ARK Invest Researcher Compares Ethereum, Solana, and Hyperliquid Value Capture Models

ARK Invest researcher Lorenzo Valente compared Ethereum, Solana, and Hyperliquid to McDonald's, Chipotle, and In-N-Out, arguing that they are not different versions of the same L1 business model but networks with distinct value-capture structures. According to ChainCatcher, Valente said Ethereum resembles a franchise system that expands through L2s while charging too little at the settlement layer, Solana functions more like a company-owned model that keeps more trading fees, priority fees, and MEV within its own system, and Hyperliquid relies on vertical integration, no VC, and HYPE fee buybacks to create a shorter value-capture chain, though with more concentrated product, team, and revenue risks.