Crypto venture firm 1kx said on-chain protocol fees dropped 33% year over year in the second quarter, with weakness concentrated in decentralized exchanges, blockchain and MEV-related fees, and launchpads. DEX fees alone fell by $625 million, down 57%, driven mainly by Meteora, Raydium, and PancakeSwap. According to 1kx, those three protocols generated a combined $1.5 billion in fees in the first half of last year. Blockchain and MEV fees declined 40% to $362 million, while launchpad fees also dropped 57%, with Pump.fun accounting for nearly half of that segment. In contrast, fees from perpetual futures and prediction markets increased 22% from a year earlier, led by edgeX and Hyperliquid. 1kx also said Polymarket recorded close to $100 million in fees in a single quarter.
Crypto venture firm 1kx said on-chain protocol fees fell 33% year over year in the second quarter.
Within that total, decentralized exchange fees dropped by $625 million, a 57% decline, driven mainly by Meteora, Raydium, and PancakeSwap. According to 1kx, the three protocols generated a combined $1.5 billion in fees in the first half of last year.
Blockchain and MEV fees fell 40% to $362 million. Launchpad fees were also down 57%, with Pump.fun accounting for nearly half of that segment.
Perpetual futures and prediction markets moved in the opposite direction, with fees rising 22% from a year earlier. 1kx said the increase was led by edgeX and Hyperliquid. Polymarket posted close to $100 million in fees in a single quarter.
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