<p>到 2025 年，两个截然不同的区块链网络正在成为最大的收入来源：Solana 和 Hyperliquid。</p>
<p>根据 CryptoRank 的数据，Solana 今年的收入达到了 13 亿美元，稳居所有区块链之首。Hyperliquid 排名第二，收入为 8.16 亿美元。</p>
<p>这些数字使这两个网络超越了许多资本密集型链，包括以太坊，在同一时期的收入约为 5.24 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/G9G-pJHX0AAQdes.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1920" height="1920" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/G9G-pJHX0AAQdes.jpeg"/></p>
<p>来源：CryptoRank</p>
<p>这些排名突显了 2025 年的更广泛变化：链上价值越来越多地被优化执行和吞吐量的网络所捕获，而不是单纯的流动性深度。</p>
<h2><strong>Solana 以稳定的资本基础领先收入</strong></h2>
<p>在 2025 年，Solana 的总锁仓价值（TVL）保持在大致的区间内。根据 DeFi 数据，它在大约 70 亿美元到 120 亿美元之间波动。</p>
<p>尽管缺乏持续的 TVL 扩张，交易量仍然保持在高位，并在年中出现了几次激增。</p>
<p>这种组合表明，Solana 每单位资本提取的收入更多，而不是依赖流动性增长来推动费用。</p>
<p>去中心化交易所、消费应用、memecoin 交易和 DePIN 相关活动的高频使用直接转化为费用生成。</p>
<p>社交情绪数据为这一情况增添了另一层面。今年围绕 SOL 的加权情绪高度波动，频繁在正面和负面之间摆动，并在中性区域停留了很长时间。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Solana-SOL-18.42.28-26-Dec-2025.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="2560" height="867" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Solana-SOL-18.42.28-26-Dec-2025.png"/></p>
<p>来源：Santiment</p>
<p>然而，这些情绪变化对使用或收入几乎没有明显影响。</p>
<p>这种分歧表明需求是由使用驱动的，而不是由叙事驱动的。这进一步巩固了 Solana 作为高吞吐量执行层的地位，而不是依赖投机热情的链。</p>
<h2><strong>Hyperliquid 验证专业化执行模型</strong></h2>
<p>Hyperliquid 作为一个专业的衍生品交易平台，而非通用区块链，在 2025 年的收入超过了大多数主要的 Layer-1 和 Layer-2 网络。</p>
<p>TVL 数据显示，Hyperliquid 的锁仓资本从年初的约 20 亿美元攀升至超过 60 亿美元的峰值，然后稳定在约 41 亿美元。</p>
<p>即使在回调之后，TVL 仍然大约是年初水平的两倍，这表明尽管市场条件变化，资本仍然保持粘性。</p>
<p>与此同时，收入相对于其资本基础保持在高位。这表明 Hyperliquid 的费用生成是由持续的交易活动支持的，而不是一次性的交易量激增。</p>
<p>情绪趋势讲述了类似的故事。虽然 HYPE 的社交情绪在下半年降温，接近中性或略微负面的水平，但 TVL 或收入并没有相应崩溃。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Hyperliquid-HYPE-18.42.22-26-Dec-2025.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="2560" height="867" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Hyperliquid-HYPE-18.42.22-26-Dec-2025.png"/></p>
<p>来源：Santiment</p>
<p>这种韧性表明，交易者继续依赖该平台，而不管更广泛的市场情绪如何。</p>
<h2><strong>链上价值捕获的更广泛转变</strong></h2>
<p>综合来看，数据表明，在 2025 年，优先考虑执行质量和吞吐量的链条表现优于依赖大型但被动流动性池的链条。</p>
<p>Solana 代表了这一光谱的通用端，提供广泛的应用覆盖和高交易能力。Hyperliquid 则位于专业化端，几乎专注于高强度的衍生品交易。</p>
<p>尽管存在差异，这两个网络在将活动转化为收入方面的效率超过了许多同行。</p>
<hr/>
<h2><strong>最终思考</strong></h2>
<ul>
<li>Solana 和 Hyperliquid 在 2025 年的收入主导地位表明，执行质量和持续使用现在比 TVL 增长或社交情绪更能驱动链上价值。</li>
<li>随着资本效率成为更明显的差异化因素，能够持续将活动转化为费用的网络可能会继续超越更大但生产力较低的链条。</li>
</ul>
<hr/>

HSDT

<p>Solana 和 Hyperliquid 是 2025 年领先的区块链网络，分别产生了 13 亿美元和 8.16 亿美元的收入。Solana 的稳定资本基础和高交易量推动了其收入，而 Hyperliquid 的专业衍生品交易平台则支持其费用生成。这两个网络都优先考虑执行质量和吞吐量，表现优于依赖流动性池的链。这一转变突显了资本效率和持续使用在推动链上价值方面的重要性</p>

<p>Two very different blockchain networks are emerging as the biggest revenue generators of 2025: Solana and Hyperliquid.</p>
<div class="lb-trans"><p>到 2025 年，两个截然不同的区块链网络正在成为最大的收入来源：Solana 和 Hyperliquid。</p>
</div><p>According to CryptoRank data, Solana has generated $1.3 billion in revenue this year, placing it firmly at the top of all blockchains. Hyperliquid ranks second with $816 million.</p>
<div class="lb-trans"><p>根据 CryptoRank 的数据，Solana 今年的收入达到了 13 亿美元，稳居所有区块链之首。Hyperliquid 排名第二，收入为 8.16 亿美元。</p>
</div><p>The figures put both networks ahead of far more capital-heavy chains, including Ethereum, which posted roughly $524 million over the same period.</p>
