<크립토 얼마나 성장하고 있나?> 2025년 크립토 시장의 온체인 수익 흐름과 구조적 변화를 요약한 보고서입니다. 해당 내용은 @1kxnetwork 에서 발간한 「Onchain Revenue Report」를 기반으로 하며, 주요 수치와 트렌드를 정리하였습니다. 2025년 상반기 기준 전체 시장의 수익은 약 560억 달러로, 전년 동기 대비 14% 증가하였습니다. 온체인 수익은 190억달러로 블록체인 인프라에서 발생하는 수수료뿐만 아니라, 다양한 애플리케이션 계층에서의 서비스 이용료, MEV 수익 등을 포함합니다. 과거에는 이더리움과 같은 L1 체인에서 발생하는 수수료가 전체 온체인 수익의 대부분을 차지했으나, 2025년 현재는 디파이, 컨슈머 앱, 지갑 서비스 등 애플리케이션 계층이 수익의 중심이 되고 있습니다. 디파이 서비스는 전체 온체인 수익의 66%를 차지하며, 전년 대비 113% 성장한 것으로 나타났습니다. 블록체인 인프라의 효율화로 트랜잭션 수수료는 대폭 하락하였습니다. 이더리움의 경우 평균 수수료가 86% 감소하였고, 일일 거래량은 2.7배, 월간 활성 지갑 수는 5.3배 증가했습니다. 이러한 수수료 절감은 사용자 증가와 애플리케이션 이용 활성화로 이어졌고, 결과적으로 체인 수익이 애플리케이션으로 유입되는 흐름이 강화되었습니다. DEX 수익 구조에서도 변화가 감지됩니다. 유니스왑은 과거 수익의 절반 이상을 차지하였으나, 현재는 솔라나 기반의 Raydium, Meteora 등 신흥 DEX가 빠르게 점유율을 확대하고 있습니다. 파생상품 부문에서도 Jupiter, Hyperliquid의 성장이 두드러지고 있습니다. 온체인 수익의 약 30%는 토큰 홀더에게 분배되고 있으며, 2025년 3분기까지 약 19억 달러가 분배되었습니다. 이는 바이백, 스테이킹 보상 등 다양한 방식으로 진행되며, 수익 분배와 시가총액 상승 간의 상관관계도 높아지고 있는 추세입니다. 디파이 및 컨슈머 앱은 전체 온체인 수익의 70% 이상을 창출하고 있으나, 시가총액 비중은 10% 미만에 불과합니다. 반면, L1 체인들은 온체인 수익 기여도가 12%에 머물면서도 전체 시가총액의 90% 이상을 차지하고 있습니다. 이로 인해 수익 대비 시가총액(P/F 비율) 기준에서 큰 괴리가 발생하고 있는 상황입니다. 1k(x)는 2026년 온체인 수익이 전년 대비 64% 이상 증가할 것으로 전망하고 있으며, DePIN, RWA, 지갑 서비스 등 새로운 애플리케이션 영역의 성장이 주요 동력으로 작용할 것으로 보고 있습니다. 규제 환경의 개선 또한 이러한 성장에 긍정적인 영향을 미칠 가능성이 큽니다.
