The cryptocurrency market is undergoing the largest consolidation phase in its history, according to Lorenzo Valente from ARK Invest. Hyperliquid and Pump.fun generate about 67% of crypto app revenues, and with the addition of Ethena, the share of the three largest projects approaches 80%. Money is concentrating in a few winners, while the rest of the market struggles to attract users and funding. Valente notes that capital has become more selective, and projects without real market fit are shutting down. He expects more acquisitions and closures, which could be positive for the industry as weaker companies disappear and capital flows to useful products. The first casualties are already visible: BitMart is winding down operations, and Storj Labs has filed for Chapter 11 restructuring. The DEX aggregator Odos is also ceasing operations. Investors need to pay attention to real revenues and user numbers, as the upcoming purge may eliminate many promise-based projects.
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