Former Star Public Chain Daily Revenue Drops Below $100
In the past 24 hours, the revenue of Blast listed on DeFiLlama's public chain list was $124, ranking 68th. A number of chains that were once considered star networks have daily revenues below this amount.
The snapshot is as follows: Sonic $119, Morph $110, Celestia $75, Merlin $73, Mezo $63, Sei $51, Berachain $45, Scroll $31, Polkadot $24. Further down are GOAT $13, BSquared $9.94, Vana $7.6, Flow $3.53, Gravity $1.1, Babylon $0.79, Movement $0.49, Fantom $0.46.
These figures represent fee revenue, not market value or locked assets. $124 means the entire chain earns less than the price of a regular plane ticket from user transactions in a day. Ranking 68th only indicates that there are 67 chains ahead, not the health of Blast itself.
The list includes different generations. Polkadot and Fantom are layer networks from the previous cycle, while Scroll, Blast, and Merlin are products of Ethereum scaling and incentive seasons. Celestia and Babylon sell modularity and Bitcoin staking. The daily revenues together indicate that the narrative has shifted to the same fee table.
No chain on this list has announced closure. Revenue close to zero only indicates that validators and sorters are hardly receiving user payments; if the funds for block production come from a treasury or foundation, it won't show on the table.
The buyers are the remaining users still paying gas on these chains, while the sellers are the validators and sorters supported by fees. The events are driven by a 24-hour snapshot, not closure announcements. Funds have shifted from low-fee chains to networks with higher revenues, benefiting chains that can receive daily fees exceeding thousands of dollars, while those with daily revenues below $100 and still issuing tokens for incentives are under pressure.
Source: Public Information
ABAB AI Insight
Blast relies on points and airdrops to build up locked assets in 2024, while Scroll, Merlin, and Berachain follow the same path: first using points for transactions, then keeping fees until the mainnet goes live. Celestia sells data availability separately, Polkadot finances through slot auctions, and Fantom pulled transaction volume in the previous cycle through incentives. Daily revenues now range from $119 to $0.46, indicating that after incentives stopped, users did not develop a habit of paying.
The capital path is supported by the foundation's treasury covering the fee table. The server bills for sorters and validators will not disappear just because daily revenue is $0.46; the difference comes from unlocked tokens and remaining financing. DeFiLlama only records on-chain fees, not salaries. The next candidate for closure is not determined by ranking 68th, but by how long the treasury can continue to pay salaries.
This can be compared to a batch of exchange public chains whose daily active users dropped to three digits after 2018, as well as application chains whose fees returned to single digits after airdrop months. The current position is a liquidation period. The star narrative is still reflected in coin prices, while fees have returned to the level of personal transfers. The difference between Polkadot at $24 and Movement at $0.49 is residual users, not technical papers.
Structurally, this represents a transfer of pricing power. The pricing of public chains used to rely on expectations of locked assets and airdrops, but is now being repriced based on daily fee revenue. $124 ranking 68th indicates that there are no fees left in the middle. If the treasury continues to subsidize, chains can survive without block production failures; if subsidies stop, closures will start from names with daily revenues below $1, not from Blast, which still has $100 left.
ABAB News · Law of Cognition
- Daily revenue below the price of a plane ticket means locked assets are just inventory.
- Ranking 68th is not healthy; it means there isn't much left ahead.
- Chains first lose fees, then discuss whether to close.