Hyperliquid dominates the weekly trading fee ranking, with a 43% market share surpassing Ethereum by three

According to a May 14 report by The Block, last week’s fee distribution data for major blockchains showed that Hyperliquid ranked first with a 43% fee market share, with weekly revenue of about $11 million. Ethereum ranked second, with about 13% market share and revenue of about $3 million. Solana accounted for about 10% and generated revenue of about $2 million.

Confirmed Fee Share Data for Major Blockchains Last Week

The Block’s confirmed fee data for last week’s chains:

Hyperliquid: ~43% market share, revenue of about $11 million; sources include perpetual contract opening, maintenance, and closing fees

Ethereum (ETH): ~13% market share, revenue of about $3 million; sources include DeFi transactions, smart contract execution, and token transfers

Solana (SOL): ~10% market share, revenue of about $2 million; sources include DEX trading activity

Bitcoin (BTC): relatively smaller market share; The Block reported that activity around Ordinals and Runes has fallen significantly from the 2024 peak, and the Bitcoin network has currently largely returned to basic cryptocurrency transfer use cases

Ethereum Fee Share Declines: Confirmed Impact of Dencun Upgrade Fee Compression

The Block’s report confirmed that Ethereum’s 13% share in this dataset reflects the fee compression phenomenon following the Dencun upgrade. The Dencun upgrade, by introducing Proto-Danksharding (EIP-4844), significantly reduced Blob fees generated on Ethereum mainnet by Layer 2, causing Ethereum mainnet fee revenue to continue declining. The Block noted that this 13% share in the distribution chart shows a clear gap compared with Ethereum’s historical dominance in the fee market.

Solana Fee and Trading Volume Gap: Data Discrepancy Confirmed by The Block

The Block’s report confirmed that there is a significant gap between Solana’s roughly 10% fee market share and its share of DEX trading volume across chains. The Block’s analysis attributes the difference to: on Solana, meme coin (Meme Coin) trading—characterized by high-frequency, low-fee transactions—cannot effectively translate into fee revenue. Solana generated about $2 million in fee revenue last week.

FAQ

How are fee market share and trading volume distinguished, and why does it better measure on-chain business value?

Blockchain transaction fees are the actual costs users pay to process on-chain transactions, reflecting users’ willingness to pay. A chain can process a large amount of transactions with extremely low per-transaction fees (such as meme coin trading on Solana), but this cannot translate into meaningful fee revenue. Therefore, fee market share can distinguish chains that generate truly paid activity from those that rely on low fee rates and high throughput.

What are the main sources of Hyperliquid fees?

According to The Block’s report, Hyperliquid’s fees mainly come from perpetual contract trading activity. Platform users pay fees when opening, maintaining, and closing leveraged positions, which is a core component of its fee revenue.

How does Ethereum’s Dencun upgrade affect its fee revenue?

The Dencun upgrade (implemented in 2024) introduced EIP-4844, which substantially lowered the Layer 2 Blob data fee cost of using Ethereum mainnet, directly reducing the fee revenue Ethereum mainnet can earn from Layer 2 activity. The Block’s report confirmed that Ethereum’s 13% share in this week’s data reflects the ongoing fee compression effect of the upgrade.