Blockchain revenue is expected to reach approximately $100 billion in 2026, representing a 28% decline from $140 billion in 2025, according to a report released by crypto investment firm 1kx in October 2026. The revenue drop closely mirrors a 30% fall in cryptocurrency prices during the same period.
The analysis examined onchain data from more than 2,600 protocols and earnings reports from 104 public companies, supplemented by data on private firms through the third quarter of 2026.
Public Companies Double Their Revenue Share
Publicly traded companies earned 16% of total blockchain revenue in 2026, more than double their 7% share in 2022. New stock market listings contributed to this growth, including Circle, a stablecoin issuer that went public in 2025.
The 10 largest public companies in the study doubled their blockchain-related revenue over three years. Coinbase and Circle combined earned approximately $3.3 billion in blockchain-related revenue during the first half of 2026, while public Bitcoin miners generated about $2 billion. Traditional financial firms including JPMorgan, BlackRock, CME Group, Visa, and Robinhood earned $1.1 billion together from blockchain activity.
Revenue concentration remains significant, with the six largest public companies accounting for 50% to 60% of the group's total revenue.
Sector-Specific Developments
Decentralized finance and financial services comprised 66% of blockchain revenue in 2026, totaling approximately $65 billion. Blockchain infrastructure generated $22 billion, its lowest level since 2020.
Transaction fees on blockchains fell by half in the first six months of 2026, even as the number of transactions increased 18% to 127 billion. Staking and mining income declined 37% during the same period and now accounts for about 90% of blockchain infrastructure income.
Centralized exchange fees dropped 25%, while decentralized exchange fees fell 50%. In contrast, stablecoin issuers such as Tether and Circle grew their reserve income by 10%.
Prediction markets experienced significant growth, with fees increasing from less than $50 million to more than $1.5 billion in the first half of 2026, led by Kalshi and Polymarket.
Broader Economic Activity Surpasses Infrastructure
Revenue from tokenized assets, payments, and prediction markets grew 58% year-over-year in the first half of 2026. In the third quarter, revenue from these broader economic uses and institutional activity reached approximately $5.3 billion, surpassing blockchain infrastructure revenue of $5.1 billion for the first time.
Collectively, tokenized assets, payments, prediction markets, and institutional activity made up 33% of total blockchain revenue in the third quarter, with projections indicating this share will reach 30% for the full year.
