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

ARK Invest researcher Lorenzo Valente has published an in-depth analysis of Ethereum (ETH), Solana (SOL), and Hyperliquid, comparing their value capture models to three fast-food chains.

Valente argued that while Ethereum has established the most successful franchise system in the crypto market through its Layer 2 networks, it collects very little rent or fees at the payment layer. In contrast, Solana has built a vertically integrated system with higher fees and maximum extractable value (MEV), but also bears more technical and operational risks.

Hyperliquid's model stands out for having the shortest value-capture chain due to its tight vertical integration, lack of VC funding, and fee-financed HYPE buybacks. Valente believes that this structure significantly shortens the gap between the fee paid by the user and the economic value obtained by token holders.