Hyperliquid has overtaken Solana on a fully diluted valuation basis, according to Arkham Intelligence. HYPE's FDV reached $54.57 billion, edging out Solana's $54.22 billion, despite Hyperliquid's circulating market cap of $13.28 billion versus Solana's $50 billion.
Bitwise CEO Hunter Horsley highlighted Hyperliquid's lead in total revenue at $790.55 million, followed by Solana at $532.34 million, TRON at $471.20 million, and Ethereum at $425.56 million. Horsley described both networks as belonging to a new class he calls "revenue chains," riding the wave of capital markets moving onchain.
Solana co-founder Anatoly Yakovenko downplayed the rivalry, stating he is "not worried about someone else succeeding" and directing users to Solana-based Phoenix Trade as a superior alternative.
