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This latest data set points to a market that is rallying on price but thinning on the fundamentals that are supposed to justify it. Network fees and revenue, the closest proxies we have for real economic usage of these blockchains, are diverging from token prices across most major Layer-1s, even as Hyperliquid’s perpetuals exchange continues to print the strongest growth numbers in the entire data set.
The picture below moves from the most extreme overvaluation signal (Hyperliquid/HYPE) through fee-versus-price trends for Bitcoin, Ethereum, BNB Chain, and Solana, into a structured fundamentals-based signal table, and finally two league tables ranking chains and protocols by realized fees and revenue.
Bitcoin funding rate (LHS) vs. Binance Spot Volume (RHS)
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