ARK Invest Sees Different Value Capture Models in Ethereum, Solana, and Hyperliquid

ARK Invest researcher Lorenzo Valente has made some notable observations about Ethereum, Solana, and Hyperliquid. He compared their value capture models to three different fast-food chains: McDonald's (Ethereum), Chipotle (Solana), and In-N-Out (Hyperliquid). According to Valente, these tokens should not be considered as different versions of the same Layer 1 business model, but rather as having entirely different value capture structures.

Ethereum is seen as a successful franchise system due to its Layer 2 networks. However, it collects very little rent or fees at the payment layer. Instead of operating its own Layer 2 networks, Ethereum allows independent teams like Arbitrum, Base, and OP Mainnet to develop their own networks, while charging limited fees.

Solana, on the other hand, has built a vertically integrated system with higher fees and MEV (maximum extractable value). This gives Solana a stronger direct value capture mechanism compared to Ethereum. However, it also means that Solana operates the entire infrastructure itself and bears the technical and operational risks.

Hypeliquid is equivalent to In-N-Out in this comparison, thanks to its tight vertical integration, lack of VC funding, and fee-financed HYPE buybacks. This structure significantly shortens the gap between the fee paid by the user and the economic value obtained by token holders, making it have the most direct value capture mechanism among the three models.