Bank for International Settlements now uses Token Terminal data for crypto research

The Bank for International Settlements, the institution that essentially serves as the central bank for the world’s central banks, is now citing Token Terminal data in its published research on crypto markets.

BIS Working Paper No. 1335, released in March 2026 and titled “Tokenomics and blockchain fragmentation,” references Token Terminal’s fee revenue estimates across major Layer 1 blockchains including Ethereum, Solana, and Tron. By late 2025, each of those networks was generating annualized fee revenues in the range of $500 million to $600 million.

What the BIS is actually studying

The working paper isn’t the only place Token Terminal shows up. A related BIS Bulletin titled “Blockchain consensus mechanisms and fragmentation” also draws on the platform’s metrics. Additional BIS publications have incorporated Token Terminal data alongside figures from DeFiLlama to examine fee structures, transaction volumes, stablecoin distribution, and how Layer 2 networks are performing relative to their parent chains.

Token Terminal tracks standardized metrics across more than 100 chains and protocols, covering fees, revenue, and activity in a format comparable across networks.

Why fee revenue matters more than you think

The $500 million to $600 million annualized fee revenue figure for each of the top Layer 1 networks represents actual economic activity — real users paying real costs to use these networks, rather than speculative token valuations or TVL numbers.

The BIS research finds that when fees spike on one chain, users tend to move to lower-cost alternatives. This dynamic creates what the BIS researchers frame as a fragmentation problem: unlike traditional financial systems where network effects tend to concentrate activity in one place, crypto ecosystems spread users and liquidity across dozens of competing chains, each with its own fee structure, validator economics, and security model.

What this means for investors

The fragmentation research has direct portfolio implications. If users consistently migrate toward lower-fee chains, the competitive moats around major Layer 1s may be thinner than expected. A chain generating $500 million in annual fees today could see that figure erode if a faster, cheaper competitor emerges.

There are no direct quotes from BIS officials endorsing crypto or calling blockchain a systemic priority. The incorporation of Token Terminal data appears to be part of routine research methodology rather than a strategic pivot.