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ARK Invest: Crypto App Revenue Concentrates at Hyperliquid, Pump.fun, Ethena; Top 3 Account for 80% on July 29

Rankings & Leaderboards Industry Reports

2026-07-29 01:19:49

HYPE0.10%

ENA-2.54%

According to Lorenzo Valente, ARK Invest's crypto research director, cryptocurrency application revenues are becoming increasingly concentrated, with Hyperliquid and Pump.fun together accounting for 67% of total application revenue, and the top three platforms including Ethena reaching nearly 80%, as shared on X on July 29. Valente noted the crypto industry is undergoing its most significant consolidation phase in history, with revenue concentration hitting record highs across applications, middleware, and Layer 1 solutions.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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