2025 chain revenue ranking: Solana, Hyperliquid, Tron and Ethereum
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Hyperliquid's $816M revenue topped Ethereum and Tron and every L2, with no VC funding. Ethereum's fee compression shows blobs working, while L2 revenue lags L1s by a wide margin.
Key claims
Solana $1.3B, Hyperliquid $816M, Tron $608M, Ethereum $524M
Base $76M and Optimism $22M
edgeX $169M
Solana led with $1.3B, nearly 60% ahead of second place.
Hyperliquid at $816M is the standout. A perp DEX generating more revenue than Ethereum ($524M), Tron ($608M), and literally every L2. No VC funding, no token until late 2024, and now sitting in second spot already.
The L2s? Base at $76M, Optimism at $22M. Still "early", but the gap to the L1s is massive.
Ethereum at $524M shows that fee compression is real. Revenue down from prior years despite network activity holding up. The blobs are working, L2s and users are paying less.
Meanwhile edgeX at $169M quietly outpacing giants like Base and Bittensor.
Revenue isn't everything, but it's the clearest signal of actual demand for blockspace. Revenue meta will further accelerate in 2026 imo.
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