Hyperliquid and BNB Chain capture majority of L1 fees as Solana fades amid derivatives boom

The distribution of fees among major Layer 1 blockchains has drastically changed this year, with Solana falling from over 50% of total L1 fees to just 9%. This decline is largely attributed to the fading of Solana's early-year memecoin trading boom and the rise of competitors like Hyperliquid and BNB Chain. Hyperliquid now accounts for over 40% of total fees, and BNB Chain over 20%, up from a combined 10% earlier in the year. Derivatives trading, which generates higher fees per transaction than memecoin trading, has fueled this shift, especially for Hyperliquid and BNB Chain (aided by Binance integrations). Solana will need significant native dApp adoption or another speculative cycle to regain its fee share, otherwise, Hyperliquid and BNB Chain are likely to maintain dominance, particularly if market volatility keeps derivatives volumes high.

(Source：The Block)