Singular Cryptoprojects Have Taken the Main Revenue. What Will Happen to the Rest

cryptonews.ruPubblicato 2026-07-29Pubblicato ultima volta 2026-07-29

Introduzione

The cryptocurrency market is undergoing a phase of intense consolidation, surpassing previous bear cycles, according to analysts. Experts warn of increasing bankruptcies, mergers, and acquisitions as capital becomes highly selective, favoring projects with proven market demand. This is evidenced by extreme concentration of industry revenue, where three projects—Hyperliquid, Pump.fun, and Ethena—now generate nearly 80% of total application income. Since the start of the year, around 100 crypto companies have ceased operations. Concurrently, new European Union regulations (MiCA) are expected to drive further consolidation. Starting July, compliance requirements similar to those for banks will compel smaller firms to either merge with larger players or exit the regulated European market, potentially mirroring a shift seen earlier in Switzerland.

"RBC Crypto" does not provide investment advice, the material is published for informational purposes only. Cryptocurrency is a volatile asset that can lead to financial losses.

The cryptocurrency market has entered a phase of large-scale consolidation, surpassing in depth all previous bear cycles, stated the head of digital asset research at ARK Invest, Lorenzo Valente. The expert expects the number of bankruptcies, mergers and acquisitions to increase in the near future, which is "extremely positive for the industry."

Valente pointed out that the market structure has radically changed and capital has become much more selective. And projects and exchanges that do not have a product that was in demand by the market are ceasing operations.

Valente supported his opinion with statistics on record concentration of revenue in the industry, where Hyperliquid and Pump.fun accounted for 67% of all application revenue in the crypto industry. And if Ethena is added to this list, the top three already generate almost 80% of the total revenue.

"Revenue concentration has now reached historical highs at almost all levels," noted the expert, predicting that the consolidation trend will only intensify in the coming months.

The market picture described by Valente is also confirmed by other data: since the beginning of the year, about 100 crypto companies have ceased operations. Among them are six crypto exchanges, individual blockchain networks, and dozens of projects in the decentralized finance (DeFi) sector.

Regulatory Reasons

Parallel to market consolidation, there is also a likelihood of a regulatory-driven wave of mergers and acquisitions in the crypto market. After the launch of the European crypto regulation MiCA from July 1st, it may be easier for small crypto companies to sell their business or merge with larger players than to comply with the new requirements, according to experts interviewed by CoinDesk.

Crypto exchanges and crypto startups are now required to meet the same requirements as banks and other financial organizations. In the opinion of experts, companies without a MiCA license will gradually exit the European market, and users and their assets will shift to licensed participants. At the same time, self-custody of cryptocurrency will not disappear, but the market will largely shift towards regulated companies.

Europe may follow the path of Switzerland. After the introduction of digital asset legislation there, about three-quarters of the largest banks began offering cryptocurrency services. The banks themselves are more likely to not compete with crypto companies, but to use their services for asset custody, staking, or tokenization.

Domande pertinenti

QAccording to the article, what percentage of the total revenue in the crypto industry is currently generated by the top three projects mentioned?

AAccording to Lorenzo Valente of ARK Invest, the top three projects—Hyperliquid, Pump.fun, and Ethena—generate nearly 80% of the industry's aggregate revenue.

QWhat major trend does the research head of ARK Invest, Lorenzo Valente, identify as currently defining the crypto market?

ALorenzo Valente identifies that the crypto market has entered a phase of large-scale consolidation, which is deeper than previous bear cycles. He expects a rise in bankruptcies, mergers, and acquisitions.

QWhat is the predicted consequence of the new MiCA regulations in Europe for smaller crypto companies?

AThe article suggests that for smaller crypto companies, it may be easier to sell their business or merge with larger players than to comply with the new MiCA regulations, which impose requirements similar to those for banks.

QHow does the article describe the impact of Switzerland's digital asset legislation on its banking sector?

AFollowing the introduction of digital asset legislation in Switzerland, about three-quarters of the largest banks began offering crypto services. Banks are likely to use crypto company services for custody, staking, or tokenization rather than directly competing with them.

QWhat supporting statistic is provided in the article to confirm the trend of market consolidation described by Lorenzo Valente?

AThe article notes that since the beginning of the year, approximately 100 crypto companies have ceased operations. This includes six crypto exchanges, specific blockchain networks, and dozens of DeFi projects, confirming the consolidation trend.

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