According to ME News, on July 24 (UTC+8), crypto venture capital firm 1kx reported that on-chain protocol fees declined by 33% year-over-year in the second quarter. DEX fees dropped by $625 million, a 57% decrease, primarily driven by Meteora, Raydium, and PancakeSwap—three protocols that collectively generated $1.5 billion in fees during the first half of last year. Blockchain and MEV fees fell 40% to $362 million. Launchpad fees dropped 57%, with Pump.fun accounting for nearly half. Perpetual contracts and prediction market fees increased 22% year-over-year, led by edgeX and Hyperliquid; Polymarket’s fees approached $100 million for the quarter. (Source: ODAILY)
Q2 on-chain protocol fees dropped 33%, while perpetual and prediction markets rose 22%.
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Summary
On-chain data shows Q2 protocol fees declined by 33%, according to 1kx. DEX fees dropped $625 million (57%), with Meteora, Raydium, and PancakeSwap generating $15 billion in fees last year. Blockchain and MEV fees fell 40% to $362 million. Launchpad fees dropped 57%, with Pump.fun accounting for nearly half. Perpetual and prediction market fees rose 22%, led by edgeX and Hyperliquid. Polymarket fees neared $100 million in Q2. On-chain analysis reveals a shift in activity toward derivatives and betting platforms.
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