News

ChainCatcher reported that venture capital firm 1kx has released the "Onchain Revenue Report H1 2025," which aggregates on-chain verification data from over 1,200 protocols, showing that the crypto industry's "on-chain economy" has formed into an ecosystem worth $20 billions and is growing rapidly. The report points out that on-chain fees have become the most direct indicator of real market demand. DeFi protocols still account for 63% of total on-chain fees, but emerging sectors are growing rapidly: wallet revenue increased by 260% year-on-year, consumer applications grew by 200%, and DePIN (Decentralized Physical Infrastructure Network) grew by 400%. Meanwhile, Ethereum's share of the overall market has declined; although its transaction fees have dropped by 86% since 2021, the number of ecosystem protocols has expanded eightfold. 1kx notes that the disconnect between market capitalization and actual revenue is becoming apparent: the top 20 protocols account for 70% of on-chain fees, but DeFi projects have a market capitalization only 17 times their revenue, while public chains have an average valuation as high as 3,900 times, indicating a premium placed by investors on "nation-state-like" narrative assets. Looking ahead, 1kx expects total on-chain economic fees to reach $32 billions by 2026, a year-on-year increase of 63%, with the main drivers including RWA (Real World Asset Tokenization), DePIN networks, wallet monetization, and consumer-grade crypto applications. The report believes that as regulatory clarity improves and infrastructure expands, the on-chain economy is entering a "mature phase"—a new cycle jointly driven by usage, revenue, and value distribution.

Jinse Finance reported that Nordea has announced it will offer Bitcoin-tracking Exchange Traded Product (ETP) services to clients starting from December 2025, marking the official entry of one of the largest Nordic banks into the crypto asset sector. The product is manufactured by CoinShares International Limited and belongs to the synthetic ETP category, with Bitcoin as its underlying asset, specifically designed for experienced investors seeking exposure to alternative assets. Nordea had previously maintained a cautious stance towards cryptocurrencies, but with the European Union passing the MiCA regulation (Markets in Crypto-Assets Regulation) in 2023 and its full implementation in December 2024, the European regulatory environment has become increasingly mature. Coupled with growing demand for virtual currencies in the Nordic region, the bank has adjusted its strategy. The product will only be provided as an execution service, and the bank will not offer investment advice regarding it. Nordea stated that it will continue to monitor the development of blockchain technology and expand related services as the market matures to meet client needs.