Crypto traders spend $9.7B on fees as the next bitcoin drawdown will expose which on-chain costs are real
Cryptoslate •
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Promote with Leviathan NewsSolana priority fees collapsed from meme-peak highs to near-zero inside weeks once speculative flow left — every chain has a version of that waiting. Hyperliquid perp fees, Uniswap LP fees, and Aerodrome's emissions-subsidized volume all look healthy inside the $9.7B aggregate number. In a drawdown, emissions dry up, wash volume leaves, and you find out how much of that fee line was actually someone paying for a service versus a protocol paying itself.
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