeppelin), (e.g., Helium), DeFi/Finance (e.g., Uniswap, Binance, BlackRock ETFs), Wallets (e.g., MetaMask), and Consumer (e.g., Axie Infinity, OpenSea). “Applications” means all non-Blockchain sectors.

Revenues are mapped by origin into four categories:

  1. Institutional adoption: institutional owners (e.g. BlackRock ETF fees, Visa card fees, Robinhood Chain fees) and institutional clients (e.g. institutional transaction fees as reported by Coinbase, B2B revenues)
  2. Broader economy adoption: real-world assets (stablecoin reserve income, RWA trading fees) and utilities (payments, trade finance, prediction markets, consumer, DePIN, compliance and security)
  3. Blockchain applications: DeFi, related infrastructure, wallets and interfaces, consumer apps, incl. centralized versions (e.g., Binance) and casinos on Blockchain rails (e.g., Stake)
  4. Blockchain infrastructure: transaction fees, mining and staking income, and related middleware

Overlaps between the areas are excluded with increasing numbers, e.g. Apollo’s income from their tokenized credit funds is included in the first, but not in the second category, similar with Visa’s income with stablecoin credit card networks (part of 1, but not 2).

Data sources

Coverage: 2,621 protocols (2020 to Q3 2026), earnings reports from 104 public companies; protocol valuations sourced from CoinGecko.

We addressed double-counting of fees (e.g., L2 with L1 blockchains) and market maker income with CEX transaction fees.

Sources: Allium, DeFiLlama, Dune, TokenTerminal and other data platforms plus onchain-based estimates for offchain fees, complemented by third-party reports.

Fees vs. revenues

Data providers in the decentralized ecosystem use “fees” and “revenues” differently from conventional financial reporting. Fees represent the total user payments to protocols, analogous to net sales or top-line revenue in traditional P&Ls. (Protocol) revenues reflect the portion of fees retained after compensating contributors (the “supply-side fee share”), comparable to gross profit in corporate terms.

To align with industry terminology, we use “fees” as defined above; conceptually they correspond to “revenue” in corporate finance, hence “The Revenue Report”.

Glossary

Burn-Mint-Equilibrium
A self-balancing token model where tokens are continually issued to reward contributors and destroyed through user payments, economically comparable to a company that funds operations through equity issuance while offsetting dilution via share buybacks.
CEX
Centralized exchange (e.g., Binance, Upbit). Centralized businesses generating offchain revenue, often with balance sheets, management and regulatory obligations; more akin to listed financial institutions and traditional brokerages or exchanges.
DAT
Digital Asset Treasury Companies are publicly traded firms that raise capital to accumulate and manage cryptocurrencies on their balance sheets, giving investors equity-market exposure to digital assets. Their shares may trade above or below the value of their holdings and carry additional risks from leverage, dilution, operating costs, and management execution.
DePIN
Decentralized Physical Infrastructure Networks use blockchain coordination to deploy and manage physical or digital infrastructure provided by individuals or businesses rather than a single operator, e.g., Helium (wireless), Render (GPU compute), Filecoin (storage), Aethir (cloud and edge compute).
DEX
Decentralized exchange (e.g., Uniswap). Software-based marketplaces that monetize through onchain transaction fees. A CEX is like a stock exchange holding client assets; a DEX is the open-source code version: no company, no custody, just software earning fees each time traders use it.
Governance
How decentralized networks make and enforce decisions: a shareholder-style system where token holders, not executives, vote on rules, fees, and resource allocation.
Holder revenue
The dollar amount distributed to token holders (per DeFiLlama), typically through buybacks, burns, or rewards, often limited to active holders such as stakers or governance participants.
Memecoin launchpads
Platforms such as Pump.fun automate the creation, listing, and initial liquidity of speculative community tokens, akin to retail IPO or crowdfunding engines. They earn fees per launch and trade, process thousands of launches daily, and generate hundreds of millions in annualized onchain fees.
MEV (Maximum Extractable Value)
Additional profit a validator or block producer can earn by reordering, inserting, or excluding transactions within a block. TradFi parallels: HFT latency arbitrage, broker-dealer internalization, and specialists’ book control. On blockchains, validators have full discretion over ordering inside their block, making these opportunities transparent and enforceable by code.
Node sale
How especially DePINs finance and distribute capacity: investors purchase and operate nodes, earning network fees or tokens, much like owning productive assets in a digital utility.
Onchain fees
Fully recorded on the blockchain, with payer and recipient identifiable via wallets (e.g., payments to validators). We extend this to buybacks when the protocols tie offchain fees to onchain buybacks; see offchain fees.
Offchain fees
Occur outside the blockchain, e.g., card payments for DePIN services or in-game purchases. Some are later brought onchain via fiat transfers or token buybacks; we include these unless clearly not market-sourced. CEXs and market makers keep most income offchain with limited disclosure; buyback programs (e.g., Binance, Gate, Bitget) link offchain profits to tokens, but funding sources remain unverifiable.
RWA (Real-World Asset)
A digital token representing ownership of, or an economic claim on, an offchain asset such as government bonds, private credit, real estate, commodities or fund interests.
Staking
Committing (“locking up”) tokens to support a proof-of-stake network in return for periodic rewards: a hybrid of a dividend-paying stock and a performance bond, as stake can be forfeited if obligations are not met; also similar to a term deposit.
Tax token
A token whose smart contract automatically collects a fee on every transfer, routed to predefined wallets. One can think of it as a security with an embedded, automated transaction levy, except in crypto no clearinghouse or transfer agent is doing the deduction; it’s built into the token’s code itself.
Token burn
Permanent removal of tokens from circulation by sending them to an inaccessible address, economically similar to a share buyback followed by retirement.
Token rewards/incentives
Units of a protocol’s token granted to validators, liquidity providers or users for contributing to the network. They bootstrap activity, reward contributions and align incentives; a hybrid of equity grants, in-kind dividends and loyalty points (though here, the “points” are often tradable on open markets).
Value distributed to token holders
Net value accruing to token holders, analogous to dividends or buybacks, adjusted for dilution from new emissions. When aggregating across protocols, we report only positive net distributions, consistent with how aggregated capital returns are treated in corporate finance.

