Solana and Hyperliquid Top 2025 Blockchain Revenues, Outearning Ethereum
CryptoRank data shows Solana (SOL) and derivatives platform Hyperliquid (HYPE) led blockchain revenue in 2025, with Solana collecting about $1.3 billion in on-chain fees and Hyperliquid about $816 million; Ethereum (ETH) generated roughly $524 million. Solana’s revenue was driven by sustained transaction throughput across DEX activity, memecoin trading, DePIN and consumer apps while its TVL remained range-bound at roughly $7–$12 billion — indicating higher fee generation per unit of capital rather than TVL growth. Hyperliquid’s fees were concentrated in perpetuals and derivatives execution; its TVL rose from ~$2 billion early in the year to peaks above $6 billion before settling near $4.1 billion. Santiment and CryptoRank evidence cited in the reports point to a market shift: networks optimised for execution quality and high-frequency activity convert flow into fees more efficiently than chains that rely on deep but less active liquidity. For traders, the key takeaways are to monitor on-chain activity metrics (transaction volume, DEX swaps, derivatives volume) and fee-capture rates as leading indicators of network revenue potential. Watch SOL for throughput-driven trade opportunities and HYPE for derivatives flow — but adjust risk sizing for liquidity concentration and potential sentiment swings.
Bullish
The news is bullish for the specific assets mentioned (SOL and HYPE) because strong, sustained fee generation indicates real economic activity that can support demand for network-native tokens. For Solana, recurring high-throughput usage across DEXs, memecoins and consumer apps raises the token’s on-chain utility and could underpin higher fee capture and staking incentives over time — positive signals for SOL price appreciation, especially if activity persists. For Hyperliquid, concentrated derivatives volume and rising TVL reflect platform-specific revenue capture that can translate into token demand (fee distribution, growth expectations), supporting HYPE’s price. Short-term effects may include volatility around sentiment shifts and liquidity concentration (especially for HYPE) — traders could see quick price moves as flows and leverage adjust. Over the medium to long term, the structural argument favors networks that monetize high-frequency activity: sustained fee income can reduce sell-side pressure from token issuance if tokenomics allocate value to holders/stakers, supporting a constructive price backdrop. Risks that temper the bullish view include contagion from broader market downturns, regulatory action on derivatives venues, and sudden drops in activity (memecoin cycles), which could compress fees and reverse the positive narrative.