Revenue concentrates, exits follow
Valente said Hyperliquid and Pump.fun account for roughly 67% of total crypto application revenue, and that including synthetic dollar protocol Ethena lifts the top three’s combined share to nearly 80%.
He added that he expects the trend to accelerate in the coming months, leading to “more mergers and acquisitions, Chapter 11 bankruptcies, project shutdowns and acqui-hires.”
The consolidation narrative is reinforced by exchange wind-down plans, including BitMEX’s announcement that it would shut down its exchange in September after a strategic review by owner HDR Global Trading, and BitMart’s decision to end trading services on Aug. 26 before winding down operations entirely in…
