I believe Crypto is going through the biggest consolidation phase in its history, far more profound than in previous bear markets.

The market structure has changed. Capital is much more selective, and teams and exchanges without real PMF are shutting down.

Revenue concentration is now at all-time highs across almost every layer apps, middleware, L1s etc:

@HyperliquidX and @Pumpfun account for 67% of total app revenue.

Add @ethena , and the top three generate almost 80%.

I expect this to intensify over the coming months: much more M&A, Chapter 11 filings, shutdowns, and acqui-hires.

This is extremely bullish for the space.