According to CoinMeta, Wu said that the latest report from 1kx shows that the total revenue of the crypto industry in the first half of 2026 decreased by 23% to $47 billion year-on-year. The decline in revenue was driven by two main factors: firstly, financial-related revenues were lower than in 2024, with CEX, derivatives, and market maker revenues decreasing by $5.2 million, on-chain DeFi revenues falling by 32% to $180 million, and ETF and fund management fees decreasing by $110 million. Secondly, blockchain revenues continued to decline, with staking and mining rewards dropping by $620 million, and transaction fees and MEV halving, reducing blockchain revenues to a historical low of 25% of the industry's total. However, stablecoins and the issuance of RWA, the forecasting market, and DePin among other counter-cyclical sectors experienced growth of 14% to $12 billion, accounting for 26% of the current industry's total revenue. Among these, forecasting market fees increased by about 10 times, and DePin fees nearly doubled.