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Hyperliquid surpasses Solana in valuation, leading in crypto revenues and signaling a shift to revenue-focused blockchains.

Market News
21 May 2026
Cointribune
View Source
Bullish
pluang ai news

Hyperliquid has overtaken Solana in fully diluted valuation (FDV), reaching about $54.57 billion compared to Solana's $54.22 billion, driven by its $790 million revenue, surpassing Solana, Ethereum, and Tron. This milestone highlights a market shift where investors prioritize blockchains generating strong, steady revenues from decentralized finance and trading rather than just user numbers. Institutional interest in Hyperliquid is growing, viewing it as a versatile financial platform beyond a simple exchange. Meanwhile, Solana remains confident in its diverse ecosystem, but the competition underscores the crypto market's maturation towards sustainable economic models.

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