<div class="lb-trans"><p>这些数字使这两个网络超越了许多资本密集型链，包括以太坊，在同一时期的收入约为 5.24 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/G9G-pJHX0AAQdes.jpeg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/G9G-pJHX0AAQdes.jpeg"/></p>
<p>Source: CryptoRank</p>
<div class="lb-trans"><p>来源：CryptoRank</p>
</div><p>The rankings highlight a broader shift in 2025: on-chain value is increasingly being captured by networks optimised for execution and throughput rather than sheer liquidity depth.</p>
<div class="lb-trans"><p>这些排名突显了 2025 年的更广泛变化：链上价值越来越多地被优化执行和吞吐量的网络所捕获，而不是单纯的流动性深度。</p>
</div><h2><strong>Solana leads revenue with stable capital base</strong></h2>
<div class="lb-trans"><h2><strong>Solana 以稳定的资本基础领先收入</strong></h2>
</div><p>Throughout 2025, Solana’s Total Value Locked has remained broadly range-bound. It fluctuates between roughly $7 billion and $12 billion, according to DeFi data.</p>
<div class="lb-trans"><p>在 2025 年，Solana 的总锁仓价值（TVL）保持在大致的区间内。根据 DeFi 数据，它在大约 70 亿美元到 120 亿美元之间波动。</p>
</div><p>Despite the lack of sustained TVL expansion, transaction volumes have remained consistently high, with several mid-year spikes.</p>
<div class="lb-trans"><p>尽管缺乏持续的 TVL 扩张，交易量仍然保持在高位，并在年中出现了几次激增。</p>
</div><p>That combination suggests Solana is extracting more revenue per unit of capital, rather than relying on liquidity growth to drive fees.</p>
<div class="lb-trans"><p>这种组合表明，Solana 每单位资本提取的收入更多，而不是依赖流动性增长来推动费用。</p>
</div><p>High-frequency usage across decentralized exchanges, consumer applications, memecoin trading, and DePIN-related activity has directly translated into fee generation.</p>
<div class="lb-trans"><p>去中心化交易所、消费应用、memecoin 交易和 DePIN 相关活动的高频使用直接转化为费用生成。</p>
</div><p>Social sentiment data adds another layer to the picture. Weighted sentiment around SOL has been highly volatile this year, frequently swinging between positive and negative territory and spending long stretches near neutral.</p>
<div class="lb-trans"><p>社交情绪数据为这一情况增添了另一层面。今年围绕 SOL 的加权情绪高度波动，频繁在正面和负面之间摆动，并在中性区域停留了很长时间。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Solana-SOL-18.42.28-26-Dec-2025.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/Solana-SOL-18.42.28-26-Dec-2025.png"/></p>
<p>Source: Santiment</p>
<div class="lb-trans"><p>来源：Santiment</p>
</div><p>Yet those sentiment shifts have had little visible impact on usage or revenue.</p>
<div class="lb-trans"><p>然而，这些情绪变化对使用或收入几乎没有明显影响。</p>
</div><p>The divergence points to demand that is usage-driven rather than narrative-driven. This reinforces Solana’s position as a high-throughput execution layer rather than a chain dependent on speculative enthusiasm.</p>
<div class="lb-trans"><p>这种分歧表明需求是由使用驱动的，而不是由叙事驱动的。这进一步巩固了 Solana 作为高吞吐量执行层的地位，而不是依赖投机热情的链。</p>
</div><h2><strong>Hyperliquid validates specialised execution model</strong></h2>
<div class="lb-trans"><h2><strong>Hyperliquid 验证专业化执行模型</strong></h2>
</div><p>Built as a specialised derivatives trading platform rather than a general-purpose blockchain, Hyperliquid has generated more revenue in 2025 than most major Layer-1 and Layer-2 networks.</p>
<div class="lb-trans"><p>Hyperliquid 作为一个专业的衍生品交易平台，而非通用区块链，在 2025 年的收入超过了大多数主要的 Layer-1 和 Layer-2 网络。</p>
