In a recent tweet from @objectivedefi, the spotlight was put on Hyperliquid's impressive performance in the world of blockchain revenue. The post points out that Hyperliquid generates a whopping 32% of all blockchain revenue but only accounts for 0.4% of the total crypto market cap. With real-world assets (RWAs) and institutional investors pouring in, Hyperliquid and its HyperEVM layer are geared up to leave other blockchains in the dust. Let's break this down and see what it means, especially for those in the meme token space.

Understanding Blockchain Network Revenue

First things first, what exactly is network revenue? In simple terms, it's the money blockchains make from fees, tips, and other sources when people use them for transactions, trading, or running smart contracts. Think of it as the "earnings" of a blockchain – higher revenue often signals more activity, like trading volumes or app usage. For meme token enthusiasts, this is key because bustling networks like Solana have been hotbeds for viral memes due to low fees and high speed.

The tweet references a chart from Blockworks Research that visualizes how revenue shares have evolved over time, from January 2021 to August 2025. It's a stacked area chart showing the percentage each network contributes to the total revenue pool.

Key Insights from the Revenue Share Chart

Looking at the chart, Ethereum started strong, commanding over 80% of revenue in early 2021 thanks to its dominance in DeFi and NFTs. But as scalability issues and high fees pushed users elsewhere, we saw shifts:

• Solana's Surge: Around late 2021 and into 2022, Solana (in green) climbed rapidly, peaking during meme token frenzies. Its fast transactions and low costs made it a go-to for pump-and-dump fun, contributing to revenue spikes.

• Tron and Others Enter the Mix: Tron (orange) gained traction with stablecoin transfers and dApps, holding steady around 18-20%.

• Hyperliquid's Meteoric Rise: The real standout is Hyperliquid (dark green), which barely registered until mid-2024 but exploded in 2025. By August 2025, it captured 32.55% of total revenue. This decentralized perpetuals exchange has attracted traders with its on-chain order book and low latency, rivaling centralized exchanges.

Other networks like Base (blue), Arbitrum (purple), and BNB (yellow) fill in the gaps, but the trend is clear: revenue is decentralizing away from Ethereum (now at 14.21%) toward specialized chains.

This mismatch between Hyperliquid's revenue dominance and its tiny 0.4% market cap screams opportunity. Market cap is the total value of a crypto's circulating supply, so a low cap relative to revenue suggests the token (HYPE) could be undervalued – perfect for speculators and meme token creators looking for the next big platform.

Why Hyperliquid and HyperEVM Could Be Game-Changers for Meme Tokens

Hyperliquid isn't just about perps trading; its HyperEVM is an EVM-compatible layer that could host dApps, including meme token launches. With RWAs – that's tokenizing real-world stuff like real estate or stocks on the blockchain – bringing in serious money from institutions, liquidity could skyrocket. Imagine meme tokens backed by real assets or traded with institutional-grade tools.

For blockchain practitioners, this shift highlights the importance of monitoring network metrics. High revenue often correlates with vibrant ecosystems where memes thrive. Solana's past boom in memes came during its revenue uptick, and Hyperliquid might follow suit if it keeps attracting volume.

The Bigger Picture in Crypto

As the tweet suggests, diving into these numbers reveals a dynamic crypto landscape. Ethereum's once-unshakable lead is eroding, making way for innovators like Hyperliquid. If you're into meme tokens, keep tabs on chains with rising revenue – they're likely where the next viral hits will launch.

For more details, check out the original tweet here or explore Blockworks' analytics dashboard for up-to-date charts. What's your take on Hyperliquid's potential? Share in the comments!