ARK researcher: Ethereum built the most successful L2 system but forgot to collect rent

ARK Invest researcher Lorenzo Valente compares Ethereum, Solana, and Hyperliquid to McDonald's, Chipotle, and In-N-Out, respectively, believing that the three are not different versions of the same L1 business model, but rather have completely different value capture structures.

Valente believes that Ethereum is similar to a franchise system, expanding through L2 but charging too little on the settlement layer, even claiming it has established the most successful franchise system in crypto, yet forgot to send the bill; Solana resembles a direct sales model, retaining more value within its own system through transaction fees, priority fees, and MEV; Hyperliquid relies on highly vertical integration, no VC, and fee buybacks of HYPE, possessing the shortest value capture chain, but facing risks of a more concentrated product, team, and revenue sources.