The L1 transaction fee landscape has changed: Hyperliquid and BNB Chain now account for 40% and 20% respectively, while Solana has dropped to only 9%.

According to a report by The Block, there has been a significant change in the fee structure generated by mainstream Layer 1 blockchains this year. At the beginning of the year, Solana accounted for over 50% of the fees generated among mainstream Layer 1 blockchains, but now that percentage has dropped to only 9%. This decline is partly attributed to the fierce competition between Hyperliquid and BNB Chain. Earlier this year, the combined fees generated by Hyperliquid and BNB Chain accounted for about 10% of the total fees among mainstream Layer 1 blockchains. As of last week, their respective shares have exceeded 40% and 20%. This shift may be caused by multiple factors such as market demand, user preferences, and structural changes, which have had a significant impact on the flow of funds. The first obvious sign of change is the decline in the trading frenzy of meme coins on Solana, which peaked when TRUMP was launched, and since then, the chain has failed to regain its previous level of activity. Moreover, the unit fees for derivatives trading are much higher than those for meme coin trading, so the moderate growth of Hyperliquid users and the user growth achieved by BNB Chain through Aster can quickly change the fee share. BNB Chain has also gained a large influx of retail user funds and activity due to the integration of Binance Alpha and Binance Wallet.