According to a post by crypto venture firm 1kx (@1kxnetwork), on-chain total fees declined by 33% year-over-year in Q2 2026, exhibiting classic bear market characteristics. DEX fees saw the steepest drop, falling 57% year-over-year, or approximately $625 million, with Meteora, Raydium, and PancakeSwap being the primary contributors to the decline; blockchain and MEV fees decreased by $40 million (-40%); and Launchpad-related fees dropped 57% due to Pump.fun. In contrast, perpetual contracts and prediction markets grew逆势 by 22%, led by edgeX and Hyperliquid, with Polymarket generating nearly $100 million in fees for the quarter; lending and asset management sectors continued compounding growth, with Morpho, USDai, and Maple Finance each contributing $9 million to $19 million; Canton Network added $179 million in L1 fees, jointly with Polymarket, both entering the top 20 fee-generating protocols for the first time.
1kx: Q2 on-chain fees drop 33% YoY, token allocation remains stable
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Summary
On-chain data from 1kx shows that Q2 2026 on-chain fees declined 33% year-over-year, consistent with bear market conditions. DEX fees fell 57%, led by Meteora, Raydium, and PancakeSwap. Blockchain and MEV fees dropped by $40 million, while Pump.fun caused Launchpad fees to decline by 57%. Perpetual contracts and prediction markets grew 22%, with edgeX, Hyperliquid, and Polymarket generating nearly $100 million in fees. Lending and asset management contributed $9–19 million, led by Morpho and USDai. Canton Network generated $179 million in L1 fees, ranking in the top 20 for the first time.
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