<p>到 2025 年，兩個截然不同的區塊鏈網絡正在成為最大的收入來源：Solana 和 Hyperliquid。</p>
<p>根據 CryptoRank 的數據，Solana 今年的收入達到了 13 億美元，穩居所有區塊鏈之首。Hyperliquid 排名第二，收入為 8.16 億美元。</p>
<p>這些數字使這兩個網絡超越了許多資本密集型鏈，包括以太坊，在同一時期的收入約為 5.24 億美元。</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>來源：CryptoRank</p>
<p>這些排名突顯了 2025 年的更廣泛變化：鏈上價值越來越多地被優化執行和吞吐量的網絡所捕獲，而不是單純的流動性深度。</p>
<h2><strong>Solana 以穩定的資本基礎領先收入</strong></h2>
<p>在 2025 年，Solana 的總鎖倉價值（TVL）保持在大致的區間內。根據 DeFi 數據，它在大約 70 億美元到 120 億美元之間波動。</p>
<p>儘管缺乏持續的 TVL 擴張，交易量仍然保持在高位，並在年中出現了幾次激增。</p>
<p>這種組合表明，Solana 每單位資本提取的收入更多，而不是依賴流動性增長來推動費用。</p>
<p>去中心化交易所、消費應用、memecoin 交易和 DePIN 相關活動的高頻使用直接轉化為費用生成。</p>
<p>社交情緒數據為這一情況增添了另一層面。今年圍繞 SOL 的加權情緒高度波動，頻繁在正面和負面之間擺動，並在中性區域停留了很長時間。</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>來源：Santiment</p>
<p>然而，這些情緒變化對使用或收入幾乎沒有明顯影響。</p>
<p>這種分歧表明需求是由使用驅動的，而不是由敍事驅動的。這進一步鞏固了 Solana 作為高吞吐量執行層的地位，而不是依賴投機熱情的鏈。</p>
<h2><strong>Hyperliquid 驗證專業化執行模型</strong></h2>
<p>Hyperliquid 作為一個專業的衍生品交易平台，而非通用區塊鏈，在 2025 年的收入超過了大多數主要的 Layer-1 和 Layer-2 網絡。</p>
<p>TVL 數據顯示，Hyperliquid 的鎖倉資本從年初的約 20 億美元攀升至超過 60 億美元的峯值，然後穩定在約 41 億美元。</p>
<p>即使在回調之後，TVL 仍然大約是年初水平的兩倍，這表明儘管市場條件變化，資本仍然保持粘性。</p>
<p>與此同時，收入相對於其資本基礎保持在高位。這表明 Hyperliquid 的費用生成是由持續的交易活動支持的，而不是一次性的交易量激增。</p>
<p>情緒趨勢講述了類似的故事。雖然 HYPE 的社交情緒在下半年降温，接近中性或略微負面的水平，但 TVL 或收入並沒有相應崩潰。</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>來源：Santiment</p>
<p>這種韌性表明，交易者繼續依賴該平台，而不管更廣泛的市場情緒如何。</p>
<h2><strong>鏈上價值捕獲的更廣泛轉變</strong></h2>
<p>綜合來看，數據表明，在 2025 年，優先考慮執行質量和吞吐量的鏈條表現優於依賴大型但被動流動性池的鏈條。</p>
<p>Solana 代表了這一光譜的通用端，提供廣泛的應用覆蓋和高交易能力。Hyperliquid 則位於專業化端，幾乎專注於高強度的衍生品交易。</p>
<p>儘管存在差異，這兩個網絡在將活動轉化為收入方面的效率超過了許多同行。</p>
<hr/>
<h2><strong>最終思考</strong></h2>
<ul>
<li>Solana 和 Hyperliquid 在 2025 年的收入主導地位表明，執行質量和持續使用現在比 TVL 增長或社交情緒更能驅動鏈上價值。</li>
<li>隨着資本效率成為更明顯的差異化因素，能夠持續將活動轉化為費用的網絡可能會繼續超越更大但生產力較低的鏈條。</li>
</ul>
<hr/>

