Solana应用收入是Hyperliquid两倍，但SOL价格表现糟糕

It's true that Solana is crushing it with 24-hour app revenue — roughly double Hyperliquid's.

But here's the catch: SOL's price performance has been terrible.

This highlights a key difference in token economics:

On Solana, most of that revenue flows straight into the pockets of the individual dApps and protocols. $SOL holders get almost nothing. There's very little value accrual back to the SOL token itself.

Hyperliquid works differently. The majority of its revenue comes from its own perpetuals DEX. And 97% of that is used to buy back $HYPE tokens and burn them — directly boosting scarcity and value for HYPE holders.

Same high on-chain activity, but very different outcomes for token holders.

Revenue ≠ Token value accrual.