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1kx
11-19

Onchain revenue isn’t just growing, it’s reshuffling who earns it. One of the most overlooked findings from our Onchain Revenue Report is the velocity of leadership rotation: • 69% of fees come from the top 20 • But 25% of the top 20 rotates every quarter • DePIN’s top 5 jumped 26% → 88% in one year • Wallets show similar consolidation (Phantom leads) Innovation cycles are compressing. Incumbency is thinning.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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