Solana's transaction fee market share has plummeted to 9%, down from over 50% earlier this year, as Hyperliquid and BNB Chain gain dominance in the Layer 1 blockchain market. According to Devilam data, Hyperliquid now holds 40% of the market, while BNB Chain accounts for 20%, driven by increased derivatives trading activity. The decline in Solana's market share is attributed to the waning memecoin trading craze and a lack of strong native applications. Meanwhile, Hyperliquid and BNB Chain have capitalized on their strengths in the derivatives market, leading to their significant market share gains.