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

Odaily reported that ARK Invest's Head of Crypto Research, Lorenzo Valente, stated that the crypto industry is undergoing the largest consolidation phase in history, which is more profound than 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 has reached all-time highs across applications, middleware, Layer 1, and other sectors. Hyperliquid and Pump.fun together account for 67% of total application revenue. When adding Ethena, the top three platforms command nearly 80% of the share. Valente predicts that consolidation will intensify in the coming months, with more mergers and acquisitions, bankruptcy filings, shutdowns, and talent acquisitions, and he views this as a bullish signal for the industry.