ARK Invest Analyst Compares Ethereum, Solana, and Hyperliquid to Fast-Food Chains

ARK Invest researcher Lorenzo Valente has made a noteworthy comparison between the value capture models of Ethereum, Solana, and Hyperliquid.

In an analysis that uses fast-food chains as analogues, Valente argues that these three cryptocurrencies should not be considered as different versions of the same Layer 1 (L1) business model. Instead, they have entirely different value capture structures.

Ethereum, according to Valente, has established the most successful franchise system in the crypto market through its Layer 2 networks, but collects very little rent or fees at the payment layer. Unlike Ethereum, Solana has built its own vertically integrated system and holds higher fees and MEV (maximum extractable value), giving it a stronger direct value capture mechanism.

However, Solana's advantage is offset by the network's need to operate the entire infrastructure itself and bear the technical and operational risks. Hyperliquid, on the other hand, has a tight vertical integration, lacks VC funding, and its fees flow directly into a relief fund used for $HYPE buybacks.