Hyperliquid DETHRONES Solana with FDV Smash – Crypto’s Revenue Chain Showdown

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Hyperliquid Flips Solana By FDV As ‘Revenue Chains’ Race Heats Up

According to Arkham, Hyperliquid is now worth more than Solana when considering all potential future tokens, marking a significant development in the comparison of successful, revenue-producing blockchain networks.

According to a post on X (formerly Twitter) by Arkham Intelligence, Hyperliquid has surpassed Solana in terms of fully diluted valuation (FDV). As of that report, Solana was trading at approximately $86.51, with an FDV of around $54.22 billion. Its circulating market cap was near $49.99 billion, and daily trading volume reached about $2.74 billion. There are currently 577.86 million SOL in circulation, with a maximum supply of 626.75 million.

According to data from Arkham, HYPE, the token on Hyperliquid, was trading at $56.71, valuing the network at approximately $54.57 billion if all tokens were in circulation. This is slightly higher than Solana’s fully diluted valuation of around $54.22 billion, according to Arkham. Interestingly, Hyperliquid’s current circulating market cap was much smaller, at about $13.28 billion, with 238.39 million HYPE tokens in circulation out of a maximum supply of 962.27 million. Trading volume for HYPE was strong, reaching roughly $1.20 billion in the last 24 hours, and the token was trading near its record high of $59.30.

Hyperliquid has flipped Solana by FDV.

— Arkham (@arkham) May 21, 2026

Hyperliquid And Solana Lead All ‘Revenue Chains’

Hyperliquid is gaining traction in the crypto world, recently appearing among the top revenue-generating platforms. According to Bitwise CEO Hunter Horsley’s post on X, Hyperliquid has generated a total revenue of $790.55 million, surpassing Solana at $532.34 million. TRON and Ethereum followed with $471.20 million and $425.56 million in revenue, respectively.

As an analyst, I see Horsley’s point – it’s not about HYPE versus SOL winning or losing. Instead, what’s really happening is the development of a new, larger category within the crypto space, and both projects are contributing to that growth.

According to Horsley, a new type of cryptocurrency project is emerging, which he calls ‘revenue chains.’ Hyperliquid and Solana are currently leading this trend. While they share some similarities, they also offer distinct features and both boast strong communities and practical applications.

It’s important to consider how we compare Hyperliquid and Solana, as it’s not just about their overall value. It also reflects where users, trading volume, and funds are gathering. While Hyperliquid’s income is now a key part of why people are optimistic about it, Solana continues to be a major blockchain network known for its speed and diverse activity, including trading, decentralized finance, apps, and new token launches.

Horsley believes both networks will benefit from the growing trend of capital markets moving to blockchain technology. He compares this situation to the success of iOS and Android, which both thrived with the rise of mobile phones. According to Horsley, these networks are essentially gaining momentum from the same shift: bringing financial markets onchain.

Solana Camp Downplays Rivalry

Anatoly Yakovenko, a co-founder of Solana, dismissed concerns that the growing popularity of Hyperliquid could disrupt Solana’s future plans. In response to a social media post, Yakovenko stated he welcomes others’ success and that Solana’s development will continue regardless of whether Hyperliquid’s current momentum lasts.

Yakovenko highlighted Phoenix Trade, built on Solana, as an improvement over Hyperliquid, playfully addressing Hyperliquid users as “my HL brother.”

Horsley pointed out that both HYPE and SOL are doing well. He believes their success won’t depend on competing with each other – though some competition is good – but on the overall growth of financial systems built on blockchains. He encourages people to support the development of these onchain capital markets.

At press time, HYPE traded at $58.354.

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2026-05-21 11:31