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Web3 business
2026-07-11 00:02:10

Web3 Revenue Models Shift From Growth to Durability, With Stablecoins and Protocol Services Showing Deeper Moats

MarsBit published an analysis by Eric SJ arguing that Web3 is moving out of its user-growth phase and into a period where business models are being tested on revenue quality, durability, and moat strength. The piece reviews five revenue models that the author says have already been validated: trading fees, stablecoin reserve income, interest spreads, block space sales, and protocol-level service fees. The framework is simple: revenue equals user demand, usage scale, pricing power, and the market environment. Under that lens, the article argues that not all on-chain income should be valued the same way. Trading fees and interest-spread models are described as highly cyclical because they are tied to market activity, leverage demand, and users’ risk appetite. Stablecoin issuers, by contrast, depend mainly on supply scale and the rate environment, while benefiting from brand stickiness and the difficulty of replacing a trusted dollar gateway on-chain. The author also sees protocol service fees, such as oracle infrastructure, as one of the stronger long-term models because enterprise-style integrations are hard to unwind once a provider becomes the standard. Block space sales stand apart. Demand can grow as more users and apps come on-chain, but falling gas prices and rising competition across Ethereum, Solana, layer-2 networks, and DA layers can pressure unit economics. The result is a business model where rising usage does not automatically translate into stronger revenue expectations.

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Web3 Revenue Models Shift From Growth to Durability, With Stablecoins and Protocol Services Showing Deeper Moats