- ARK Invest research associate Lorenzo Valente said crypto is entering its biggest consolidation phase yet, putting Hyperliquid and Pump.fun at roughly 67% of application revenue and nearly 80% once Ethena is added.
- A review of DefiLlama data puts the three at 18.1% of application revenue over 30 days and 19.3% over a year, counting every protocol outside the stablecoin-issuer and chain categories.
- Ethena earned US$41,047 (AU$59,108) in the past 30 days, against a peak month of US$123.69 million (AU$178.11 million) in February 2024.
ARK Invest research associate Lorenzo Valente said crypto is entering its biggest consolidation phase yet, writing on X on Wednesday that Hyperliquid and Pump.fun account for roughly 67% of crypto application revenue and that adding Ethena lifts the top three to nearly 80%.
Valente said investors have grown more selective, making it harder for projects and exchanges without proven product-market fit to raise capital, and that he expects more mergers, Chapter 11 filings, shutdowns and acqui-hires in coming months.
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What the Revenue Data Shows
Counting all 2,141 tracked protocols outside the stablecoin-issuer and chain categories, application revenue over 30 days came to US$314.98 million (AU$453.57 million).
Hyperliquid Perps took US$36.39 million (AU$52.4 million) of that, Pump.fun US$20.59 million (AU$29.65 million) and Ethena US$41,047 (AU$59,108), 18.1% between them.
Over a year, the three took US$1.08 billion (AU$1.55 billion) of US$5.59 billion (AU$8.05 billion), or 19.3%. Counting Hyperliquid’s spot book and layer 1 and Pump.fun’s PumpSwap exchange lifts the figure to about 22%.
The Ethena protocol earned US$709,686 (AU$1.02 million) in May, US$66,760 (AU$96,134) in June and US$36,791 (AU$52,979) so far in July, a long way from the US$123.69 million (AU$178.11 million) it made in February 2024.
Hyperliquid Perps is the single largest crypto application by revenue, at US$741.95 million (AU$1.07 billion) over the past year and US$1.18 billion (AU$1.7 billion) since launch.
That works out at 11.6% of application revenue over 30 days and 13.3% over a year, a wider lead than any rival holds.
Behind it are Polymarket on US$20.85 million (AU$30.02 million) over the past 30 days, Pump.fun on US$14.27 million (AU$20.55 million), Grayscale on US$13.75 million (AU$19.8 million), Sky Lending on US$11.38 million (AU$16.39 million), and World Liberty Financial on approximately US$11.5 million (AU$16.6 million)
Measured over a year, the field behind Hyperliquid looks different again. Pump.fun on US$326.1 million (AU$469.58 million), then trading app Axiom on US$239.27 million (AU$344.55 million), Sky Lending on US$235.84 million (AU$339.61 million) and perpetuals venue edgeX on US$231.1 million (AU$332.78 million).
None of those names appear in Valente’s top three.
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