HSDT

<p>Solana 和 Hyperliquid 是 2025 年領先的區塊鏈網絡，分別產生了 13 億美元和 8.16 億美元的收入。Solana 的穩定資本基礎和高交易量推動了其收入，而 Hyperliquid 的專業衍生品交易平台則支持其費用生成。這兩個網絡都優先考慮執行質量和吞吐量，表現優於依賴流動性池的鏈。這一轉變突顯了資本效率和持續使用在推動鏈上價值方面的重要性</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，兩個截然不同的區塊鏈網絡正在成為最大的收入來源：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>根據 CryptoRank 的數據，Solana 今年的收入達到了 13 億美元，穩居所有區塊鏈之首。Hyperliquid 排名第二，收入為 8.16 億美元。</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>這些數字使這兩個網絡超越了許多資本密集型鏈，包括以太坊，在同一時期的收入約為 5.24 億美元。</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>來源：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>這些排名突顯了 2025 年的更廣泛變化：鏈上價值越來越多地被優化執行和吞吐量的網絡所捕獲，而不是單純的流動性深度。</p>
</div><h2><strong>Solana leads revenue with stable capital base</strong></h2>
<div class="lb-trans"><h2><strong>Solana 以穩定的資本基礎領先收入</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 的總鎖倉價值（TVL）保持在大致的區間內。根據 DeFi 數據，它在大約 70 億美元到 120 億美元之間波動。</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>儘管缺乏持續的 TVL 擴張，交易量仍然保持在高位，並在年中出現了幾次激增。</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>這種組合表明，Solana 每單位資本提取的收入更多，而不是依賴流動性增長來推動費用。</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、消費應用、memecoin 交易和 DePIN 相關活動的高頻使用直接轉化為費用生成。</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>社交情緒數據為這一情況增添了另一層面。今年圍繞 SOL 的加權情緒高度波動，頻繁在正面和負面之間擺動，並在中性區域停留了很長時間。</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>來源：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，這些情緒變化對使用或收入幾乎沒有明顯影響。</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>這種分歧表明需求是由使用驅動的，而不是由敍事驅動的。這進一步鞏固了 Solana 作為高吞吐量執行層的地位，而不是依賴投機熱情的鏈。</p>
</div><h2><strong>Hyperliquid validates specialised execution model</strong></h2>
<div class="lb-trans"><h2><strong>Hyperliquid 驗證專業化執行模型</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 作為一個專業的衍生品交易平台，而非通用區塊鏈，在 2025 年的收入超過了大多數主要的 Layer-1 和 Layer-2 網絡。</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 數據顯示，Hyperliquid 的鎖倉資本從年初的約 20 億美元攀升至超過 60 億美元的峯值，然後穩定在約 41 億美元。</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>即使在回調之後，TVL 仍然大約是年初水平的兩倍，這表明儘管市場條件變化，資本仍然保持粘性。</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>與此同時，收入相對於其資本基礎保持在高位。這表明 Hyperliquid 的費用生成是由持續的交易活動支持的，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>情緒趨勢講述了類似的故事。雖然 HYPE 的社交情緒在下半年降温，接近中性或略微負面的水平，但 TVL 或收入並沒有相應崩潰。</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>來源：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>這種韌性表明，交易者繼續依賴該平台，而不管更廣泛的市場情緒如何。</p>
</div><h2><strong>A broader shift in on-chain value capture</strong></h2>
<div class="lb-trans"><h2><strong>鏈上價值捕獲的更廣泛轉變</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>綜合來看，數據表明，在 2025 年，優先考慮執行質量和吞吐量的鏈條表現優於依賴大型但被動流動性池的鏈條。</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 代表了這一光譜的通用端，提供廣泛的應用覆蓋和高交易能力。Hyperliquid 則位於專業化端，幾乎專注於高強度的衍生品交易。</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>儘管存在差異，這兩個網絡在將活動轉化為收入方面的效率超過了許多同行。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>Final Thoughts</strong></h2>
<div class="lb-trans"><h2><strong>最終思考</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 年的收入主導地位表明，執行質量和持續使用現在比 TVL 增長或社交情緒更能驅動鏈上價值。</li>
<li>隨着資本效率成為更明顯的差異化因素，能夠持續將活動轉化為費用的網絡可能會繼續超越更大但生產力較低的鏈條。</li>
</ul>
</div><hr/>
<div class="lb-trans"><hr/>
</div>

Solana 和 Hyperliquid 在 2025 年鏈上收入中佔據主導地位！