Disclaimer

While taken from sources believed to be reliable, 1kx has not independently verified such information and makes no representations about the enduring accuracy or completeness of any information provided herein or its appropriateness for a given situation. To the extent any information herein constitutes forward-looking statements (which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “upside,” “potential,” “project,” “estimate,” “intend,” “forecast,” “target,” or “believe,” or comparable terminology), please note that, due to various risks and uncertainties, actual events, results, or performance may differ materially from those reflected or contemplated in such statements. Forward-looking statements are not guarantees and involve risks, uncertainties, and assumptions. 1kx expressly disclaims any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise. It can be expected that some or all of such forward-looking assumptions will not materialize or will vary significantly from actual results. Accordingly, any projections are only estimates, and actual results will differ and may vary substantially from the projections or estimates shown. Any posts or other information provided in this publication are for general information purposes only. Under no circumstances should any material in this publication be used or construed as an offer soliciting the purchase or sale of any security, future, or other financial product or instrument, including any interest in any investment vehicle sponsored, managed, discussed, or mentioned by 1kx or any of its affiliates, or any investment advisory services offered by 1kx or its affiliates.

The contents of this publication, provided by 1kx Management Ltd. and its affiliates (“1kx”), are for general information purposes only and should not be construed as, or relied upon in any manner as, investment, financial, legal, regulatory, tax, accounting, or similar advice. 1kx does not recommend that any cryptocurrency be bought, sold, or held by you. You should consult your own investment, legal, tax, and/or similar professionals regarding your specific situation and any specific decisions concerning any investment. Views expressed in “posts” (including podcasts, videos, blogs, and social media) relating to this publication are those of the individual 1kx personnel quoted therein, are not the views of 1kx, and are subject to change. The posts are not directed to any investors or potential investors, do not constitute an offer to sell or a solicitation of an offer to buy any securities, and may not be used or relied upon in evaluating the merits of any investment. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in this publication are subject to change without notice and may differ from, or be contrary to, opinions expressed by others. Any statements, metrics, or charts provided herein are for informational purposes only and may not be relied upon when making any investment, legal, tax, or other decision. All information contained herein should be independently verified and confirmed. 1kx does not accept any liability for any loss or damage whatsoever caused in reliance upon such information. Certain information has been obtained from third-party sources, including from portfolio companies of funds managed by 1kx.

Any such offer or solicitation to invest in a 1kx-managed investment vehicle can and will be made separately and only by means of the applicable confidential offering documents of the specific investment vehicle, which should be read in their entirety, only in jurisdictions in which such an offer would be lawful, and only to those who, among other requirements, meet certain qualifications under federal securities laws as determined from time to time by 1kx in its sole and absolute discretion. There can be no assurance that 1kx’s investment objectives will be achieved or that its investment strategies will be successful. Any investment in a vehicle managed by 1kx involves a high degree of risk, including the risk that the entire amount invested is lost. Past performance is not indicative of, and is no guarantee of, future results. 1kx may hold positions in certain projects or assets discussed in this publication. Regarding backtested figures, index and portfolio figures are hypothetical. They are based on backtests that apply rules retrospectively with the benefit of hindsight, do not reflect actual trading, and may not reflect transaction costs, slippage or fees. Funds or accounts managed by 1kx may now or in the future use strategies based on, or similar to, the indexes described in this publication. The figures shown are not the actual results of any such fund or account, and the actual results of any such fund or account may differ materially from them. Hypothetical performance has inherent limitations, and actual results would have differed. Past performance, including hypothetical performance, is not indicative of future results.

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Long-form thesis from 1kx Research, periodic onchain revenue snapshots, and team news — three threads of the same investigation.