2025 s Revenue Kings: Solana & Hyperliquid Dominate

Forget TVL revenue generation is the new benchmark. In 2025, two chains lead the pack:
Solana 1.3B revenue
Hyperliquid 816M revenue
Ethereum trails at 524M
Why this matters:
Value is shifting to chains optimized for execution & throughput, not just deep liquidity.
Solana: Efficiency Over Hype
TVL range-bound 7B 12B but transaction volume consistently high.
Revenue driven by: DEXs, memecoins, DePIN, consumer apps.
Social sentiment volatile, but usage remains strong demand is utility-driven, not narrative-driven.
Hyperliquid: Niche Powerhouse
A specialized derivatives chain, not general-purpose.
TVL grew from 2B to 4.1B in 2025 capital is sticky.
Revenue stays high regardless of sentiment traders rely on it for execution.
The Big Shift
Both chains show that sustained usage capital efficiency passive liquidity.
Solana general-purpose speed.
Hyperliquid specialized trading engine.
Both convert activity into fees better than competitors.
Bottom line: In 2025, execution wins.