Ethereum L1 will make less fees this year than Hyperliquid or Pump, and trades at 15x Hyperliquid's market cap (~4x fully diluted) and 150x Pump's (~65x fully diluted)
This gap will close
"Hyperliquid is what Ethereum wanted to be"
Santi on why the flows should come out of Ethereum, not Bitcoin
"When you have the opportunity to buy HYPE at what, an 8 billion market cap, it's not real for you because of how much the founders hold. So it's an 8 billion dollar protocol. Pump is a three or four billion dollar protocol, not even. Ethereum is like 300."
"So I don't necessarily need to believe that flows come in from Bitcoin. Help me rationalize why there's a 300 billion. Flows can come from Ethereum into Hyperliquid."
"Ethereum was cranking out like $40 million of revenue a day during the NFT and DeFi summer days. That's like $18 billion of annualized run rate revenue, if you will. Of course you should never run rate, and that's the reckoning that probably Jason talks about."
"But now Ethereum is going to make less money this year than Hyperliquid and Pump, and it's like 50 to 100 times larger."
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Ethereum is the first and only turing complete blockchain with 100% uptime and clients all over the world. it is the first credibly neutral global substrate upon which meaningful self-enforcing legal agreements can be negotiated.
pump dot fun (and other ICO launchpads) are a cool use case of the tech, but in the fullness of time, they are just a small example of the possibility space. and in some ways are quite limited, they are fiefdoms built around specific ontologies and use cases, not credibly neutral substrates with 1000s of nodes.
i see the overlap youre going for, but i still think youre in category error territory.
Aug 29, 2026 · 7:58 PM UTC
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