In May 2026, Hyperliquid briefly exceeds Solana in fully diluted valuation and weekly fees. The HYPE token reaches an FDV of $56.7 billion versus Solana’s $54.2 billion. Hyperliquid’s protocol fees total $12.6 million over seven days; Solana’s total $11.8 million. The data signal a profound shift in crypto’s liquidity hierarchy, not a definitive overthrow.
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