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On-chain data once again reflects the differences in network activity.
Ethereum generated approximately $2.7 million in transaction fee revenue in the past 24 hours, higher than Hyperliquid's approximately $1.7 million.
Transaction fees essentially reflect the true usage of the network, including overall activity from transactions, interactions, and ecosystem engagement, not just price fluctuations.
From the data, ETH still maintains a high level of on-chain usage intensity, and network demand continues to persist.
Market prices may fluctuate, but on-chain activity often better reflects "real demand."
A truly valuable system is not just one that receives attention, but one that is continuously used.