Hyperliquid dominates weekly blockchain fee revenue as vertical chains gain ground

Hyperliquid dominated last week’s on‑chain fee market, capturing roughly 43% of fee revenue — about $11 million — driven mainly by perpetuals trading on its purpose‑built derivatives infrastructure. By contrast, Ethereum accounted for ~13% (~$3M) as fee compression after Dencun has reduced its historical share, and Solana generated ~10% (~$2M), showing that high DEX volume and memecoin activity do not necessarily translate into durable fee revenue. Bitcoin’s share is comparatively small following declines in Ordinals and Runes activity. The data suggest vertical, application‑specific chains can capture more monetizable activity than broad‑purpose L1s, shifting how investors and builders should evaluate chain quality and long‑term revenue potential.