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<Naver and Upbit, a Story of Leadership Change> At Token2049 Singapore, one question kept coming up from foreign attendees. “So, Naver acquired Upbit. Is that like Binance buying CoinMarketCap?” At first glance, it might look similar, a big platform buying a crypto company. But this deal is very different. It is not just an acquisition. It is a story about how the leadership of Korea’s internet industry is beginning to change. For decades, Naver has been known as Korea’s Google, a platform where search, news, webtoons, shopping, advertising, and payments have all intertwined, shaping the flow of everyday life in Korea. But over the past few years, competition has intensified. Coupang dominates commerce, Kakao leads messaging, and Toss is reshaping fintech. Naver’s growth curve has flattened. Its core businesses, search and commerce, have reached maturity, while newer divisions such as content and cloud have fallen into losses. The company continues to generate strong cash flow, but the story of what comes next has disappeared. Upbit faces the opposite challenge. It is one of the most profitable companies in Asia, with operating margins above 60 percent, driven entirely by trading fees. But it is trapped within the limits of regulation. It has cash, but no room to expand. It cannot move into new businesses or global markets without a stronger institutional foundation. One company has capital but no story. The other has a story but no regulatory shield. Their union is not just a synergy play. It is a signal of direction change, a shift in who defines the next era of Korea’s digital economy. The structure of the deal makes that clear. Naver Financial, a subsidiary of Naver, will issue new shares to the shareholders of Dunamu, the parent company of Upbit, in exchange for equity. As a result, Naver’s stake in Naver Financial is expected to fall to about 17 percent, while Upbit founder Chi-hyung Song will become the largest shareholder with roughly 19 percent. On paper, Naver Financial will remain part of Naver, but in practice control will move toward Upbit. It is a leadership transition disguised as a merger. From Naver’s perspective, this change is long overdue. Its core businesses have reached their ceiling. The company has become what analysts call a “cash rich but story poor” enterprise. It produces more than one trillion won in annual free cash flow but has struggled to find meaningful investment opportunities. Unlike global peers such as Google or Microsoft that pour money into AI and cloud, Naver has played it safe. It is stable, but no longer exciting. Upbit, by contrast, is full of momentum but lacks trust and regulatory access. Together, they fill each other’s missing pieces. The global reference point here is Coinbase. Coinbase successfully diversified beyond trading fees into institutional brokerage, staking, subscription services, and stablecoin distribution. It earned credibility with regulators and investors, lifting its valuation multiple. Upbit could follow the same path by combining its liquidity and technology with Naver’s credibility, user base, and payment infrastructure. This is where the combination of payment infrastructure and crypto rails becomes crucial. Naver Pay processes more than 80 trillion won in annual transactions but suffers from thin margins due to card and payment gateway fees. If Naver introduces a stablecoin as a payment option, this structure could change dramatically. Even reducing transaction costs by 0.1 percent could save hundreds of billions of won annually. When Upbit’s trading data is integrated with Naver’s search, commerce, and payment datasets, advertising precision improves, boosting eCPM and ad revenue. The long term vision goes beyond Korea. Upbit once attempted a Nasdaq listing but failed due to regulatory and political obstacles. Naver, on the other hand, has successfully listed its content subsidiaries like Webtoon and Wattpad in the United States. This deal could reopen that path. By placing Upbit under Naver Financial, Naver could prepare for a global listing of a regulated crypto fintech entity. If successful, Naver could evolve from a domestic platform company into a global payment and crypto infrastructure provider. There are risks. Korean laws on financial industrial separation, stablecoin regulation, and monetary sovereignty are strict. Approval from the Financial Services Commission will not come easily. But the global landscape is shifting. The United States now recognizes stablecoins as part of its Treasury and payment infrastructure, and global tech firms are preparing to integrate stablecoin settlements. If Korea treats this not as a replacement for currency but as a practical third option for payments, regulatory resistance could ease. Stablecoins are not here to replace money but to complement cash, cards, and digital payments. If completed, this deal would mark more than the merger of a portal and an exchange. It would represent the first real attempt in Korea to bridge on chain finance and traditional financial systems. In the end, this is not about valuation or corporate structure. It is about leadership. Two of Korea’s quietest giants are stepping out of their comfort zones to fill each other’s gaps and face the world together. This is not just a business deal. It is the opening chapter of a new era in Korea’s internet industry, one defined by trust, liquidity, and technology coming together for the first time.
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<솔라나를 이더리움에 올리는 이클립스 (Eclipse)> 이클립스는 솔라나 가상머신 (SVM)을 채택한 이더리움 레이어2 입니다. 트랜잭션은 자체 레이어2에서 처리되고, 최종 정산은 이더리움을 통해 이루어지며, 데이터 가용성은 셀레스티아를 사용해 향상시켰습니다. 이클립스의 주목할 만한 점은, SVM에 대한 장기 연구 끝에 처음으로 메인넷을 출시한 것입니다. 이클립스는 인프라 수익의 재분배 실패가 킬링앱들이 체인화되는 원인이라고 보고, 개발자와 재단의 이해관계를 일치시키며 디앱들이 디파이 썸머처럼 상호운용될 수 있는 환경을 조성하는 것을 목표로 하고 있습니다. 오늘은 이클립스의 전략 책임자를 모시고 솔라나의 새로운 변화와 이클립스에 대한 이야기를 들어봤습니다.
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