Cryptocurrency venture capital firm 1kx analyzed that on-chain protocol fees declined by 33% year-over-year in the second quarter, with DEX fees dropping by $625 million, blockchain and MEV fees falling 40% to $362 million, and Launchpad fees declining 57%. Meteora, Raydium, and PancakeSwap led the decline in DEX fees, while Pump.fun accounted for nearly half of all Launchpad fees. Perpetual futures and prediction market fees rose 22% year-over-year, led by edgeX and Hyperliquid, with Polymarket generating nearly $100 million in fees for the quarter.
1kx: Q2 on-chain protocol fees decline 33% YoY, perpetual and prediction markets rise 22%
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Summary
On-chain data from 1kx shows that Q2 2026 protocol fees declined 33% year-over-year. DEX fees fell by $625 million, blockchain and MEV fees dropped 40% to $362 million, and Launchpad fees decreased by 57%. Meteora, Raydium, and PancakeSwap led the DEX declines, while Pump.fun captured nearly half of all Launchpad fees. Perpetual and prediction market fees rose 22%, driven by edgeX, Hyperliquid, and Polymarket, which collectively neared $100 million in fees. A protocol update highlights a shift in activity toward derivatives and prediction platforms.
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