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ARK Invest's Director of Digital Assets Research Lorenzo Valente said the crypto industry has entered its deepest consolidation phase on record. He argued that revenue and investment are becoming increasingly concentrated among a small number of projects, while more companies are facing closures, bankruptcies, and acquisitions.
According to Valente, Hyperliquid and Pump.fun now account for 67% of total crypto application revenue. Adding Ethena brings the combined share of the top three projects to nearly 80%.
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Valente expects the coming months to bring more M&A deals, Chapter 11 bankruptcy filings, company shutdowns, and acqui-hires across the industry.
However, he did not specify the data underlying these figures or disclose the methodology and time period used in the analysis.
Revenue is becoming concentrated among a handful of projects
ARK Invest's previously published Q1 2026 report also pointed to increasing market concentration, although it presented different figures. According to the report, total crypto application revenue fell 23% quarter over quarter to approximately $485 million.
Hyperliquid generated the highest revenue at around $145 million, followed by Pump.fun with $123 million and Axiom with $58 million. Together, the three projects accounted for roughly 67% of the total revenue covered by ARK's research.
The report also noted that analytics platforms use different methodologies. For example, DefiLlama distinguishes between fees, gross revenue, and protocol revenue after expenses, making direct comparisons between datasets inappropriate.
Company closures reinforce the trend
Valente cited several recent industry developments as evidence of ongoing consolidation. On July 26, Storj Labs filed for Chapter 11 bankruptcy protection, saying it would continue operating its decentralized storage network throughout the court process.
Meanwhile, crypto exchange BitMEX announced it would shut down following a strategic business review by its parent company, HDR Global Trading. BitMart, for its part, has already stopped accepting new user registrations and deposits and plans to cease operations entirely in January 2027.
According to RootData, 99 crypto projects have announced closures, bankruptcies, or prolonged suspensions of operations since the beginning of 2026.
Earlier, we reported that ZeroLend announced it would wind down operations in February, citing business sustainability challenges, liquidity constraints, and operational risks.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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