According to Lorenzo Valente, Digital Asset Research Director at ARK Invest, he compared Ethereum, Solana, and Hyperliquid to McDonald's, Chipotle, and In-N-Out, respectively, analyzing that the three networks fundamentally demonstrate different Layer 1 (L1) value capture models. He pointed out that while Ethereum has built the most successful 'franchise system' in the cryptocurrency market through Layer 2 (L2), the rent (fees) collected at the settlement layer are too small. In contrast, Solana was assessed to preserve more fees and MEV (Maximal Extractable Value) within its own system through a vertically integrated model. Furthermore, he analyzed that Hyperliquid has shortened the value capture phase the most through a vertically integrated structure, absence of VC investment, and fee-based HYPE token buybacks, but it has a high single dependency and significant concentration risk in terms of product, team, and revenue structure.
