Wu Blockchain has learned that ARK Invest researcher Lorenzo Valente stated that the crypto industry is undergoing a deeper consolidation compared to previous bear markets. Capital allocation is becoming more concentrated, and teams and trading platforms lacking real product-market fit are exiting the space. Currently, revenue concentration across multiple layers such as applications, infrastructure, and L1 is at a high level. Hyperliquid and PumpFun together account for 67% of total application revenue, and with Ethena included, the top three projects make up nearly 80%. He predicts that in the coming months, industry mergers and acquisitions, bankruptcy filings, project shutdowns, and talent acquisitions will further increase. https://(wublock123.com)/news/ark-invest-researcher-hyperliquid-pumpfun-ethena-80pc-app-revenue-consolidation-crypto-65501