1kx: On-chain protocol fees fell 33% year-on-year in Q2, while perpetuals and prediction markets defied the trend with 22% growth

Crypto venture capital firm 1kx analyzed that on-chain protocol fees fell 33% year-on-year in the second quarter. DEX fees decreased by $625 million, while blockchain and MEV fees fell 40% to $362 million. Launchpad fees declined 57%. Meteora, Raydium, and PancakeSwap were the main contributors to the drop in DEX fees, and Pump.fun accounted for nearly half of Launchpad fees. Perpetual contract and prediction market fees rose 22% year-on-year, driven by edgeX and Hyperliquid, with Polymarket single-quarter fees approaching $100 million.