Taking a look at final week’s price distribution throughout main chains, the rankings inform a special story than uncooked exercise metrics may counsel.
Hyperliquid leads all chains with roughly 43% of the price 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, keep, 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 price 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 price 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 price income relative to its market cap.
Price 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 utility chain slightly than a general-purpose Layer 1, suggesting that vertical specialization is usually a simpler price seize technique than horizontal scale.
