Let me break down exactly where the money moved.

FEE GENERATION LEADERBOARD:

Hyperliquid cleared over $2M in protocol fees in a single 24-hour window. That puts it at the top of the entire market — not just DEXs, but all chains. Tron came in second. $BNB Chain ranked third.

To put $2M in daily fees from a perp DEX in perspective: Hyperliquid is outpacing chains that have been building ecosystems for years. This is what genuine product-market fit looks like on-chain.

CAPITAL FLOWS — WHO WON:

Base led all chains in bridged inflows. BNB Chain absorbed heavy stablecoin rotation. HyperEVM is also seeing stablecoin supply build.

These are not speculative signals. Stablecoin inflows combined with fee generation tell you capital is arriving AND being put to work. That combination is more meaningful than either metric alone.

CAPITAL FLOWS — WHO LOST:

Ethereum saw net capital leave via bridge flows. Arbit...