ARK Researcher Claims Ethereum Established Successful L2 System Without Charging Fees

ARK Invest researcher Lorenzo Valente compared Ethereum, Solana, and Hyperliquid to McDonald's, Chipotle, and In-N-Out, pointing out that the three have different value capture structures. Valente believes that Ethereum resembles a franchise system, expanding through L2 but charging too little on the settlement layer, stating that it has established the most successful franchise system in the cryptocurrency space but forgot to send the bill. In contrast, Solana resembles a direct sales model, retaining more value within its system through transaction fees, priority fees, and MEV. Hyperliquid, on the other hand, relies on high vertical integration, no VC, and the buyback of HYPE, possessing the shortest value capture chain but facing risks of more concentrated products, teams, and revenue sources.

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