Bear Market's Public Chain ‘Two Sides of the Coin’: TRON Stays at the Top, Movement's Daily Revenue is Only 3 Dollars

Author: jk

The on-chain data platform Nansen's newly launched 7-day protocol revenue tracking feature shows that among the many blockchains claiming to be the “next generation,” only 10 have surpassed $100,000 in protocol revenue over the past week. Additionally, apart from the recently launched Monad, other high-funded blockchain projects such as Movement, Berachain, and Somnia, which went live since the end of last year, are now generating daily revenues of less than four digits.

Let's take a look at the detailed data.

The head concentration effect is obvious.

According to the new public chain dashboard launched by the Nansen platform, the protocol revenue rankings over the past 7 days show an extreme concentration at the top. Tron leads by a wide margin with a weekly fee income of $6.56 million, although its fee growth rate is only 0.4%, it firmly holds the top position. It is evident that Tron still possesses strong dominance in stablecoin transfers and payment scenarios. Following closely is Solana, with a weekly fee income of $3.17 million, boasting over 15.51 million active addresses and 415 million transactions, making it the public chain with the largest number of transactions. Despite the background of a bear market with high drawdowns, its fee income still maintains a positive growth of 2%.

The traditional giant Ethereum's weekly fee revenue is $2.68 million, ranking third. It is worth noting that the number of active addresses on Ethereum surged by 20%, and trading volume increased by 4.1%, but fee revenue plummeted by 54%, possibly due to the impact of the bear market.

BNB Chain ranks fourth with a weekly fee revenue of 2.62 million USD, while Bitcoin ranks fifth with a weekly fee revenue of 1.68 million USD. Base Chain ranks sixth with a weekly fee revenue of 532.6 thousand USD. Together, these six have contributed a total weekly fee revenue of approximately 17.24 million USD, accounting for a significant portion of the total user spending fees in the entire blockchain ecosystem.

How big is it specifically? According to data collected by Nansen from all chains, the total revenue of all chains except for the top six is only about $1,059,000 (1.06 million USD). In other words, the fee revenue of the top six public chains is more than 16 times that of all the remaining chains combined.

The waist public chain barely maintains.

The public blockchains ranked from 7th to 11th include HyperEVM, Polygon, Monad, Arbitrum, and Avalanche, with weekly fee revenues ranging from $75,600 to $204,800. HyperEVM's weekly fee revenue is $204,800, but fees have dropped by 49%, indicating a clear cooling trend. Polygon's weekly fee revenue is $183,100, with the number of active addresses and transaction volume increasing by 15% and 10% respectively, yet fee revenue still decreased by 23%.

Avalanche has already fallen below the threshold of a weekly income of 100,000 USD.

Although these public chains barely reach or approach the threshold of $100,000 in weekly revenue, there is still an order of magnitude gap compared to leading public chains, and most chains show a negative growth trend in fee income, experiencing a broad decline due to the bear market.

The market is flooded with a large number of low-income public chains.

The fee income of public blockchains ranked below 12 has sharply declined. Many small and medium-sized public blockchains are not only facing a significant drop in fee income, but the number of active addresses and transaction volume are also continuously shrinking.

The weekly fees for chains such as Bitlayer, Starknet, and Linea range from $25,500 to $37,300, with most showing double-digit negative growth. Aptos, once highly anticipated as a high-performance public chain, has a weekly fee income of only $12,500, with a decrease of 5.8% in fee income. Some well-known Layer 2 solutions are also facing difficulties. ZKsync's weekly fee income is only $6,480, with trading volume plummeting by 40% and fee income dropping by 47%, showing signs of a complete collapse. Plasma's data is even more shocking; although the weekly fee income is still $5,240, its trading volume has dropped by 79%, and fee income has decreased by 60%. Chains like Scroll, Sonic, Ronin, and Sei have weekly fee incomes hovering between $2,000 and $3,500.

These data mean that the daily revenue from fees for these public chains is even less than 500 dollars.

In contrast to the relatively newer public chains, such as Somnia, Berachain, and Movement, according to data from DeFiLlama, Somnia has a daily income of $193, Bera has $45, and Movement only has an income of $3 (approximately 20 RMB), with a total income of only $92 over 30 days (approximately 650 RMB).

The data behind this reflects a harsh market reality: a large number of public chains have consumed huge amounts of venture capital and attracted many developers to invest time and effort, but ultimately failed to establish a truly valuable user ecosystem. During the bear market, their presence in the on-chain fee market, where users vote with real money, has become almost negligible.