Markets· ★★★· neutral· October 30, 16:41

Blockchain revenue outside crypto surpasses core infrastructure income for first time

—Non-crypto blockchain revenue hit $5.3 billion versus $5.1 billion for infrastructure
—Prediction markets added $1.4 billion; tokenized assets and lending added about $1.1 billion
—Onchain transaction fees roughly halved year over year in the first half
—Public companies' share of industry revenue rose from 7% to 16%

Why it matters: Revenue is shifting from network fees toward applications and tokenization, changing how investors value infrastructure projects.