</div><p>TVL data shows Hyperliquid’s locked capital climbing from around $2 billion early in the year to a peak above $6 billion before settling near $4.1 billion.</p>
<div class="lb-trans"><p>TVL 数据显示，Hyperliquid 的锁仓资本从年初的约 20 亿美元攀升至超过 60 亿美元的峰值，然后稳定在约 41 亿美元。</p>
</div><p>Even after that pullback, TVL remains roughly double its level at the start of the year, suggesting capital has remained sticky despite changing market conditions.</p>
<div class="lb-trans"><p>即使在回调之后，TVL 仍然大约是年初水平的两倍，这表明尽管市场条件变化，资本仍然保持粘性。</p>
</div><p>Revenue, meanwhile, has stayed elevated relative to its capital base. This indicates that Hyperliquid’s fee generation is supported by sustained trading activity rather than one-off volume spikes.</p>
<div class="lb-trans"><p>与此同时，收入相对于其资本基础保持在高位。这表明 Hyperliquid 的费用生成是由持续的交易活动支持的，而不是一次性的交易量激增。</p>
</div><p>Sentiment trends tell a similar story. While social sentiment around HYPE cooled in the second half of the year, moving closer to neutral or slightly negative levels, there was no corresponding collapse in TVL or revenue.</p>
<div class="lb-trans"><p>情绪趋势讲述了类似的故事。虽然 HYPE 的社交情绪在下半年降温，接近中性或略微负面的水平，但 TVL 或收入并没有相应崩溃。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Hyperliquid-HYPE-18.42.22-26-Dec-2025.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/Hyperliquid-HYPE-18.42.22-26-Dec-2025.png"/></p>
<p>Source: Santiment</p>
<div class="lb-trans"><p>来源：Santiment</p>
</div><p>That resilience suggests traders are continuing to rely on the platform regardless of broader market mood.</p>
<div class="lb-trans"><p>这种韧性表明，交易者继续依赖该平台，而不管更广泛的市场情绪如何。</p>
</div><h2><strong>A broader shift in on-chain value capture</strong></h2>
<div class="lb-trans"><h2><strong>链上价值捕获的更广泛转变</strong></h2>
</div><p>Taken together, the data show that in 2025, chains that prioritise execution quality and throughput are outperforming those that rely on large but passive liquidity pools.</p>
<div class="lb-trans"><p>综合来看，数据表明，在 2025 年，优先考虑执行质量和吞吐量的链条表现优于依赖大型但被动流动性池的链条。</p>
</div><p>Solana represents the general-purpose end of that spectrum, offering broad application coverage with high transaction capacity. Hyperliquid sits at the specialised end, focusing almost exclusively on high-intensity derivatives trading.</p>
<div class="lb-trans"><p>Solana 代表了这一光谱的通用端，提供广泛的应用覆盖和高交易能力。Hyperliquid 则位于专业化端，几乎专注于高强度的衍生品交易。</p>
</div><p>Despite their differences, both networks are converting activity into revenue more efficiently than many of their peers.</p>
<div class="lb-trans"><p>尽管存在差异，这两个网络在将活动转化为收入方面的效率超过了许多同行。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>Final Thoughts</strong></h2>
<div class="lb-trans"><h2><strong>最终思考</strong></h2>
</div><ul>
<li>Solana and Hyperliquid’s revenue dominance in 2025 shows that execution quality and sustained usage are now driving on-chain value more than TVL growth or social sentiment.</li>
<li>As capital efficiency becomes a clearer differentiator, networks that consistently convert activity into fees may continue to outperform larger but less productive chains.</li>
</ul>
<div class="lb-trans"><ul>
<li>Solana 和 Hyperliquid 在 2025 年的收入主导地位表明，执行质量和持续使用现在比 TVL 增长或社交情绪更能驱动链上价值。</li>
<li>随着资本效率成为更明显的差异化因素，能够持续将活动转化为费用的网络可能会继续超越更大但生产力较低的链条。</li>
</ul>
</div><hr/>
<div class="lb-trans"><hr/>
</div>

Solana 和 Hyperliquid 在 2025 年链上收入中占据主导地位！