Original | Odaily Planet Daily (@OdailyChina)

Author｜jk

The newly launched 7-day protocol revenue tracking feature by the on-chain data platform Nansen shows that among the many public chains claiming to be "next generation," only 10 have exceeded $100,000 in protocol revenue over the past week. Aside from the recently launched Monad, other highly funded public chain projects like Movement, Berachain, and Somnia, which went live since the end of last year, are now generating daily revenues of less than four digits.

Let's take a closer look at the detailed data.

Significant Head Concentration Effect

According to the new public chain dashboard launched by Nansen, the protocol revenue rankings over the past 7 days exhibit extreme head concentration characteristics. Tron leads with a weekly fee revenue of $6.56 million, despite its fee growth rate being only 0.4%, it firmly holds the top position. It is evident that Tron still possesses strong dominance in stablecoin transfers and payment scenarios. Following closely is Solana, with a weekly fee revenue of $3.17 million, boasting over 15.51 million active addresses and 415 million transactions, making it the public chain with the largest transaction volume. Despite the high drawdown in the bear market, its fee revenue still maintains a positive growth of 2%.

The traditional giant Ethereum ranks third with a weekly fee revenue of $2.68 million. Notably, Ethereum's active address count surged by 20%, and transaction volume increased by 4.1%, but its fee revenue plummeted by 54%, likely due to the impact of the bear market.

BNB Chain ranks fourth with a weekly fee revenue of $2.62 million, Bitcoin follows in fifth place with a weekly fee revenue of $1.68 million, and Base chain ranks sixth with a weekly fee revenue of $532,600. Together, these six chains contribute approximately $17.24 million in weekly fee revenue, accounting for the vast majority of user spending fees in the entire blockchain ecosystem.

How significant is this? According to Nansen's statistics from all chains, the total revenue from all chains excluding the top six is only about $1,059,000 (1.06 million dollars). In other words, the fee revenue of the top six public chains is more than 16 times that of all other chains combined.

Mid-Tier Public Chains Barely Holding On

The public chains ranked 7th to 11th include HyperEVM, Polygon, Monad, Arbitrum, and Avalanche, with their weekly fee revenues ranging from $75,600 to $204,800. HyperEVM's weekly fee revenue is $204,800, but fees have decreased by 49%, indicating a clear cooling trend. Polygon's weekly fee revenue is $183,100, with active address and transaction volume increasing by 15% and 10%, respectively, but fee revenue still declined by 23%.

Avalanche has already fallen below the $100,000 weekly revenue threshold.

While these public chains barely reach or are close to the $100,000 weekly revenue threshold, there remains a significant gap compared to the top public chains, and most chains are experiencing negative growth in fee revenue, showing a widespread decline due to the bear market.

A Large Number of Low-Income Public Chains Flood the Market

Public chains ranked 12th and below see a sharp decline in weekly fee revenue. Many small and medium public chains are not only facing a significant drop in fee revenue but also a continuous shrinkage in active addresses and transaction volume.

Chains like Bitlayer, Starknet, and Linea have weekly fees ranging from $25,500 to $37,300, with most showing double-digit negative growth. Aptos, once highly anticipated as a high-performance public chain, has a weekly fee revenue of only $12,500, with a 5.8% decline in fee revenue. Some well-known Layer 2 solutions are also facing difficulties. ZKsync's weekly fee revenue is only $6,480, with transaction volume plummeting by 40% and fee revenue dropping by 47%, indicating a complete collapse. Plasma's data is even more alarming; despite a weekly fee revenue of $5,240, its transaction volume has dropped by 79%, and fee revenue has decreased by 60%. Chains like Scroll, Sonic, and Ronin have weekly fee revenues hovering between $2,000 and $3,500.

These figures imply that these public chains generate daily fee revenues of less than $500.

In contrast, newer public chains like Somnia, Berachain, and Movement, according to DeFiLlama's data, have daily revenues of $193, $45, and only $3 (about 20 RMB) respectively, with a 30-day revenue of just $92 (approximately 650 RMB).

These data reflect the harsh market reality: a large number of public chains have consumed massive amounts of venture capital and attracted many developers to invest time and effort, but ultimately failed to establish a truly valuable user ecosystem. During the bear market, in the on-chain fee market where users vote with real money, their presence has become almost negligible.

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