Crypto Revenue Concentration Hits Record 80% as Consolidation Wave Continues

Crypto revenue concentration has hit an all-time high of nearly 80% as three platforms dominate the market. According to ARK Invest research associate Lorenzo Valente, Hyperliquid and Pump.fun together account for roughly 67% of all crypto application revenue, with synthetic dollar protocol Ethena adding to their share.

Valente describes this concentration level as a record for the sector, with smaller projects struggling to raise capital. He argues that investors have become more selective, directing attention and money toward platforms with products that users genuinely want to use.

In contrast to BitMEX and BitMart, which announced planned shutdowns, Bybit has been expanding into new markets through acquisitions. The exchange acquired a majority stake in local digital asset firm NOBI in Indonesia, gaining access to one of Asia's largest crypto markets.

Valente views this consolidation phase as 'extremely bullish' for the industry, with shakeouts eliminating weak projects and redirecting capital toward proven ones. However, he predicts that smaller projects will face a narrowing path: either find a buyer, merge with a stronger entity, or wind down entirely.