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Solana leads in app revenue, but Hyperliquid's token model boosts HYPE value more directly

Protocol Fundamentals
23 Jun 2026
AMBCrypto
View Source
Neutral
pluang ai news

Solana generates nearly twice the 24-hour app revenue compared to Hyperliquid, but most of Solana's revenue benefits apps, not SOL token holders. Hyperliquid's revenue model ties directly to its HYPE token through buybacks and burns, supporting token value. Despite Solana's higher network activity and open interest, HYPE's token price rose 64% in two months while SOL dropped 15%. This shows that capturing revenue value for token holders matters more than just network usage.

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