Last week, Hyperliquid's transaction fee revenue reached $11 million, twice the sum of Ethereum and Solana.

BlockBeats News, May 14th - According to The Block data, the ranking of transaction fee revenue among major blockchains last week showed a different pattern compared to the raw activity volume indicator. Hyperliquid took the lead with a transaction fee revenue of approximately $11 million, capturing about 43% of the market share, surpassing all public chains. Its fees mainly come from perpetual contract trading activities, where users pay fees for opening, holding, and closing positions. Over the past year, as derivatives traders rapidly migrated to its dedicated infrastructure, Hyperliquid's market share has grown significantly.

In contrast, Ethereum had a transaction fee revenue of around $3 million, accounting for about 13% of the share, with revenue sources covering a wider range of activities including DeFi interactions, smart contract executions, and token transfers. Solana had a transaction fee revenue of approximately $2 million, representing around 10% of the share, which significantly lags behind its DEX trading volume share, indicating that high-frequency, low-fee meme coin trading has not effectively translated into fee revenue. Bitcoin had a relatively small share, with network activity largely reverting to basic transfer purposes as activities from Ordinals and Runes dropped significantly from their 2024 peak.

Analysis points out that transaction fee market share is becoming an important perspective to assess which chains have enduring, monetizable activity. The dominant position of Hyperliquid is particularly noteworthy, indicating that vertical specialization may be a more effective fee-capture strategy than horizontal scaling.