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SOL The largest integration stage in cryptocurrency history
Lorenzo Valente, head of digital asset research at ARK Invest, issued an observation that penetrates the noise surrounding the closures of BitMart and BitMEX, outflows of exchange funds, and the haze of bear markets. His interpretation is not that cryptocurrencies are dying, but that cryptocurrencies are integrating on an unprecedented scale.
"I believe that cryptocurrencies are undergoing the largest consolidation stage in their history, far more far-reaching than any bear market in the past." Valente wrote.
Income concentration data
The numbers supporting his view are shocking. According to his statistics, Hyperliquid and Pump.fun apps contribute 67% of all application revenue in the entire encryption ecosystem. If you add Ethena, the top three account for almost 80% of the share.
The three winners are:
Hyperliquid: A decentralized exchange built based on an on-chain order book designed specifically for perpetual futures trading. Its fee revenue has recently surpassed or surpassed the entire blockchain network, and in some weekly snapshots, its revenue has surpassed Ethereum, Solana and Bitcoin.
Pump.fun: A Solana-based memecoin issuance platform that has become one of the largest single revenue engines in the cryptocurrency space, sometimes with daily transaction volumes reaching hundreds of millions of dollars.
Ethena: The issuer of the "synthetic dollar" USDe on Ethereum has more than US$10 billion locked in its agreement, making it one of the highest fee revenue projects in the DeFi space.
Valente pointed out that this concentration has currently reached historical highs at almost all levels, including the application layer, middleware layer, and first-level protocols.
"Revenue concentration has hit record highs at almost all levels-applications, middleware, L1, etc. -: Hyperliquid and Pump.fun account for 67% of total application revenue. Add Ethena, and the top three contributed nearly 80%." He wrote.
The conclusion is straightforward: capital is no longer spread across hundreds of projects, but is concentrated in a few projects that truly demonstrate product-to-market fit. All other projects face the dilemma of loss of revenue, funds and users at the same time.
One point is worth noting. Valente did not release the underlying dataset, nor did he clearly explain how he defined "revenue"-different trackers measure it differently, and total expenses, net expenses, and revenue actually retained by the agreement are not the same concept. Therefore, these specific percentages are best seen as his interpretation of a very real trend rather than as certain numbers.
Future direction
Valente expects this reshuffle to intensify in the coming months. In his view, this will manifest itself as:
more M & A behavior.
More Chapter 11 bankruptcy filings.
More direct closures.
More "buy-out hiring", where the strong absorb the team, even if its products disappear with it.
He believes that BitMart's closure and BitMEX's September 23 shutdown announcement are just early signs of a trend that is accelerating.
Every major industry consolidation-whether in technology, finance or retail-ultimately leaves behind a few more powerful survivors who will dominate the next phase of growth. Valente believes that the integration of cryptocurrencies is paving the way for this.
"I expect this trend to intensify in the coming months: more mergers and acquisitions, Chapter 11 bankruptcy filings, closures, and buyout hiring. This is extremely good for the entire industry." He wrote.
