🐻 The digital asset industry is entering its biggest consolidation phase in history — more profound than any previous bear market, according to @ARKInvest analyst @LorenzoARK. The expert notes that capital has become far more selective: teams and exchanges without real product-market fit are shutting down, and revenue is concentrating at all-time highs across every layer — apps, middleware, and Layer 1 networks. As a prime example: @HyperliquidX and @Pumpfun account for 67% of total app revenue. Add @ethena, and the top three protocols capture nearly 80%. Lorenzo Valente expects this trend to intensify — with more M&A activity, Chapter 11 filings, shutdowns, and acqui-hires ahead.