ARK Invest Director of Digital Asset Research Lorenzo Valente said Ethereum, Solana, and Hyperliquid represent three distinct crypto business models rather than variations of the same approach. In a September 3 article, Valente compared Ethereum to McDonald's, Solana to Chipotle, and Hyperliquid to In-N-Out.
Valente said Ethereum followed a "franchising + landlord" model through its rollup roadmap, enabling capital-light expansion but failing to charge layer-2 networks enough for settlement. He said that after EIP-4844, blob fees dropped to marginal cost, leaving Ethereum's base layer capturing almost no value from layer-2 activity. Solana, by contrast, was described as a fully integrated model where all transactions stay on layer 1 and fees remain within the system, while Hyperliquid was framed as a focused model with fees largely flowing to a fund used to repurchase HYPE. Valente said markets will reward clearly executed models and that "ambiguity" is the biggest risk.
ARK Invest Says Ethereum Scaled Like a Franchise but Failed to Monetize Layer-2 Growth
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