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

Odaily Planet Daily News: ARK Invest’s Head of Crypto Research, Lorenzo Valente, stated that the crypto industry is undergoing the largest consolidation phase in its history, 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 application, middleware, Layer 1, and other layers. Hyperliquid and Pump.fun together account for 67% of total application revenue; adding 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, shutdowns, and talent acquisitions, and considers this a bullish signal for the industry.