According to Wu Blockchain, Kaiko's report highlights that as Layer 1 tokens are increasingly valued by institutions in a 'stock-like' manner through ETFs, most mainstream public chains are still in a state of economic loss for token holders. By 2025, Solana's net loss is approximately $4.15 billion, Ethereum's net loss is around $1.62 billion; ETH revenue is about $260 million, SOL is around $170 million, while TRON's revenue reaches $624 million, making it the only traditional L1 to cover inflation costs with revenue and maintain net deflation. The inflation costs of mainstream public chains are typically 7 to 25 times their revenue. ETH's current price-to-fee ratio (P/F) is about 1274x, requiring a 7.2x increase in revenue to break even. In contrast, Hyperliquid demonstrates a feasible structure with a 9.43x P/F, based on real revenue distribution for validator rewards. https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=57498