Hyperliquid and BNB Chain now dominate Layer-1 fee generation.

> @HyperliquidX share: 40% of all L1 fees

> BNB Chain share: 20%

> Solana share: down to 9% (from 50% earlier this year)

> Memecoin volume: −72% since April

> Derivatives volume: +88% QoQ across major venues

The rotation is structural.

Memecoins drove speculative bursts. Derivatives sustain recurring flow.

As volatility returned, liquidity migrated to venues where execution mattered more than hype.

BNB captured retail via #Binance Wallet and Aster.

@HyperliquidX captured traders via depth and low-latency perps.

Solana, without a new speculative driver, lost fee density.

Execution replaced speculation as the main value engine.

That’s the new onchain fee hierarchy.