1kx
@1kxnetwork
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We are a research-driven global investment firm specializing in blockchain technologies.
Joined March 2018
We @1kxnetwork just released the most extensive report on monetization of the crypto industry to date: The 1kx Onchain Revenue Report (H1 '25) aggregates verified onchain fee data across 1,200+ protocols - mapping where users pay, how value flows, and which sectors are driving
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This is a smart framing for anyone watching where software is headed - AI models are becoming easier to access, so the real advantage shifts to the data layer: trusted, fast, reliable data. Excited to see @ArjunKalsy joining @Covalent_HQ to build inference-driven products on top
Excited to share that I’m joining @Covalent_HQ. My focus is to build inference-driven products on top of Covalent’s low-latency, high-fidelity data layer. My thesis: The last major shift in computing was on-prem to cloud, which unlocked the SaaS wave. We��re now at the cusp of
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Our 2025 Revenue Report highlighted the unprecedented velocity of leadership rotation in onchain fee generation... How about a recap of that movement across the top 20 over the last 71 months? Let's see who rises to the top by year end...
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An excellent survey of onchain privacy tools & their compliance/threat-resistance measures by @inconetwork and @0xPredicate. Threat-resistant (compliance-compatible) privacy is, IMO, the only viable way to achieve mass adoption of privacy-by-default for onchain finance. Read
Navigating Privacy and Compliance in Blockchain Systems: a new report from Inco and @0xPredicate a review of the privacy + compliance landscape, exploring solutions from @AleoHQ, @AvaCloud, @fluidkey, @payy_link, @0xprivacypools, @RAILGUN_Project, @solana, @verulink, + @zksync↓
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JUST IN: DePIN 🛜 | ON-380 💡 #overview @1kxnetwork | @KoschigRobert 📡 @helium $HNT | @ergon50 🤫 @silencioNetwork $SLC | @messerer_theo Link to read ⏬ https://t.co/hZSrBzzcWj
ournetwork.xyz
Coverage on Sector Overview, Helium, and Silencio
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53 global music festivals and millions of fans from the $3.5T cultural economy are coming to Camp. It’s The Ship, @DWPFest, 808 Festival, S2O Festival, Sunset by NEON, and more will be tokenized via @allaccessio, transforming the world’s biggest festivals into programmable RWAs.
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The leaders are mostly familiar: @HyperliquidX, @Pumpfun, @JupiterExchange, @SkyEcosystem, @pendle_fi With a couple lesser-known surprises also landing in the top 20 for value distribution: @cowswap, @BlackholeDex Key takeaway? When markets feel consumed by the latest stock
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Apple returned ~$24B to shareholders ($20B buybacks, rest dividends) in Q3 '25 (~24% of its $102B revenue). By comparison, value distributed to token holders, e.g. via buybacks/burns, was ~37% of on-chain fees in Q3! Think that aggregate sounds questionable? Then take a look
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What if we told you that the crypto industry distributes more capital to “shareholders” than Apple? Relatively speaking, of course. We’ve already addressed this in our 2025 Onchain Revenue Report, now let's break it down a bit further 👇
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Introducing the Origin Whitepaper Billions of IP assets, instant attribution, frictionless licensing - the future AI agents demand, but today’s IP infrastructure cannot support. Origin provides the blueprint for programmable IP that humans and AI can create, license, and
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If unfamiliar w/ granger-causality: it's a statistical test that checks whether one set of data over time has predictive power over another - e.g., for the protocols reflected in the icon map, we've shown that fee changes have predictive power over future marketcap changes.
A few noteworthy examples that have granger-causality, but in both directions: @XRP_Alerts, @SuiNetwork, @ton_blockchain, @JupiterExchange, @LidoFinance, @arbitrum, @rendernetwork, @AxieInfinity, @zksync
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Would you like to see more protocol-level deep dives in future revenue reports? Let us know... In the meantime, you can access the 2025 Onchain Revenue Report here:
1kx.capital
by Lasse Clausen, Christopher Heymann, Robert Koschig, Clare He, Johannes Säuberlich
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A few noteworthy examples that have granger-causality, but in both directions: @XRP_Alerts, @SuiNetwork, @ton_blockchain, @JupiterExchange, @LidoFinance, @arbitrum, @rendernetwork, @AxieInfinity, @zksync
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tl;dr: there are protocols where the data tells you that market prices change based on their onchain fees. Here are some of them:
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For these 101 protocols, fee changes up to six months prior Granger-predict changes in market caps. The effect is meaningful: a 1% log-fee increase (lag 1) corresponds to ~0.5% average market-cap growth (with median r^2 of that regression 0.24)
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Other sectors are noisier, so let’s zoom into protocol-level data: • 1,300+ protocols in the dataset • 406 with sufficient fee + valuation history • 220 pass basic statistical checks • 131 show fees → marketcap Granger causality • 101 show no reverse causality
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We test causation using Granger causality. Post-2021 data show that DeFi fees do Granger-cause DeFi market caps: four test statistics put the probability of “no causation” at <1% for 1–6-month horizons.
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No shortage of debates surrounding protocol fees and valuations, but what does the data say? We covered this in our Onchain Revenue Report - now let’s do a deeper dive on causation. While many factors dictate token prices, the data suggests fundamentals are chief among them 👇
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As we also illustrated, fee generation != token value accrual, but clearly there are some protocols with low P/F ratios: DeFi • Meteora < 1 (price/revenue ratio is ~4) • Orca (<1) • Euler, Sky and Aave (<4) Blockchains • Ethereum and Solana, still couple hundreds, but...
1kx.network
by Lasse Clausen, Christopher Heymann, Robert Koschig, Clare He, Johannes Säuberlich
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Quick November update: Price to fee ratios declined with the harsh price drop; however, the takeaway from our 2025 Onchain Revenue Report remains: Blockchains are a different game vs. Applications - they still make >90% of market cap, despite dropping below 15% in share of
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