In the past year, the total transaction fees for Solana amounted to approximately 632 million USD, with revenues around 1.3 billion USD, and a market capitalization of about 105 billion USD. The fully diluted valuation (FDV) is around 118.5 billion USD. This means that Solana's market capitalization to transaction fees ratio is about 166 times, and the market capitalization to revenue ratio is about 80 times.



In comparison, Hyperliquid generated $667 million in revenue, with an FDV of $38 billion, corresponding to a multiple of 57 times; based on circulating market capitalization, it is only 19 times. The revenue is $724 million, with an FDV multiple of only 5.6 times, and the market capitalization multiple is only 2 times.
SOL-4,08%
HYPE0,52%
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