Blockchain Report on Nostr: Public blockchain revenue models are shifting from "block space sales" to vertical ...

Public blockchain revenue models are shifting from "block space sales" to vertical integration. Blockchains are now controlling revenue streams like exchanges, stablecoins, transaction ordering, and app distribution.

As transaction costs fall & block space becomes commoditized, relying solely on gas fees isn't enough for valuations.

Hyperliquid is a prime example. In 12 months, it generated >$1B in fees. Its DEX accounted for ~$881M, while native chain gas fees were only ~$10.4M.

Examining TVL vs. revenue for Ethereum, Tron, Solana, & Hyperliquid:
- Total TVL: ~$48B
- Ethereum (TVL $37.5B): $118M revenue
- Hyperliquid (TVL $1.5B): $853M revenue (highest among sampled)

Price-to-Sales ratios: Hyperliquid (16x), Tron (67x), Solana (1078x), Ethereum (1701x). This indicates a market re-evaluation of revenue strategies in public blockchains.

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