Tokenless Protocols Generated About 25% of Onchain Fees in First Half of 2026

Protocols without a native token accounted for about 25% of onchain fees in the first half of 2026, as Fragment generated an estimated $180 million in user-paid fees. The figures show that tokenless protocols produced a substantial share of fees, but do not establish an industrywide shift away from tokens. Axiom generated an estimated $125 million in user-paid onchain fees during the same six-month period. These figures measure fees paid by users, not profit after expenses, and do not show how much either business retained.