Solana’s transaction fee market share drops to 9%, while Hyperliquid and BNB Chain gain dominance in the layer 1 blockchain sector

Recent analysis reveals that Hyperliquid and BNB Chain have captured 40% and 20% of the Layer 1 blockchain transaction fee market respectively. In contrast, Solana’s market share has dramatically dropped from over 50% to just 9% since the year’s start.

The decline in Solana’s dominance can be attributed to decreasing memecoin trading activity and a shortage of compelling applications. In contrast, the rising appeal of derivatives trading has significantly benefited Hyperliquid and BNB Chain.