Why Crypto’s Revenue Story Has Changed
US President Donald Trump displays the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins Act), which codifies the use of stablecoins — cryptocurrencies pegged to stable assets like the US dollar or US bonds — after signing it in the East Room of the White House in Washington, DC, on July 18, 2025. (Photo by Brendan SMIALOWSKI / AFP) (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images)
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The cryptocurrency industry will generate roughly $20 billion in onchain fees this year, nearly matching its 2021 peak. But beneath these similar headline numbers lies a fundamental transformation that crypto skeptics have missed.
In 2021, Ethereum alone accounted for over 40% of all onchain fees. Users were…
