Solana's (SOL) dominance in the Layer 1 blockchain fee market has sharply declined, with its share dropping from over 50% at the start of 2025 to just 9% by late October, according to data from The Block, Token Terminal, and DefiLlama. This marks the first time Solana's fee share has fallen to single digits this year, signaling a significant shift in network activity and user engagement.
The decline is largely attributed to a sharp decrease in memecoin trading on the Solana network, which once accounted for the majority of its fee revenue. The frenzy around memecoins, such as the 'TRUMP' token launched earlier this year, has subsided, leading to reduced network traffic and fee generation. In contrast, Hyperliquid (HYPE) and BNB Chain (BNB) have rapidly increased their fee shares, with Hyperliquid rising to over 40% and BNB Chain to around 20%.
This redistribution is driven by multiple factors, including market demand, user preferences, and structural changes. Hyperliquid's growth is fueled by its derivatives-focused blockchain, which offers low-latency trading and attracts users seeking high-fee transactions, while BNB Chain maintains strength in retail DeFi and gaming applications across emerging markets. Despite the fee share drop, Solana remains a top chain by total transactions and daily active addresses, with ongoing upgrades aimed at improving scalability and DeFi infrastructure to regain momentum.
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