Tokenized Assets, Payments Out-Earn Blockchains as Industry Revenue Tops $100B

The shift is structural rather than cyclical: value is accruing to the applications built on top of chains, while the base layers that once captured most of the economics now take a thin slice of a shrinking pie. That matters most for chains whose business model rests on fee capture, and for the tokenholders who underwrote that model. The open question is whether application-layer revenue proves durable enough to offset the overall contraction, or whether the mix is simply shifting within a smaller market.