1kx: In the second quarter, on chain protocol fees decreased by 33% year-on-year, while perpetual and forecasted market growth against the trend increased by 22%

Crypto venture capital firm 1kx analyzed that in the second quarter, on chain protocol fees decreased by 33% year-on-year, with DEX fees decreasing by $625 million, blockchain and MEV fees decreasing by 40% to $362 million, and Launchpad fees decreasing by 57%. Meteora, Raydium, and PancakeSwap led the decline in DEX fees, while Pump.fun accounted for nearly half of Launchpad fees. Perpetual contracts and forecasted market fees increased by 22% year-on-year, led by edgeX and Hyperliquid, with Polymarket fees approaching $100 million per quarter.