Centralized crypto firms generated ~$70B in 2025 revenue, 8.5x more than on-chain protocols, driven by closer user relationships and better monetization.
Macro & Markets ·
Centralized crypto companies captured approximately $70 billion in revenue during 2025, roughly 8.5 times the $8 billion generated by on-chain protocols and layer-one blockchains, according to analysis shared on X. The disparity reflects the composition of each sector: off-chain entities—including publicly traded firms like Coinbase and Gemini alongside private players such as Binance and Tether—derive roughly two-thirds of their revenue from exchanges and brokers, while on-chain systems see nearly half their income flow to base layers and layer-two networks.
The revenue gap stems from structural positioning rather than market size. Centralized platforms operate as intermediaries between users and crypto assets, handling custody, trading, and account management without requiring end users to interact directly with blockchain wallets or custody devices. This proximity to the customer enables more effective monetization, even as protocols and base layers remain technically foundational to the ecosystem.
The analysis includes a methodological caveat: many private companies do not disclose earnings, making the centralized revenue estimate a range between $60 billion and $100 billion based on available data and modeling. The implication drawn is that on-chain builders may need to develop more direct user-facing services to capture value currently retained by intermediaries.