ARK Invest researcher Lorenzo Valente compared Ethereum, Solana, and Hyperliquid to three U.S. restaurant chains—McDonald's, Chipotle, and In-N-Out—to illustrate their distinct blockchain operating models and valuation frameworks. Ethereum operates like a franchise network with independent layer 2 teams building on its settlement layer, capturing limited fees. Solana resembles a vertically integrated company owning its entire execution environment, retaining more fees internally. Hyperliquid has the most direct fee-to-token purchase model, concentrating revenue through its trading platform and Assistance Fund. Valente argues these differences mean each blockchain requires unique valuation methods, reflecting their revenue paths and risks. Future developments like Ethereum's blob pricing, Solana's network upgrades, and Hyperliquid's market expansion will test these models' sustainability.
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