A comparative thread of:

- Hyperliquid vs Solana
- Hyperliquid vs Ethereum

based on their on-chain metrics of Revenue, Annualized Fees, and Cumulative Volume 🧵👇

$HYPE held very strong whilst stocks and crypto were pulling back today, due to various reasons (namely the major reasons being FOMC Meeting on January 29th, and overexaggerated fears of DeepSeek AI's competitiveness in usurping current AI oligopolies.)

The strength that Hyperliquid resembled today was very telling, presumably because of many different reasons, and the most important being the on-chain metrics recently which I will be going through them as mentioned above.

**If you wish you can skip the links/statistics below here, and jump to the end of the thread where I will be writing my analyses. The links and statistics are purely for your own information and viewing purposes**

\\ Hyperliquid vs Solana vs Ethereum (Annualized Fees, Revenue, and Cumulative Volume):

Data sourced from: @DefiLlama & @HypurrScan 

> Hyperliquid Annualized Fees: 1.34B USD (Jan 27th, 2025)> Hyperliquid Annualized Revenue= Annualized Fees

> Hyperliquid Cumulative Volume: 18.42B USD> Solana Annualized Revenue: 105.46M USD x 12 = 1.265B USD> Solana Annualized Fees: 210.91M USD x 12 = 2.53B USD> Solana Cumulative Volume: 933.512B USD> Ethereum Annualized Revenue: 98.22M USD x 12 = 1.18B USD> Ethereum Annualized Fees: 126.86M USD x 12 = 1.522B USD> Ethereum Cumulative Volume: 2.817T USD**I assume you have either skipped or went through the links/statistics above, and are now here for the fun part - the analysis behind the numbers and why I did this.**

So we can clearly see a pattern here, which is glaringly obvious to us now: Hyperliquid is (quite) truly undervalued in terms of on-chain metrics, when compared to the biggest blockchains right now (outside of Bitcoin) in terms of mindshare - Solana and Ethereum. 

Hyperliquid launched the $HYPE token on November 29th, 2024. This is only getting close to ~2 months since the launch of the token, whilst these blockchains have been here for 3+ years (we do not even have Hyperevm yet!!).

Hyperliquid Annualized Rev. is ~1.34B USD, Solana is ~1.265B USD, Ethereum is ~1.18B USD. 

Hyperliquid Annualized Fees is ~1.34B USD, Solana is 2.53B USD, Ethereum is 1.522B USD.

Hyperliquid Cumulative Volume is ~ 18.42B USD, Solana is ~933.5B USD, Ethereum is 2.817T USD.

You might be telling yourself "Um, Hyperliquid is already heavily competing with these chains in regards to Revenue and Fees, there is not that much room for growth?" - False. Hyperliquid is pulling these numbers whilst Hyperevm isnt even live yet -- meaning that there is still a massive amount of potential awaiting for Hyperevm launch to create dapps with builder codes on top of Hyperliquid L1, which in turn will increase the Revenue and Fees generated for Hyperliquid by a VERY drastic amount (i.e. look at pumpdotfun and how much of the fees on Solana are they generating standalone!)

All in all, the Hyperliquid trade to 100B+ FDV is staring us in our eyes, and many are not realizing it by simply not looking at on-chain metrics, and grasping the idea of how insane some of these metrics are, given the current state of Hyperliquid.

Hope you enjoyed this detailed and hopefully, informative long-thread.

Hyperliquid