Crypto App Revenue Concentration Hits Record High with Top Three Platforms Capturing Nearly 80% Share

ARK Invest research highlights unprecedented revenue concentration in crypto apps, with Hyperliquid, Pump.fun, and Ethena generating nearly 80% of total sector income amid industry consolidation.

Woofun AI reports that Lorenzo Valente, head of crypto research at ARK Invest, characterizes the current market phase as the most significant integration period in the industry's history. Valente observes that capital allocation has become highly selective, leading to the closure of underperforming teams and exchanges while revenue concentration reaches all-time highs across applications, middleware, and Layer 1 sectors. Hyperliquid and Pump.fun currently generate 67% of total application revenues, a figure that rises to nearly 80% when Ethena is included. Valente anticipates intensified integration in the coming months through mergers, acquisitions, and talent shifts, interpreting this structural shift as a positive indicator for the broader ecosystem.