The Maturation of On-Chain Revenue: A $19.8 Billion Opportunity in 2025

The blockchain ecosystem is undergoing a seismic shift. By 2025, on-chain revenue is projected to reach $19.8 billion, driven by a transition from speculative hype to fee-based monetization models. This growth is fueled by decentralized finance (DeFi), decentralized physical infrastructure networks (DePIN), and tokenized real-world assets (RWAs), which are creating sustainable revenue streams through user-driven interactions. For investors, the key lies in identifying underappreciated protocols and infrastructure projects that are quietly capturing this value.

The Drivers of On-Chain Revenue Growth

According to a 1kx report, on-chain fees have grown over tenfold since 2020, with a compound annual growth rate (CAGR) of 60%. DeFi applications alone accounted for 63% of total on-chain fees in 2025, while newer verticals like crypto wallets and DePIN platforms saw explosive growth-wallet revenue surged by 260% year-over-year, according to a FinanceFeeds report. This shift reflects a maturing ecosystem where protocols generate income comparable to traditional businesses, attracting institutional capital and validating usage-based revenue as a credible metric.

Tokenized RWAs have further accelerated this trend. Excluding stablecoins, their on-chain value surpassed $35 billion by Q3 2025, driven by demand for real-world asset tokenization in sectors like real estate and commodities. Meanwhile, DePIN networks-such as those leveraging IoT devices for decentralized data collection-are unlocking new revenue streams by monetizing physical infrastructure.

Underappreciated Protocols: The Fee-Driven Powerhouses

While high-profile projects dominate headlines, several underappreciated protocols are quietly driving the $19.8 billion on-chain revenue boom.

Lido (LDO): Staking Infrastructure with $103M+ Annualized Revenue

Lido, a leading liquid staking protocol, generated $103.52 million in annualized revenue in 2025, according to DefiLlama data. By enabling users to stake assets like ETH and SOL while maintaining liquidity, Lido captures a share of staking rewards and transaction fees. Despite its dominance in the staking space, Lido's token price remains undervalued relative to its locked value, presenting a compelling asymmetry for investors, according to a Yellow research.

Raydium (RAY): Solana's Liquidity Powerhouse

Raydium, a decentralized exchange (DEX) on Solana, exemplifies fee-driven growth. In Q3 2025, the platform reported $24.3 million in net revenue, a 69% quarter-over-quarter increase, with LaunchLab contributing 53% of total revenue, according to a Blockworks report. Raydium's hybrid liquidity model-combining automated market makers (AMMs), constant product market makers (CPMMs), and concentrated liquidity pools-ensures consistent fee generation. Its market share in the Solana DEX ecosystem expanded to 15.9%, outpacing fragmented competitors.

Jito (JTO): Solana's MEV Infrastructure

Jito, a Solana-based MEV (maximal extractable value) infrastructure provider, has seen rapid adoption in 2025. By optimizing block production and transaction ordering, Jito captures fees from validators and developers. While specific revenue figures remain undisclosed, its user base and transaction volume suggest significant under-the-radar growth, per the Yellow research. Jito's role in Solana's ecosystem positions it to benefit from the chain's broader adoption of DeFi and tokenized assets.

The Institutionalization of On-Chain Revenue

The maturation of on-chain revenue is attracting institutional scrutiny. S&P Global, for instance, raised its 2025 revenue guidance to 7-8% after seeing strong performance in its blockchain-related segments, including a 24% increase in Governments revenue and 11% growth in Corporate revenue, as reported in an Investing.com article. This institutional validation underscores the credibility of fee-based models and signals broader acceptance of blockchain as a revenue-generating asset class.

Conclusion: A $19.8 Billion Opportunity

The $19.8 billion on-chain revenue market in 2025 represents a paradigm shift in how blockchain value is created and captured. Protocols like Lido, Raydium, and Jito are demonstrating that fee-driven models can rival traditional financial systems in scalability and sustainability. For investors, the challenge lies in identifying these underappreciated players before their token prices reflect their true economic potential.

As the ecosystem evolves, the focus will shift from speculative bets to protocols with durable revenue streams, robust user networks, and clear use cases. The winners of this next phase will be those that align with the principles of decentralization while delivering measurable, recurring income-a $19.8 billion opportunity waiting to be unlocked.