ARK Researcher Predicts More Crypto Shutdowns as Industry Consolidation Deepens
- ARK Invest says Hyperliquid Pump.fun, and Ethena now generate nearly 80% of app revenue.
- Crypto consolidation is accelerating with closures, mergers, acquisitions, and Chapter 11 filings.
- Revenue remains concentrated as smaller protocols expand market share alongside leaders.
Lorenzo Valente, a researcher at ARK Invest, said the crypto market is undergoing what he described as the largest consolidation phase in its history, surpassing the restructuring seen during previous bear markets.
In a statement shared on X, Valente said capital has become more cautious, leading to the shutdown of teams and exchanges that lack product-market fit. He also pointed to record-high revenue concentration across applications, middleware, and Layer 1 networks, stating that Hyperliquid and Pump.fun account for 67% of total application revenue, while adding Ethena brings the top three โฆ
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