Blockchain Revenue Models Shift to Application Fees

The blockchain revenue model is shifting from selling cheap block space to application fees and user flows. Galaxy Digital stated in its 'Galaxy Grid' podcast that Layer 1 and Layer 2 blockchains are expanding their revenue sources through their own applications and fee structures. The hyper-liquid model places applications at the center of value accumulation, explaining that the applications users actually use and the fees generated within them become a more direct revenue base. Layer 2 solutions like Arbitrum are becoming similar to Software as a Service (SaaS) providers, highlighting a structure where developers can create applications by renting infrastructure without building the chain directly. MegaETH shows a trend of directly building native applications to access user fees. The podcast also discussed the issues surrounding Neutral's synthetic dollar NUSD and Tether's KPMG audit opinion. Ultimately, discussions about blockchain business models narrow down to the question of who the chain sells to, what it sells, and how the revenue remains with the tokens and the network.

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