63 Smart Contract Networks Could Generate Fees Of $450 Billion In 2030 Smart contracts could facilitate the origination, ownership, and management of on-chain assets for a fraction of traditional financial costs. If financial assets were to migrate to blockchain infrastructure at a rate similar to the adoption of the internet, and the take rates associated with decentralized financial services were a third those of traditional financial services, smart contracts could generate annual fees of more than $450 billion and create more than $5 trillion in market value, increasing at compound annual rates of 78% and 32%, respectively, through 2030. Gross Smart Contract Fee Revenue Smart Contract Protocol Market Value S 1 $6,000 T Actuals Forecast C $5,300 A R $500 T $5,000 N $450 $450 O C T $400 R $4,000 A $350 SM ns R G $300 R io A ns G l $3,000 C A il io C r l $250 % T il 78 37% B $200 $2,000 $150 $100 $1,000 $775 $50 $1 $20 $- $11 $8 $- 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2023 2030 Estimate 12020-2021 data approximated using top 20 all-time fee generating protocols from Token Terminal Sources: ARK Investment Management LLC, 2024. This ARK analysis is based on a range of underlying data from external sources, which are available upon request. Forecasts are inherently limited and cannot be relied upon. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security. Past performance is not indicative of future results.