Revenue concentration hits an all-time high, with three platforms including Hyperliquid accounting for nearly 80% of total application revenue

Odaily Planet Daily reported that ARK Invest crypto research director Lorenzo Valente stated that the crypto industry is undergoing the largest consolidation phase in history, more profound than previous bear markets. The market structure has changed, capital has become more selective, teams and exchanges lacking product-market fit are shutting down, and revenue concentration has hit all-time highs across applications, middleware, and Layer 1. Hyperliquid and Pump.fun together account for 67% of total application revenue, and with Ethena included, the top three platforms account for nearly 80%. Valente expects consolidation to intensify in the coming months, with more mergers and acquisitions, bankruptcy filings, shutdowns, and talent acquisitions, and views this as a bullish signal for the industry.