Appcoin Season: Why Revenue-Generating Crypto Apps Are Leading Bull Run

The crypto market is entering a new phase - one that rewards substance over speculation. While past bull runs centered around Layer 1 blockchains or meme coins, 2025 is ushering in Appcoin Season - a cycle driven by blockchain-based applications that generate real revenue and offer sustainable value.

In June 2025 alone, crypto-native applications generated $473 million, making up 63% of all onchain revenue. That’s more than the blockchains they run on, which collectively accounted for just 37%. It’s a clear shift: the value layer in crypto is moving from infrastructure to applications.

The sectors leading the charge include trade tooling ($116.8M), spot DEXs ($85.5M), and derivatives platforms ($80.3M). These are platforms used by real traders with real volume, not just speculative tokens hoping for the next hype wave.

More importantly, these apps aren’t just making money - they’re keeping it. On average, crypto apps retain 32% of user-paid fees after distributing incentives and rewards. Trade tooling often captures nearly 100% of its fees, while DEXs and lending protocols retain about 13% and 26%, respectively. That margin means stronger business models, better reinvestment opportunities, and long-term resilience.

App revenues also move closely with Bitcoin’s price. With a correlation of 0.784, rising BTC typically signals increased app usage and higher revenues. If Bitcoin reaches $220,000, app revenue could scale to $1.4 billion per month - a 4x increase from current levels.

For investors, the message is clear: this isn’t just another altcoin season. The real opportunity lies with apps building real products, attracting users, and capturing fees. These are not speculative moonshots - they’re crypto-native businesses with measurable performance.