Hyperliquid led all blockchain fee revenues last week, a figure that better reflects real economic activity than TVL or trading volume. Vertical chains are eating into the market share of general-purpose chains. Hyperliquid, as an application chain, surpassing Ethereum and Solana in fee revenue indicates that capital is flowing from the "general execution layer" to the "dedicated financial layer." The logic behind this: when market volatility intensifies, traders prefer dedicated chains with low latency and high throughput over shared-resource general chains. Hyperliquid's perpetual contract trading volume share continues to rise, directly translating into fee revenue. But caution is needed: the rise of vertical chains also means ecosystem fragmentation. Dispersed liquidity, cross-chain bridge risks, and governance risks of single application chains could all become systemic vulnerabilities. This is not just a simple "Solana vs Ethereum" narrative, but rather a layered on-chain financial infrastructure: general-purpose chains serve as settlement layers, while vertical chains serve as application layers. $eth #hype #sol #defi #On-chain data

Solana DeFi platform Jupiter announces collaboration with Bitwise and Fluid to launch an independent lending market for USDe on Jupiter Lend, providing users with USDe lending and borrowing yield channels. This is the first time Jupiter Lend has introduced an institutional asset management company to oversee market management. The market will be isolated from Jupiter Lend's existing liquidity layer to reduce institutional capital risk and will be supported by Fluid's lending and collateral infrastructure. (The Block)

Solana DeFi platform Jupiter announces collaboration with Bitwise and Fluid to launch an independent lending market for USDe on Jupiter Lend, providing users with USDe lending and borrowing yield channels. This is the first time Jupiter Lend has introduced an institutional asset management company to oversee market management. The market will be isolated from Jupiter Lend's existing liquidity layer to reduce institutional capital risk and will be supported by Fluid's lending and collateral infrastructure. (The Block)