1KX report says blockchain revenues to fall 30% to $100bn in 2026

Key points

• Blockchain revenues are projected at $100bn in 2026, down from about $140bn in 2025, a fall of roughly 30%.
• DeFi and finance generated $65bn in 2026, about two-thirds of the total, up from a 52% share in 2022.
• Tokenised stock volume on Robinhood Chain topped $13bn in Q3, with over 70% traded while US exchanges were shut.

Blockchain revenues are projected to fall about 30% year on year to $100bn in 2026, from roughly $140bn in 2025, according to a new 1KX report. The decline tracks Bitcoin's average price, the report says, with user-paid fees, onchain and offchain, making up 50% to 60% of the total.

DeFi and finance again led, generating $65bn, or about two-thirds of all blockchain revenues, up from a 52% share in 2022. Blockchain infrastructure revenues fell to $22bn, their lowest since 2020, and direct transaction fees are now under 3% of the total.

Revenues tied to institutional adoption and economic use rose to 30% of the total, overtaking infrastructure in the third quarter for the first time. Utility fees added $1.6bn, including $1.4bn from prediction markets, and real-world asset tokenisation contributed $1.1bn. Tokenised stock volume on Robinhood Chain passed $13bn in the third quarter, more than 70% of it while US exchanges were closed.

Al Qureshi of Black Lake Digital Markets said RWA volumes follow the yields of underlying assets, while crypto prices reflect views on default risk, inflation and speculation. The report expects institutional adoption, 24/7 equity trading and tokenised assets to drive a rebound in 2027.

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