According to external sources, the income from the Solana application, although higher than Hyperliquid, does not necessarily translate into a price support for SOL. The article focuses on “income attribution” and “admissibility of token value”, arguing that the difference between them is affecting market pricing of SOL and HYPE.

Solana earns more.

According to the text, Solana ' s 24-hour application revenue is close to twice that of Hyperliquid and is still in the lead. However, most of this income remains in the hands of applications in the Solana ecology, rather than directly to SOL holders.

According to the article, this means that the chain of activity and the application of income growth are not supported by a natural transformation into the direct value of SOL. In other words, the increase in the use of the network is not equal to the simultaneous benefit of the token itself.

HIPE puts more emphasis on value return.

By contrast, Hyperliquid ' s revenues are more derived from its own permanent contractual trading platform. According to the external media, this structure makes the Platform ' s revenue more directly related to the HYPE, as the mechanisms involved repurchase and destruction.

Within this framework, it is easier for markets to link business income to the value of currency. According to the article, investors are now more willing to price models that “revenue can be fed back to tokens”.

  • SOL Convergence Unstabilised Contract estimated at $2.16 billion
  • HYPE Syndication Unsettled Contract is approximately $2.06 billion
  • SOL fund rate is approximately 0.0004, HYPE is -0.0009

It's been two months.

It is mentioned that the cumulative growth of HYPE in the last two months was close to 64 per cent, while SOL fell by about 15 per cent over the same period. This performance gap is seen as a sign of a change in the focus of market pricing in a situation where Solana application still has a positive income.

According to the article, it is no longer sufficient to look at the size of income alone, and the market is more concerned about how income supports the coin itself. For SOL, ecoactivity has not yet been translated into stronger tokens; for HYPE, a closer link between platform revenues and tokens is gaining market recognition.