The Verticalization Thesis: How Blockchain Revenue Models Are Evolving

The expansion of revenue streams by blockchains.

Blockchain networks are businesses, and most of them are struggling to justify their valuations. The traditional blockspace revenue model is under structural pressure: ERC-4844 slashed Layer 2 settlement costs, competition from high-throughput chains has intensified, and transaction fees have compressed across the board. As revenue streams thin out, networks are being forced to rethink their core business models, pivoting toward new verticals such as real-world assets, AI, native stablecoins, and in-house financial primitives.

This report explores the decline in blockchain revenues over time and examines how verticalized chains are evolving, adapting, and expanding their revenue streams to remain competitive in an increasingly crowded landscape.

Part 1: Introduction

Part 2: The Decline of Blockchain Revenue

Part 3: Selling Blockspace is No Longer Enough

Part 4: The Case for Verticalisation: Hyperliquid

Part 5: Growing Exchange Chains

Part 6: Case for New Chains

Part 7: Are most blockchains overvalued?

Part 8: Conclusion

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