Token holder payouts hold steady despite drop in onchain fee revenue

Onchain fee revenue fell 33% year over year in the second quarter, but payouts to token holders were largely unchanged, according to an analysis by 1kx Network. 1kx Network said fee revenue generated by decentralized exchanges fell by $625 million, or 57%, over the same period, led by Meteora (MET), Raydium (RAY) and PancakeSwap (CAKE). Token launchpads also saw fee revenue drop 57%, with Pump.fun (PUMP) accounting for about half of that decline. By contrast, perpetual futures and prediction markets posted higher fee revenue, driven by EdgeX (EDGE) and Hyperliquid (HYPE). Polymarket alone generated around $100 million in fees in the second quarter, 1kx Network said. The analysis said token holder fee income saw little change despite lower network fees, largely because Hyperliquid's token buyback and burn policy was effective.