Revenue Concentration Hits All-Time High: Hyperliquid and Two Other Platforms Account for Nearly 80% of Total Application Revenue

Odaily News: ARK Invest's Director of Crypto Research, Lorenzo Valente, stated that the crypto industry is undergoing its largest consolidation phase in history, more profound than in previous bear markets. The market structure has changed, with capital becoming more discerning. Teams and exchanges lacking product-market fit are shutting down. Revenue concentration has reached all-time highs across application, middleware, and Layer 1 layers. Combined, 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 views this as a bullish signal for the industry.