Recent data from CryptoRank and researchers at Artemis reveal a significant reshuffling in blockchain fee structures over the past year. As of October 2025, Hyperliquid and BNB Chain have posted extraordinary growth in transaction fee revenues, while long-standing leaders like Ethereum and Bitcoin experienced notable declines.
This shift highlights a broader trend in the crypto ecosystem: next-generation networks are rapidly adapting to market demands, attracting new users, and optimizing transaction costs, whereas older networks face challenges in maintaining on-chain activity.
Hyperliquid’s Explosive Growth
Leading the charge, Hyperliquid, a decentralized derivatives platform, recorded a staggering 1,600% increase in fee revenue — rising from $2.4 million to $41 million over the year. The surge is largely attributed to the implementation of the HIP-3 upgrade, which enabled permissionless perpetual launches and significantly reduced trading fees. As a result, the platform witnessed record trading volumes, drawing substantial attention from both retail and institutional traders.
BNB Chain Gains Momentum
Following closely, BNB Chain achieved a 977% growth, with fees climbing from $3 million to $32.3 million. The expansion was fueled primarily by meme-token activity, which spurred high transaction volumes and attracted a wave of new users to the network.
Similarly, Base, an Ethereum Layer 2 solution, saw a 317% increase, from $767,000 to $3.2 million. Its growth was driven by both user adoption and the rollout of innovative dApps, solidifying its position in the competitive L2 ecosystem.
Declines Among Legacy Networks
In contrast, Ethereum experienced a 48% drop in fee revenue, decreasing from $42.1 million to $21.6 million. Users are increasingly migrating to faster, lower-cost Layer 2 solutions, diminishing on-chain activity and fee income.
Solana also saw a decline, with revenues falling 34%, from $10 million to $6.6 million. Bitcoin faced the steepest reduction: fees dropped 73%, from $11.4 million to $3.1 million. The downturn is linked to waning interest in Ordinals and Runes protocols, which resulted in reduced miner revenue and lower on-chain engagement.
Implications for the Crypto Market
The contrasting performance between emerging and established networks signals a structural evolution in the crypto economy. Newer platforms like Hyperliquid and BNB Chain demonstrate agility, adopting upgrades and optimizing fee structures to capture growing user interest. Meanwhile, traditional blockchains must contend with activity outflows and changing user behavior, highlighting the competitive pressures in the sector.
For investors, these trends underscore the importance of monitoring network-level performance, adoption metrics, and technological upgrades when evaluating crypto assets. Platforms that combine scalability, low fees, and user-friendly features are increasingly positioned to dominate the next wave of blockchain growth.
The 2025 data clearly illustrate a market-wide transition: emerging blockchains are driving fee revenue growth and reshaping user engagement, while older networks are experiencing declines due to migration and competition. Understanding these dynamics is crucial for traders, investors, and developers aiming to stay ahead in the rapidly evolving crypto landscape.
