ARK Invest’s director of digital assets research, Lorenzo Valente, said on July 28 that crypto is entering its deepest consolidation phase, with revenue and investment flowing toward fewer businesses.Â
Summary
- Hyperliquid and Pump.fun generate 67% of application revenue, according to ARK researcher Lorenzo Valente’s analysis.
- ARK’s Q1 report recorded application revenue falling 23% quarter-over-quarter to approximately $485 million across protocols.
- Storj’s Chapter 11 filing and BitMEX’s shutdown provide recent evidence of accelerating industry consolidation pressures.
He said Hyperliquid and Pump.fun account for 67% of application revenue and that adding…
