What if 62% of an entire blockchain’s trading rewards were flowing through just one platform?

This year, the TON blockchain revealed exactly that. In 2025, 62% of all liquidity provider (LP) fees nearly two-thirds of the network’s total came from a single source.

It’s a striking example of how value concentrates in decentralized finance.

LP fees are straightforward. Every token swap generates a small fee, and that fee is distributed to the people providing the liquidity that makes trading possible. It’s the incentive mechanism that keeps DeFi markets functioning.

When the majority of those rewards cluster in one place, it’s not a coincidence it’s market gravity. Traders move to where liquidity is deepest and prices are most competitive. Liquidity providers follow the traders. Over time, this self-reinforcing loop forms hubs of activity that dominate the ecosystem.

The lesson for anyone navigating DeFi is simple, rewards aren’t evenly scattered. They follow the flow of activity. Understanding where those flows are, and why they form, is key to turning participation into meaningful opportunity.

In decentralized markets, the blockchain doesn’t just record transactions it leaves a map. And the smartest players are the ones reading it.