Off-chain centralized crypto companies generate approximately $70B in revenue—roughly 8.5x more than the $8B generated by on-chain protocols and L1s. Named players in the centralized space include Coinbase ($7.2B), Binance ($17B est.), Tether ($10B est.), Circle ($2.7B), Gemini, BitGo, Bullish, Robinhood, Galaxy, FalconX, and Anchorage, while named on-chain ecosystems include Hyperliquid ($0.8B) and Solana ($1.4B). The data indicates that off-chain entities capturing user relationships and trading rails hold significantly higher justified market caps and revenue shares compared to open-source protocols.