A recent report by Kaiko reveals that major Layer 1 blockchains are experiencing significant economic losses, despite being increasingly valued by institutions through ETFs. In 2025, Solana reported a net loss of approximately $4.15 billion, while Ethereum's net loss was around $1.62 billion. Ethereum generated $260 million in revenue, and Solana $170 million, whereas TRON achieved $624 million, making it the only traditional Layer 1 blockchain to cover inflation costs and maintain net deflation. The report highlights that the inflation costs for mainstream blockchains are typically 7 to 25 times their revenue. Ethereum's current price-to-fee ratio (P/F) stands at about 1274, requiring a 7.2-fold increase in revenue to break even. In contrast, Hyperliquid demonstrates a feasible structure with a P/F ratio of 9.43, based on real income distribution to validator rewards.