[On-Chain Economic Scale Surpasses $20 Billion, Fee Growth Indicates Industry Entering Maturity] Venture capital firm 1kx has released the 'On-Chain Revenue Report for the First Half of 2025,' showing that the on-chain economic scale has reached $20 billion and is exhibiting a rapid growth trend. The report analyzes that on-chain fees have become a key indicator for measuring real market demand, with DeFi protocols accounting for 63% of total fees. Emerging sectors are performing remarkably well: wallet revenue increased by 260% year-on-year, consumer applications grew by 200%, and DePIN networks surged by 400%. Ethereum's overall market share has declined, but the number of ecosystem protocols has expanded eightfold compared to 2021. The report highlights a mismatch between market capitalization and actual revenue, with DeFi project market caps being 17 times their revenue, while public chain valuations are as high as 3,900 times. 1kx predicts that by 2026, total on-chain economic fees will reach $32 billion, a year-on-year growth of 63%. With regulatory improvements and infrastructure development, the on-chain economy is entering a mature stage driven by usage, revenue, and value.