{"id":11258,"date":"2026-07-30T08:00:06","date_gmt":"2026-07-30T08:00:06","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=11258"},"modified":"2026-07-30T08:00:06","modified_gmt":"2026-07-30T08:00:06","slug":"crypto-enters-biggest-consolidation-wave-as-revenue-flows-to-market-leaders-says-ark-invest","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=11258","title":{"rendered":"Crypto Enters Biggest Consolidation Wave as Revenue Flows to Market Leaders, Says ARK Invest"},"content":{"rendered":"

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  • 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.<\/span><\/li>\n
  • 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.<\/span><\/li>\n
  • 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.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n

    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%.<\/p>\n

    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.\u00a0<\/p>\n

    Read more: Solar-Powered Bitcoin Mine Brews Up Big Savings for NSW Brewery<\/strong><\/p>\n

    What the Revenue Data Shows<\/h2>\n

    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).\u00a0<\/p>\n

    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.\u00a0<\/p>\n

    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\u2019s spot book and layer 1 and Pump.fun\u2019s PumpSwap exchange lifts the figure to about 22%.<\/p>\n

    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.<\/p>\n

    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.<\/p>\n

    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.\u00a0<\/p>\n

    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)\u00a0<\/p>\n

    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).\u00a0<\/p>\n

    None of those names appear in Valente\u2019s top three.<\/p>\n

    Read more: Blockchain Activity Climbs Despite Falling Crypto Prices, Bitwise Says<\/strong><\/p>\n<\/p><\/div>\n

    Ark,Cryptocurrency#Crypto #Enters #Biggest #Consolidation #Wave #Revenue #Flows #Market #Leaders #ARK #Invest1785398406<\/p>\n","protected":false},"excerpt":{"rendered":"

    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<\/p>\n","protected":false},"author":1,"featured_media":11259,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[1629,298,998,62,241,817,3425,1339,43,604,535],"class_list":["post-11258","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","tag-ark","tag-biggest","tag-consolidation","tag-crypto","tag-enters","tag-flows","tag-invest","tag-leaders","tag-market","tag-revenue","tag-wave"],"yoast_head":"\nCrypto Enters Biggest Consolidation Wave as Revenue Flows to Market Leaders, Says ARK Invest - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=11258\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto Enters Biggest Consolidation Wave as Revenue Flows to Market Leaders, Says ARK Invest\" \/>\n<meta property=\"og:description\" content=\"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. 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