Hyperliquid dominates weekly blockchain fee revenue as vertical chains gain ground
final week’s charge distribution throughout main chains, the rankings inform a distinct story than uncooked exercise metrics would possibly counsel.
Hyperliquid leads all chains with roughly 43% of the charge market share, producing round $11 million final week. Its charges are pushed primarily by perpetuals buying and selling exercise, the place customers pay to open, preserve, and shut leveraged positions.
The chain has grown its share significantly over the previous yr, reflecting the fast migration of derivatives merchants to its purpose-built infrastructure.
Broaden Chart
Ethereum captures round 13% at roughly $3 million, derived from a broader mixture of DeFi interactions, good contract executions, and token transfers. Its charge compression post-Dencun is seen right here relative to its historic dominance of this chart.
Solana registers roughly 10% at round $2 million, a notable hole versus its DEX quantity share and a reminder that high-frequency, low-fee memecoin buying and selling doesn’t translate effectively into charge income.
Bitcoin’s share is relatively small. With Ordinals and Runes exercise having declined sharply from their 2024 peaks, the community has largely reverted to its base financial switch use case, which, at present exercise ranges, generates restricted charge income relative to its market cap.
Payment market share is changing into an more and more helpful lens for evaluating which chains have sturdy, monetizable exercise versus these working on speculative throughput. Hyperliquid’s dominance is especially notable on condition that it’s a purpose-built software chain slightly than a general-purpose Layer 1, suggesting that vertical specialization could be a more practical charge seize technique than horizontal scale.
