ARK Researcher Predicts More Crypto Shutdowns as Industry Consolidation Deepens
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ARK Invest researcher Lorenzo Valente says the crypto market is in its largest-ever consolidation phase, marked by closures, mergers, acquisitions and Chapter 11 filings as capital turns cautious. Revenue concentration is at record highs, with Hyperliquid, Pump.fun and Ethena now generating nearly 80% of application revenue while smaller protocols expand share alongside dominant Layer 1s and middleware. The trend signals increased centralization and fundraising risk for crypto, DeFi, CEXs and token markets and could pressure adoption and token performance.
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- ARK Invest says Hyperliquid Pump.fun, and Ethena now generate nearly 80% of app revenue.
- Crypto consolidation is accelerating with closures, mergers, acquisitions, and Chapter 11 filings.
- Revenue remains concentrated as smaller protocols expand market share alongside leaders.
Lorenzo Valente, a researcher at ARK Invest, said the crypto market is undergoing what he described as the largest consolidation phase in its history, surpassing the restructuring seen during previous bear markets.
In a statement shared on X, Valente said capital has become more cautious, leading to the shutdown of teams and exchanges that lack product-market fit. He also pointed to record-high revenue concentration across applications, middleware, and Layer 1 networks, stating that Hyperliquid and Pump.fun account for 67% of total application revenue, while adding Ethena brings the top three …
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