On-chain Fees:- Crypto's money has moved - but not where many expect. A new industry analysis finds that in 2025 roughly $20 billion of on-chain fee revenue flowed through the ecosystem, and it isn't blockchains or wallets that captures the largest share. Instead, the lion's share landed with application-layer finance: decentralized exchanges, perpetuals, derivatives andThe post Not L1s or Wallets - Who Generates the Bulk of Crypto's $20B in Revenue? appeared first on CoinGape.