Crypto fees have plummeted this year, with an average drop of 44.6% and a median decline of 42.2%, according to CryptoRank's analysis published on June 23.
The biggest fall was seen in decentralized exchanges (DEX), where fees cratered by 52.5%. The sector's fee total for the year so far is $1.10 billion, down significantly from previous levels.
NFT marketplace fees collapsed by an astonishing 82.5%, while layer 1 blockchains saw a more modest drop of 26.2% to $1.60 billion in fees.
CryptoRank attributes the decline to a broad deceleration in network activity, rather than a structural collapse in demand.