Perpetual and prediction market fees bucked the trend, increasing by 22%, while on-chain protocol fees decreased by 33% year-on-year in Q2.

According to a report by crypto venture capital firm 1kx, on-chain protocol fees decreased by 33% year-over-year in the second quarter. DEX fees fell by $625 million, a 57% decrease, primarily driven by Meteora, Raydium, and PancakeSwap, which together generated $1.5 billion in fees in the first half of last year. Blockchain and MEV fees decreased by 40% to $362 million. Launchpad fees fell by 57%, with Pump.fun accounting for nearly half of the decrease. Perpetual contract and prediction market fees increased by 22% year-over-year, driven by edgeX and Hyperliquid; Polymarket fees approached $100 million in the quarter.