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Hyperliquid and BNB Chain account for the majority of L1 fees while Solana remains subdued amid the boom of derivation products.
The landscape of transaction fees among major Layer 1 blockchains has changed significantly this year. At the beginning of the year, Solana accounted for over 50% of total fees, but now it is only about 9%, primarily due to fierce competition from Hyperliquid and BNB Chain. These two platforms previously accounted for about 10% of total fees, but now they have surpassed 60%, with Hyperliquid accounting for 40% and BNB Chain 20%.
The reasons stem from changes in market demand and user behavior. The memecoin craze on Solana – which peaked with the TRUMP token – has cooled down, while the derivatives trading ( with higher fees ) has surged on Hyperliquid and BNB Chain. The Binance ecosystem is also strongly attracting new user influx. To recover, Solana needs a breakthrough dApp or a new speculative cycle, otherwise, the fee market share will continue to tilt towards Hyperliquid and BNB Chain.