DeFi Intel

Protocol Revenue Is Not Tokenholder Cash Flow

1kx research finds that on-chain fees approached $20B in 2025, yet only about 20 of 1,244 protocols passed $10M or more to tokenholders. The report argues that protocol revenue rarely translates into cash flow for tokens, explaining why fee generation seldom reaches holders.

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DeFi Intel is an entity-graph aggregator: we curate, tag and link crypto news to a typed knowledge graph of protocols, tokens, people and incidents. We do not republish the full article body. Use the link above to read the original report at Cryptodaily.

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