[1kx Report: On-Chain Fees Reach Record High of $9.7 Billion in H1 2025] The on-chain revenue report for the first half of 2025 released by 1kx shows that users paid $9.7 billion in on-chain fees, a year-on-year increase of 41%, setting a new historical record. Meanwhile, the total off-chain fees amounted to $23.5 billion, with CEX revenue accounting for the largest share, estimated at $19 billion, while the remainder came from financial infrastructure revenues such as market maker and fund asset management fees. Additionally, revenue generated from block rewards and stablecoin issuance reached $23.1 billion.