According to CoinMeta, researcher Lorenzo Valente compared Ethereum, Solana, and Hyperliquid to McDonald's, Chipotle, and In-N-Out respectively, arguing that they 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, which expands through L2 but "charges too little" to the settlement layer, even stating that it "established the most successful franchise system in the crypto industry, yet forgot to send the bills." Solana is similar to a direct-operated model, retaining more value such as transaction fees and MEV within its own system. Hyperliquid, on the other hand, relies on high levels of vertical integration, without VC and fee repurchases, and has the shortest value capture chain, but faces the risk of more concentrated products, teams, and sources of revenue.