Web3
Tokenless Protocols Generated About 25% of Onchain Fees in First Half of 2026
TokenPost·November 2, 2026·1 min read
Tokenless protocols generated about 25% of onchain fees in the first half of 2026. Fragment recorded an estimated $180 million in first-half fees, while Hyperliquid's $939 million trailing 12-month total reflects a different token model. These figures highlight the growing revenue share of protocols without native tokens.
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