The crypto market has just reached a symbolic milestone. For the first time, Hyperliquid has surpassed Solana in fully diluted valuation (FDV), a metric increasingly scrutinized by institutional investors. Behind this duel of numbers lies a much deeper transformation: the emergence of “revenue chains”, capable of generating massive financial flows thanks to trading and on-chain finance.
In brief
- Hyperliquid overtakes Solana with an FDV of around $54.57 billion compared to SOL's $54.22 billion.
- The HYPE token is trading near its all-time high at $58.35, up 77% since January 2026.
- Hyperliquid generates $790 million in revenue, ahead of Solana (532 million), Tron and Ethereum.
Hyperliquid takes advantage of Solana in the valuation battle
On May 21, 2026, blockchain analysis company Arkham confirmed a much-discussed event in the crypto industry: Hyperliquid overtook Solana in fully diluted valuation. The HYPE token was trading around $56, bringing its FDV to around $54.57 billion, compared to nearly $54.22 billion for SOL.
This progression is all the more impressive as the actual capitalization in circulation of Hyperliquid remains much lower than that of Solana. This means that investors are primarily betting on its future potential rather than its current size. The market now seems to favor protocols capable of producing high and consistent revenues.
And this is precisely where Hyperliquid hits hard. In an article published on Hunter Horsley, CEO of Bitwise According to several reports, the platform has generated nearly $790 million in cumulative revenue. A figure higher than that of Solana, but also of Ethereum or TRON.
This dynamic reinforces a new, very popular narrative on the market: the most valuable blockchains tomorrow will not necessarily be those with the most users, but those that capture the most revenue through decentralized finance, trading and asset tokenization.
A new generation of crypto projects attracts Wall Street
The hype around Hyperliquid does not only come from individual traders. Several institutional players are starting to look at the project closely. Asset manager Bitwise even believes that HYPE could be one of the most undervalued assets in the crypto market currently.
According to Matt Hougan, chief investment officer at Bitwise, the market is making an analytical error in considering Hyperliquid as a simple decentralized exchange. For him, the protocol looks more like a “financial super-app” capable of ultimately managing cryptos, tokenized stocks, raw materials or even predictive markets.
This vision is attractive because it is part of a broader trend: the gradual migration of financial markets to blockchain. In this scenario, Hyperliquid and Solana could become the two big winners of a new generation of digital financial infrastructures.
On Solana's side, the tone remains calm. Its co-founder, Anatoly Yakovenko, plays down the rivalry with Hyperliquid. He recalls that Solana maintains an extremely active ecosystem in DeFi, memecoins, consumer applications and payments.
In reality, this rivalry above all illustrates the growing maturity of the crypto market. Investors no longer just look at technological promises. Now they analyze the protocols' revenues, liquidity flows, and real business models.
In short, Hyperliquid overtaking Solana in FDV marks a significant change in the crypto industry. The battle is gradually moving towards blockchains capable of transforming on-chain financial activity into sustainable income.
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