ARK Invest Research Director Analogs Ethereum, Solana, and Hyperliquid to Different Fast Food Models

Lorenzo Valente, Director of Digital Asset Research at ARK Invest, compares Ethereum, Solana, and Hyperliquid to three fast food business models: McDonald's, Chipotle, and In-N-Out. Ethereum corresponds to McDonald's franchise and landlord model, which expands through Rollup but does not charge reasonable settlement rent to L2. After EIP-4844, L1 hardly captures value. Solana corresponds to Chipotle's fully direct sales model, where all transactions are executed in L1 and fees remain in the system, with security costs paid through inflation.