Revenue concentration hits record high, with Hyperliquid and two other platforms accounting for nearly 80% of total application income
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According to Odaily, Lorenzo Valente, Head of Crypto Research at ARK Invest, stated that the crypto industry is undergoing the largest consolidation phase in its history, deeper than in previous bear markets. The market structure has changed, capital has become more selective, and teams and exchanges lacking product-market fit are shutting down. Revenue concentration is at an all-time high across all layers, including applications, middleware, and Layer1. Together, Hyperliquid and Pump.fun account for 67% of total application revenue. Including Ethena, the top three platforms account for nearly 80%. Valente expects consolidation to intensify in the coming months, with more mergers and acquisitions, bankruptcy filings, closures, and talent acquisitions, and believes this is a bullish signal for the industry.
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