Hyperliquid and BNB Chain now account for more than 60% of total fees generated across major Layer 1 blockchains, while Solana's share has declined from over 50% earlier this year to 9%. The shift stems from reduced memecoin trading on Solana and growing derivatives activity on competing networks. Derivatives transactions generate significantly higher fees per trade than memecoin swaps, enabling platforms like Hyperliquid to capture over 40% of L1 fees despite lower user counts.