Crypto▲ Bullish
Three Crypto Protocols Grab 80% of App Revenue, ARK Says
ARK Invest's Lorenzo Valente says Hyperliquid, Pump.fun, and Ethena account for nearly 80% of crypto app-layer revenue, signaling a widening concentration trend as consolidation accelerates.
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A handful of crypto protocols now capture the vast majority of application-layer revenue, according to ARK Invest, a sign that capital and users are clustering around fewer platforms.
Hyperliquid and Pump.fun combined account for 67% of that revenue, said Lorenzo Valente, ARK Invest’s director of digital assets research. Adding Ethena lifts the trio’s share to nearly 80%. Valente posted the figures on X, describing the industry as entering its largest consolidation phase.
The concentration is not limited to applications. Valente said revenue is also piling up in middleware and Layer 1 blockchains, pushing concentration to all-time highs across almost every layer.