Hyperliquid has passed Solana in fully diluted valuation (FDV), according to Arkham data — a milestone that puts a spotlight on the growing 'revenue chains' thesis pushed by Bitwise CEO Hunter Horsley. As of Thursday, Hyperliquid's FDV stood at roughly $54.57 billion, a hair above Solana's $54.22 billion, even though Solana's circulating market cap ($49.99 billion) dwarfs Hyperliquid's ($13.28 billion). The gap highlights how much the market is pricing in Hyperliquid's future token unlocks — and its revenue.
The revenue-chain framing
Horsley this week identified a new crypto category he calls 'revenue chains' — networks that generate real on-chain revenue. He put Hyperliquid and Solana at the top of that list, comparing the two to iOS and Android. Both, he argued, are riding the structural adoption of onchain capital markets. The comparison isn't just rhetorical: Hyperliquid has pulled in $790.55 million in total revenue, ahead of Solana's $532.34 million, TRON's $471.20 million, and Ethereum's $425.56 million, per data Horsley cited.
What the numbers actually show
On a circulating basis, Solana is still much larger. SOL trades around $86.51 with a $49.99 billion market cap and $2.74 billion in 24-hour volume. HYPE sits at $56.71 — near its all-time high of $59.30 — with a $13.28 billion market cap and $1.20 billion in volume. The FDV flip is driven by Hyperliquid's max supply of 962.27 million tokens versus Solana's 626.75 million. That means a lot of HYPE tokens haven't hit the market yet. Whether they'll be absorbed without crushing the price is the open question.
Solana's co-founder isn't sweating it
Anatoly Yakovenko, Solana's co-founder, said he's not worried about Hyperliquid's rise. “It won't change Solana's work,” he stated. Instead, he promoted Phoenix Trade as a “better version” of Hyperliquid. The dismissive tone suggests Solana sees Hyperliquid as a niche competitor — a high-throughput derivatives chain — rather than a broad platform threat. But the revenue numbers tell a different story about where the money is flowing.
What comes next
Hyperliquid's next token unlock schedule is the main variable. If the market continues to price in revenue growth, the FDV gap could widen. If unlocks outpace demand, the narrative could reverse. Either way, the 'revenue chains' category has a concrete data point to rally around — and a co-founder who thinks his chain's better version hasn't won yet.
