PANews reported on May 14th that, according to The Block, Hyperliquid led all blockchain transaction fee revenue last week, accounting for approximately 43% of the market share, with revenue of about $11 million, primarily from perpetual contract trading activity. Ethereum's transaction fee revenue was approximately $3 million, accounting for 13%, with fee revenue significantly compressed from its historical dominant levels after the Dencun upgrade. Solana's transaction fee revenue was approximately $2 million, accounting for 10%, a significant gap compared to its DEX trading volume share, indicating that high-frequency, low-fee Meme coin trading has not effectively translated into transaction fee revenue. Bitcoin's transaction fee revenue was relatively small due to a significant decline in Ordinals and Runes activity from its 2024 high. Analysis points out that transaction fee market share is becoming an important indicator for assessing on-chain sustainable revenue capabilities, and the performance of the dedicated application chain Hyperliquid suggests that vertical specialization may be more effective than horizontal expansion.