Revenue concentration hits an all-time high, with Hyperliquid and two other platforms 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 experiencing the largest consolidation phase in history, more profound than any previous bear market. The market structure has changed, capital is more selective, teams and exchanges lacking product-market fit are shutting down, and revenue concentration has hit all-time highs across applications, middleware, Layer 1, and other levels. Hyperliquid and Pump.fun together 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, shutdowns, and talent acquisitions, and believes this is a bullish signal for the industry.