The report says Bitcoin decentralized finance activity expanded its share of Bitcoin network security in the first quarter, but miners did not see a meaningful increase in transaction-fee revenue.
Bitcoin decentralized finance (DeFi) activity accounted for 84% of Bitcoin hashrate (the computing power securing the network) in the first quarter, according to the source. The report also says miners saw little upside in fee income despite that growth. This suggests that while Bitcoin DeFi applications are increasingly tied to the network’s security base, the added activity did not translate into a major improvement in miner transaction-fee earnings during the period.