ARK Invest researcher compares Ethereum, Solana and Hyperliquid to restaurant chains

Lorenzo Valente, director of digital asset research at ARK Invest, compared Ethereum, Solana and Hyperliquid to McDonald’s, Chipotle and In-N-Out, respectively, and said the three networks reflect fundamentally different Layer 1 value-capture models, according to LaurenBlockchain. Valente said Ethereum has built the crypto market’s most successful franchise system through Layer 2 networks, but argued it captures too little rent, or fees, at the settlement layer. By contrast, Solana preserves more fees and MEV, or maximal extractable value, within its own vertically integrated system, he said. Valente added that Hyperliquid has shortened the value-capture chain the most through its vertically integrated structure, lack of VC backing and fee-based HYPE token buybacks, but faces elevated concentration risk due to its dependence on a single product, team and revenue structure.