Hyperliquid and BNB Chain Lead L1 Fee Market as Solana Activity Declines

Layer-1 fee revenues are dominated by Hyperliquid and BNB Chain, with Solana losing ground amid rising derivatives trading activity.

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Terms & Concepts
  • Layer-1 Blockchain: The base network in a blockchain ecosystem, responsible for validating and recording transactions without relying on other chains.
  • Derivatives Trading: A financial practice involving contracts whose value is derived from the performance of underlying assets like cryptocurrencies.
  • BNB Chain: A blockchain network developed by Binance, supporting smart contracts and decentralized applications with lower transaction costs.