Hyperliquid and Two Other Platforms Account for 80% of Crypto App Revenue

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Hyperliquid, Pump.fun, and Ethena dominate the crypto market, accounting for 80% of app revenue, according to Odaily. ARK’s Lorenzo Valente says the industry is in its deepest consolidation phase yet, with the top three platforms holding 67% to 80% of total revenue. He predicts more mergers, bankruptcies, and talent shifts ahead. Valente views this as bullish, noting that the Fear & Greed Index is likely to reflect stronger market sentiment as consolidation continues.

Odaily Planet Daily reports: Lorenzo Valente, Head of Crypto Research at ARK Invest, wrote that the crypto industry is undergoing its largest consolidation phase in history, deeper than any previous bear market. Market structures have shifted, with capital becoming more selective; teams and exchanges lacking product-market fit are shutting down, and revenue concentration has reached record highs across applications, middleware, Layer 1, and other layers. Hyperliquid and Pump.fun together account for 67% of total application revenue; including Ethena, the top three platforms represent nearly 80%. Valente expects consolidation to intensify over the coming months, with more mergers and acquisitions, bankruptcies, closures, and talent acquisitions, and views this as a bullish signal for the industry.

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