According to a joint report by Castle Labs and Kaiko, blockchain revenue models are shifting from simply 'selling block space' to vertical integration, where chains themselves begin to control key revenue streams such as exchanges, stablecoins, sequencing/priority transactions, and app distribution. The report highlights that as transaction costs decrease and block space becomes commoditized, relying solely on Gas or sequencer revenue is no longer sufficient to support the valuations of many public chains. Hyperliquid is a prime example of this trend, generating over $1 billion in fees in the past 12 months, with perpetual DEX contributing approximately $881 million, while chain Gas fees accounted for only about $10.4 million. The report also notes that the combined TVL (Total Value Locked) of Ethereum, Tron, Solana, and Hyperliquid currently stands at approximately $48 billion, but the revenue distribution does not align with TVL. Ethereum holds $37.5 billion of the TVL but generated only $118 million in revenue over the past year, whereas Hyperliquid, with a TVL of just $1.5 billion, became the largest revenue source in the sample with $853 million in revenue over the same period. In terms of P/S (Price-to-Sales ratio), Hyperliquid stands at 16x, Tron at 67x, Solana at 1078x, and Ethereum at 1701x. https://www.(wublock123.com)/news/news-64766