ARK Invest compares Ethereum, Solana, Hyperliquid to restaurant chains

Lorenzo Valente, director of digital asset research at ARK Invest, compared Ethereum, Solana and Hyperliquid to McDonald’s, Chipotle and In-N-Out, respectively. He stated that these networks represent fundamentally different Layer 1 value-capture models. Valente noted that Ethereum has established the most successful franchise system in the crypto market through Layer 2 networks but captures too little rent at the settlement layer. In contrast, Solana retains more fees and maximal extractable value (MEV) within its vertically integrated system. Valente also mentioned that Hyperliquid has minimized the value-capture chain through its vertically integrated structure, absence of VC backing, and fee-based HYPE token buybacks. However, it faces heightened concentration risk due to reliance on a single product, team, and revenue structure.

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