ARK Researcher Likens Ethereum to McDonald’s, Solana to Chipotle and Hyperliquid to In-N-Out ARK Invest researcher Lorenzo Valente compared Ethereum, Solana and Hyperliquid to McDonald’s, Chipotle and In-N-Out, arguing that the three networks represent fundamentally different L1 value-capture models. He said Ethereum has built crypto’s most successful “franchise system” through L2s but charges too little at the settlement layer, while Solana retains more fees and MEV through a vertically integrated model. Hyperliquid has the shortest value-capture chain through tight vertical integration, no VC funding and fee-funded HYPE buybacks, though it faces greater concentration risk across products, team and revenue.