The end of the year is a perfect time to look back at how crypto evolved in 2025

In H1, the top 20 protocols (just 2% of total) generated 69% of all onchain fees about $6.9B out of $9.7B

Ct can see strong sign of crypto’s “winner-takes-most” dynamics

Here’s the top 10 by onchain revenue:

@MeteoraAG: $807M (DeFi/Finance, Solana)
@jito_sol: $547M (MEV/Blockchain, Solana)
@Raydium: $493M (DeFi, Solana)
@solana: $491M (L1)
@Pumpfun: $476M (Consumer, meme launchpad)
@Uniswap: $452M (DeFi, Ethereum)
@ethereum: $324M (L1)
@trondao: $323M (L1)
@HyperliquidX: $322M (Perps, <1yr old)
@: $279M (Wallets)

The Solana ecosystem dominated: 4 of the top 10 spots came from Solana-based protocols, reflecting its explosive growth.

DeFi continues to lead, but standout sectors like Consumer Pumpfun and Wallets (Phantom) are catching up fast

Disruption came fast: Newcomers like Pumpfun and Hyperliquid rose to the top in less than two years, while older giants like Uniswap lost significant share.

High concentration, but rotation is even faster. Even with 69% revenue locked by the top 20, new protocols rotate in every quarter

Honestly, I think many people regret not trading perps on @HyperliquidX or missing the cultural moment of @solana this year

Which protocol will shine in 2026?
And which startup will break into the leaderboard next?

Source: @1kxnetwork