Wintermute CEO says Ethereum and Solana still lack a defensible moat as Hyperliquid leads fees

Wintermute CEO Evgeny Gaevoy argues that neither Ethereum nor Solana has built a durable competitive moat, despite Ethereum's $56 billion DeFi TVL versus Solana's $6.8 billion out of a $95.3 billion market total. He points to Hyperliquid's rise as evidence that newer venues can quickly capture activity, with Hyperliquid holding 45% of generated fee revenue while TRON has 20%, Solana 13%, BNB Chain 10%, and Ethereum 7%.