Hyperliquid Flips Solana By FDV As ‘Revenue Chains’ Race Heats Up

Hyperliquid has overtaken Solana on a fully diluted valuation basis, according to Arkham, adding a new market marker to one of crypto’s most closely watched comparisons: the rise of application-heavy, revenue-generating chains. Arkham summarized the move directly on X, writing: “Hyperliquid has flipped Solana by FDV.” The accompanying Solana market page shows SOL trading around $86.51, with a fully diluted valuation of roughly $54.22 billion, a circulating market capitalization near $49.99 billi