PANews reported on October 29th that, according to The Block, the transaction fee landscape of major Layer 1 blockchains has undergone a dramatic shift this year. At the beginning of the year, Solana accounted for over 50% of transaction fees generated by major Layer 1 blockchains, but now its share has dropped to just 9%. This decline is partly due to fierce competition from Hyperliquid and BNB Chain. At the beginning of the year, the combined transaction fees generated by Hyperliquid and BNB Chain accounted for approximately 10% of the total transaction fees on major Layer 1 blockchains. As of last week, their respective shares had exceeded 40% and 20%, respectively. This shift is likely driven by a combination of factors, including market demand, user preferences, and structural changes, which have significantly impacted capital flows.

The first clear sign of change is the fading of Solana's meme coin trading boom, which peaked around the launch of Trump, and the chain has never regained its former activity. Furthermore, derivatives trading fees are significantly higher per unit than meme coin trading, so modest user growth on Hyperliquid and BNB Chain's growth through Aster could quickly shift the fee structure. BNB Chain has also seen significant retail user flow and activity thanks to its integration with Binance Alpha and Binance Wallet.