Hyperliquid earned $11 million in transaction fees last week, accounting for 43% of the total transaction fee revenue across all blockchains.

CoinFeed reported on May 14th that, according to The Block, Hyperliquid led all blockchain transaction fee revenue last week, accounting for approximately 43% of the market share, with revenue of about $11 million, primarily from perpetual contract trading activity. Ethereum's transaction fee revenue was approximately $3 million, accounting for 13%, with fee revenue significantly compressed from its historical dominant levels after the Dencun upgrade. Solana's transaction fee revenue was approximately $2 million, accounting for 10%, a significant gap compared to its DEX trading volume share, indicating that high-frequency, low-fee Meme coin trading has not effectively translated into transaction fee revenue. Bitcoin's transaction fee revenue was relatively small due to a significant decline in Ordinals and Runes activity from its 2024 high.