DeFi Applications Now Generate Five Times More Fees Than Blockchain Networks

The cryptocurrency industry is witnessing a fundamental revenue shift as decentralized finance (DeFi) applications now generate approximately five times more in fees compared to underlying blockchain networks, according to analysis from Real Vision's chief crypto analyst Jamie Coutts^[1].

User-facing platforms including decentralized exchanges, wallets, and DeFi protocols are increasingly capturing value that previously flowed to base-layer infrastructure. This represents a dramatic change from mid-2024, when blockchains and DeFi applications earned comparable fee amounts^[1].

Recent data from DeFiLlama illustrates this trend clearly: the top 17 fee-generating entities over the past month were all applications rather than blockchain networks. Stablecoin issuer Tether led with approximately $563 million in fees, while Solana was the highest-earning blockchain at just $20.4 million, ranking as the only blockchain in the top 20. Ethereum followed at 27th position with $10.3 million in fees^[1].

Coutts suggests this shift reflects where actual user activity occurs, with front-end platforms handling transactions and liquidity more directly. Despite this trend, blockchain networks maintain their critical role in providing security and infrastructure, even as applications built atop them capture a growing share of economic value^[1].