Wu said that ARK Invest researcher Lorenzo Valente compared Ethereum, Solana, and Hyperliquid to McDonald's, Chipotle, and In-N-Out, respectively. He believes that these three are not just different versions of the same L1 business model but have completely distinct value capture structures. Valente thinks Ethereum is similar to a franchise system, expanding through L2s but charging the settlement layer "too little," even calling it "the most successful franchise system in crypto, but they forgot to send the invoice." Solana, on the other hand, is more like a direct operation model, keeping more value—such as transaction fees, priority fees, and MEV—within its own ecosystem. Hyperliquid relies on highly vertical integration, no VC involvement, and fee buybacks of HYPE, resulting in the shortest value capture chain, but it faces higher risks due to its concentrated product, team, and revenue sources. https://(wublock123.com)/news/news-67707