ARK Researcher Compares Ethereum, Solana, and Hyperliquid to US Restaurant Chains

ARK Invest researcher Lorenzo Valente drew comparisons between Ethereum, Solana, and Hyperliquid by likening them to three U.S. restaurant chains, McDonald's, Chipotle, and In-N-Out.

Valente noted that Ethereum operates like a franchise network with independent layer 2 teams building on its settlement layer, capturing limited fees. This model results in the blockchain retaining lower revenue internally compared to other options.

Solana resembles a vertically integrated company owning its entire execution environment, allowing it to retain more fees internally and maintain control over its operations.

Hyperliquid has the most direct fee-to-token purchase model, concentrating revenue through its trading platform and Assistance Fund. This focus on fee concentration sets Hyperliquid apart from its competitors in terms of revenue generation.

The differing operating models and valuation frameworks of these blockchains mean that each requires unique evaluation methods, reflecting their distinct revenue paths and associated risks.