Crypto industry H1 revenue falls 23% year over year to $47B

Crypto industry revenue fell 23% year over year to $47 billion in the first half, according to crypto investment firm 1kx. Exchange, derivatives and market-maker revenue declined by $5.2 billion, while on-chain DeFi revenue fell by $1.8 billion, down 32%. ETF and fund management fees also dropped by $1.1 billion. Staking and mining rewards decreased by $6.2 billion, and transaction fee and maximal extractable value revenue was cut in half. Blockchain’s share of total industry revenue fell to a record low of 25%, the firm said.