Hyperliquid just flipped the script. Last month, $HYPE generated a staggering $71.1 million in fees, outperforming $ETH , Solana, and BNB Chain combined. The three largest Layer 1 networks brought in just $33.4 million collectively during the same period. This highlights a major shift in where users are creating value. While L1s continue to dominate infrastructure, trading activity and revenue are increasingly flowing to applications that deliver real utility and strong user engagement. The question now is simple: Are we entering the era where top applications become more valuable than the blockchains they run on? #Altcoin Season#