DeFi Consolidation Accelerates as Top Apps Capture 80% of Revenue

The cryptocurrency market is witnessing a significant shift in revenue concentration, with top applications capturing nearly 80% of onchain revenue. According to ARK Invest researcher Lorenzo Valente, Hyperliquid and PumpFun account for 67% of total application revenue, while adding Ethena pushes the top three projects to nearly 80%. This dominance leaves little room for smaller teams, resulting in a revenue squeeze that is visible in hiring, chain selection, and product strategy.

PumpFun, a Solana meme coin launchpad, has become one of the highest-earning applications in crypto. However, it is trimming headcount aggressively, laying off staff in early April, roughly two months before the first PUMP token unlock. At least one former employee lost token grants worth over $1 million at current prices.

Aave, on the other hand, is taking a different path by focusing relentlessly on what works and shedding the rest. Founder Stani Kulechov confirmed that the protocol will phase out 50 low-utilization asset reserves and gradually close deployments on various chains. The changes cover roughly $98.1 million in deposits and $15.6 million in debt.

Meanwhile, Uniswap launched 'Launches', a beta aggregator tab inside its web app that surfaces token launch platforms building on Uniswap infrastructure. 1inch joined the infrastructure push by opening Aqua, its shared liquidity layer, to all users.