User-centric applications in the Web3 ecosystem are generating more revenue than blockchain networks, Cointelegraph reported on Thursday.
DeFi apps are making five times more revenue than blockchains, according to Jamie Coutts, a senior analyst at crypto intelligence platform Real Vision. Cointelegraph said this means investor and developer attention is shifting toward user interface-focused products.
The trend of DeFi protocols earning more revenue than blockchain networks gathered pace from mid-2024. Recent data showed all 17 of the top revenue generators were applications or protocols, not blockchains. Solana posted more than $20.4 million in revenue over the past 30 days and was the only blockchain in the top 20, but it was minor compared with stablecoin issuer Tether's $563 million. Ethereum ranked 27th with $10.3 million. Solana's strength is attributed to increased network activity, the report said.
Solana logged more than 68 million active addresses over the past 30 days, according to blockchain data platform Nansen. Ethereum recorded 13 million active addresses, but it lagged Solana.
Chi-gyu Hwang
delight@d-today.co.kr